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22/04/2013
ATMs To Dispense Lower Denomination Notes
ATMs will begin dispensing lower denomination notes, in an effort to facilitate those on lower incomes and social welfare.
Currently the majority of cash machines only give out €20 and €50 notes, whereas across Europe machines will also provide €5 and €10 notes.
Critics of the Irish system say that those on tight budgets are unable to access smaller amounts when needed.
Labour TD Ciaran Lynch had previously queried the issue with Central Bank officials and believes it will be a welcome move. “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.”
(H/CD)
Currently the majority of cash machines only give out €20 and €50 notes, whereas across Europe machines will also provide €5 and €10 notes.
Critics of the Irish system say that those on tight budgets are unable to access smaller amounts when needed.
Labour TD Ciaran Lynch had previously queried the issue with Central Bank officials and believes it will be a welcome move. “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.”
(H/CD)
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