All Post Offices to allow AIB customers to deposit checks

AIB introduces a new system that allows consumers and businesses to deposit checks into their bank accounts at all 900 post offices.

p Previously, the service was only available in 145 post offices.

However, AIB customers must contact the bank for a book of deposit slips in order to use the new check deposit system at post offices.

Checks are still widely used in this country, despite being an expensive way to make and receive payment.

According to recent figures from the Banking and Payments Federation, 20 million payments were made by check last year.

AIB said it is rolling out a new system where An Post will make it easier to deposit customer checks at all 900 post offices from June.

The previous service was only available in 145 post offices.

“Customers should order a book of personalized bar-coded deposit slips and can pick up an AIB check deposit pouch at the post office or any AIB branch to use this service.

“The deposit slip book can be organized in an AIB branch or by calling 0818 303 568.”

This is similar to a system introduced by the Bank of Ireland last summer.

Bank of Ireland said check deposits will be accepted at all An Post locations once the customer has the correct deposit book.

All books ordered since last July have the barcode required for submission to An Post.

Checks are expensive to use.

Stamp duty is 50 cents per check.

Most banks charge 30 cents for what is called a paper transaction each time they cash a check.

This means that writing just one check per week costs €40 per year.

Checks reached a new low last year with a volume of 20 million payments.

That was a 15 per cent drop from 2020 and less than half the number recorded in 2017, according to the Banking and Payments Federation Ireland.

Instead, the use of contactless payments has increased significantly.

They skyrocketed 48 percent last year, a trend expected to continue.

Consumers continue to reduce their use of cash, increasing both their online spending and the use of contactless payments in physical stores, the Banking Authority said earlier this year.

According to the European Central Bank and the Bank for International Settlements, Ireland is one of the few countries where checks are still used regularly.

Checks are also used by consumers in Canada, Cyprus, France, Portugal, Singapore, the UK and the US.