“I always read the small print,” said, well, no one, ever. Which is precisely why consumers so often find themselves on the wrong foot when products or services don’t work out as planned.
It is also why many companies are so attached to the notion of appending pages of tightly spaced, minute script to contracts and sales agreements, which deters you from taking the time to read them. Anyone who has ever acquired a new smartphone will be familiar with the pages of qualifiers and disclaimers that come with it.
But every so often, the small print can contain a story. And that’s the case with Bank of Ireland this week – one that, for once, is to the benefit of consumers. Among the 18 pages of its Guide to Upcoming Changes to our Banking Services and Terms and Conditions, the bank confirms a significant U-turn.
For several years, Ireland’s banks have been actively stepping back from responsibility for operating ATMs. In a 2022 report to Government, the Central Bank of Ireland said just 25 per cent of the ATM network would be owned by retail banks at the end of that year, compared to 100 per cent in 2015.
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This was happening alongside the wholesale closure of branches, which was making it more and more difficult for people in parts of the State to access cash.
Now, however, in this latest update to customers – which most will most likely never read – Bank of Ireland says it is getting back into the ATM market.
“We, along with other designated entities [rival banks], are required to make sure that there are set levels of ATMs and cash service points in every region of Ireland. To meet these requirements, new non-branch cash service points may be opened in some locations.”
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It’s a big change and one that comes on the back of new rules introduced under legislation last year, which set a minimum on the percentage of the population in various regions who must be within 10km of an ATM and a cash-service point, as well as the minimum number of ATMs per 100,000 people in each region.
Earlier this year, the central bank noted that while most of the population had adequate access to cash, there were certain black spots – largely around the Border, west and southwest regions. It told the banks they needed to step up – hence this policy U-turn, albeit grudging. These new ATMs, which will be located in shops, will not be full service, offering just basic lodgement and withdrawal services using a debit card, but at least it means those who need cash can get it.
