An Oireachtas committee has concluded that banks and ATMs should be compelled by the Government to provide denominations less than €50 to their customers. The committee, examining the Coalition’s Access to Cash Bill, proposed in its draft report an amendment to the bill to facilitate the availability of said cash denominations.
During the committee’s hearings, a serious concern was highlighted in a submission by the Money Advice and Budgeting Service (Mabs). It stated that a regular shortfall of €20 availability often coerces patrons into withdrawing a minimum of €50 even when they may not have enough funds, particularly in cases where they fall under the low-income category or are state welfare recipients.
A further recommendation from the committee addressed prioritising public transport accessibility, geographic attributes and local demographic information during evaluations of potential shortfalls in local regions.
Moreover, the committee chairperson, John McGuinness, expressed that the future banking landscape should continue to facilitate cash transactions without placing undue penalties on users.
In a vital move to enhance the inclusivity of ATMs, the committee suggests a mandatory specification that ATMs should be equipped with headphones and text-to-speech features to aid visually impaired users. Furthermore, a review of existing network accessibility will be conducted with an aim to update any needed equipment enhancements.
The committee applauded a clause in the bill that confers on the Finance Minister the authority to limit or outlaw ATM access fees, and also endorsed hefty penalties for banks and ATM providers under new cash access strategies.