In a new move from the banking sector, ATMs will start dispensing smaller notes later this year in order to accommodate people who are strapped for cash.
Most of us have been in the situation where you’re stuck for a few quid and you only have €19 (or less) in your account. The problem there is the fact that most Irish ATM’s only let you take out a minimum of €20 which means you’re out of luck if you only have €19 left. This isn’t the case for the rest of Europe where ATMs dispense as little as €5 and €10 notes.
However, in a new move that is part of the wider National Payments Plan, which is to be published this Wednesday, Irish ATMs will start stocking smaller notes. The move is partly designed to help those on lower incomes and those on social welfare, but it’s sure to favour anyone looking to just take enough for another pint.
Speaking about the new move Labour TD Ciaran Lynch said, “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.
“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.”
According to reports, the new plan will be rolled out later this year for a trail period that will see banks stocking some ATMs with €10 notes. If all goes well then it could be rolled out to nearly every ATM by next year.
