Irish ATMs will begin to dispense lower denomination notes this year to facilitate those on lower incomes or social welfare, the Irish Times reports.
Up to now, ATMs that dispense tenners are a rare find and a mental note, if not a text to a few friends, is taken as a result.
Cash dispensing machines are currently restricted to €20 and €50 notes, unlike mainland Europe where €5 and €10 notes are common.
Details of the new ATM regulations will be published as part of the wider National Payments Plan this Wednesday and the move is believed to help those who can’t access smaller amounts of money when needed.
Labour TD Ciaran Lynch believes the move will be “welcomed”.
We’ve all fallen into the trap of buying a packet of chewing gum to ask for €10 in cashback.
Labour TD Ciaran Lynch believes the move will be welcomed.
He told the Irish Times, “Where it is particularly problematic is if you are on small wages or social welfare; if you have €69 inside your bank account and take out €50, it means your other €19 is locked away until more money goes into your bank account,” he said.
“For people who are on jobseeker’s benefit that is a significant amount. The smallest that comes out is €20 and that is if you are lucky.”
A trial for the smaller ATM amounts will begin later in the year.
The change will have pros and cons for the banks: it will cost money to broaden the amounts available but it will almost certainly boost ATM usage.
