Banks which do not comply with new rules to ensure access to cash and ATMs in communities around the country can expect a “pretty big sting” with potentially large financial penalties, Minister for Finance Michael McGrath has warned.
Banks which do not comply with new rules to ensure access to cash and ATMs in communities around the country can expect a “pretty big sting” with potentially large financial penalties, Minister for Finance Michael McGrath has warned. Mr McGrath received Cabinet approval for the Access to Cash Bill which will ensure there is no further decline in the number of ATMs in towns and villages around the country. It will also see ATMs regulated for the first time.
Under the legislation, the country is broken into eight geographical areas and Mr McGrath will set out the minimum number of ATMs per 100,000 people as well as the percentage of the population within no more than 10 km of a cash service point. The level of access to cash will be maintained initially at December 2022 levels
Banks Access To Cash Atms Penalties Regulations
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