Age Action Ireland yesterday criticised the ACC Bank for its decision to curtail cash transactions with its customers.
The organisation said the ACC decisions is "another blow to older people who have already had to adjust to electronic banking and the general deterioration in personal services and contact in retail financial institutions.
"For years banks and other institutions, as well as the general community, have been trying to encourage older people to put money in the (physical) security of an institution.
"This was, particularly, to curtail home robberies.
"Yesterday's deterioration in ACC services will perhaps affect older people more than most," the spokesman said.
ACC had said that as part of its strategy of improving the efficiency and effectiveness of its services, it will be changing the way it operates its current, deposit and SSIA accounts from Monday, September 22nd.
The main changes are:
Deposits:
All SSIA accounts will be managed centrally by the bank's SSIA team at ACC Bank head office in Dublin;
All deposit accounts will be managed centrally at head office;
Cash transactions will no longer be accepted on deposit accounts;
All withdrawals and cheque lodgements on deposit accounts will have a minimum transaction limit of €1,000 (excluding SSIAs due to Government regulations on monthly contributions).
Business/Agri Current Accounts:
While all business/agri current account transactions will continue to be handled at local branches, there will be a minimum transaction limit of €1,000 on cash lodgements and withdrawals;
Non-euro cash lodgements to current accounts will no longer be accepted;
Euro, sterling and US dollar cheque lodgements will be accepted.
The bank has written to its customers in advance explaining the changes, and a customer helpline (1850 923913) will be in operation from Monday to Friday, between 9 a.m. and 5 p.m.