Forcing digital for a higher fee: attractive?
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The Bank of Ireland (BOI) is taking the fast train towards digital services at a higher cost – and greater loss – for its customers. Indeed, the BOI announced that it would rid itself of ATM-only cards by replacing them with Visa/MasterCard debit cards. The catch? The government caps fees on ATM-cards at €2.50 while debit cards can be charged double the amount (€5). Furthermore, although minors under 14 years of age generally have their ATM card fees waived, the Bank has announced that they will only be allowed to apply for a Visa debit card with parental consent.
A number of other services will be removed from BOI ATMs including the possibility to request a statement, pay bills, or add mobile credit to one’s phone. The Bank’s rewards programme will also be cut, leaving customers without any perks except for that of paying more for less.
At a time when bank branch and ATM closures are rampant and where access to cash has become a hot topic in UK media, it is surprising that the Bank of Ireland is not only cutting services that were otherwise already automated, but that they’re raising their fees. In the real world, wouldn’t that be considered commercial suicide? Or maybe it’s a cool new trend of which we’re yet to discover the benefits?
Regardless, it could backlash should the UK government truly set its mind to safeguarding access to cashMoney in physical form such as banknotes and coins. More for all UK citizens, particularly in rural areas. The consumer group Which? will probably have a word to say, unless BOI customers are the first to take their moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More elsewhere.
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