New 'access to cash' law means banks must put ATMs within 10km of most homes and businesses

"The guarantee on access to cash across the State will mean there will have to be an ATM within a 10km radius of most people. The 'Access to Cash' legislation has been put in place to ensure continued access to cash by forcing banks to maintain ATM numbers that existed at the end of 2022 and it requires certain businesses, such as pharmacies, to accept cash."

"One of the aim's of the legislation is to ensure that around 97pc of the population can access a cash service point within a 10km radius And the legislation means that at least 99pc of the population will have to be within 10km of a counter service, such as those provided by banks or post offices. The legislation will also mean the Finance Minister will have the power to ban ATM cash withdrawal charges."

"The moves comes despite a decline in the use of cash as there has been a dramatic increase in the use of contactless and card payments, with mobile phone payment apps becoming particularly popular. Despite this, a Department of Finance report published in August found an a slight increase in the use of cash in Ireland this year. A survey the department commissioned found that 92pc of those surveyed saying they use it, up from 91pc in 2024."

"New Finance Minister Simon Harris has signed an order initiating the provisions of the act. The legislation to introduce the new rules around access to cash was passed by the Oireachtas last May. Mr Harris said the measure will have an impact in rural Ireland, where communities have been hit by bank branch closures in recent years. The Banking and Payments Federation Ireland (BPFI) has complained that the legislation means the burden of providing ATMs falls on AIB, Bank of Ireland and PTSB."

Access to Cash legislation requires banks to keep ATM numbers at end-2022 levels and obliges certain businesses, including pharmacies, to accept cash. The law targets geographic coverage, aiming for about 97% of the population to reach a cash service point within 10km and at least 99% to be within 10km of a counter service such as banks or post offices. The Finance Minister gains authority to ban ATM withdrawal charges. The measures respond to rural bank branch closures and a Retail Banking Review recommendation. The Banking and Payments Federation Ireland says major banks will bear the ATM-provision burden. A Department of Finance survey found 92% of respondents use cash, up from 91%.

Read at Irish Independent