700 Bank of Ireland non-branch ATMs sold to Euronet
Bank of Ireland has agreed to sell its network of 700 non-branch ATMs in the Republic of Ireland to US company Euronet, in a move that could in time lead to charges being imposed for their use.
The sale follows a strategic review of the operations and the price paid by the electronic payments and transaction services firm has not been disclosed.
The bank said in a statement that the terms of the deal will mean there will be no additional charges or fees for domestic cardholders.
But it is understood that this agreement will last for three years, meaning after that Euronet could potentially begin charging for the use of the machines.
Concerns grow that Bank of Ireland is on the verge of shutting down a number of branches
BANK of Ireland is reviewing its branch network, raising fears it is set to close branches in towns around the country.
The bank has 265 branches in towns and villages.
It comes as Ulster Bank’s parent is expected to announce on Friday whether or not it intends to remain in this market. The fear is that Ulster Bank is closing down here.
This, combined with the possibility of Bank of Ireland closing branches, would see some towns losing all physical banking activities.
An increasing switch to digital banking, particularly due to Covid-19 restrictions, has prompted Bank of Ireland boss Francesca McDonagh to look at culling the network.
Even a 10pc cut would see 26 branches shuttered.
The bank would not say how many branches could be closed.
Fast-growing Revolut to increase its fees in blow to its 1.2 million users
FAST-GROWING Revolut is to increase its fees, in a move that is set to disappoint its more than one million users here.
It is raising the fees for withdrawing cash from ATMs and for international money transfers.
Last summer the money app increased fees charged on foreign exchange transactions.
Some 1.2 million customers in this country have signed up to Revolut as the app-based financial services company is seen as a low-cost way of availing of day-to-day banking.
The latest fee rise is likely to make customers wonder if more fee hikes are on the way.
It is making it more expensive to use cash.
A few years ago it was out there that these apps were free or close to free. Of course, how does the business model work then. No such thing as a free lunch, and sure enough, once established the fees started raking in.
Things we use have to be paid for shocker.
Again and again, its the stupidity of people listening to press releases, all of them, that’s at fault. Believe nothing, question everything.
More digital transformation to look forward to on our streets
Bank of Ireland to close 103 branches in Ireland and NI
Bank of Ireland said it has taken a decision to close 103 branches in the Republic of Ireland and Northern Ireland, as the acceleration in digital banking has now reached a “tipping point”.
The branches closing are predominately self-service locations which do not offer a counter service, Bank of Ireland said. The branches are due to close from the end of September.
As a result of the closures, the bank’s branch network in the Republic of Ireland will be reduced by 88 leaving 169, while 15 Northern Ireland branches will close, leaving 13.
Bank of Ireland said it had agreed a new partnership with An Post which will offer Bank of Ireland customers banking services at more than 900 locations across Ireland.