Bank customers can get emergency cash via SMS

31 Mar 2009

An innovative new service from Permanent TSB will allow registered customers to receive an emergency cash payment by sending a text message, if their ATM card is lost or stolen.

Through a deal with mobile payments technology player Macalla, the Emergency Cash service from Permanent TSB is the first of its kind in Ireland.

The service is available to any Permanent TSB customer who has registered for the bank’s text banking service. It can be used in an emergency, for example, in case of loss or theft of an ATM card, or to send money quickly to friends and family in Ireland.

The text banking customer sends an SMS to Permanent TSB, nominating anyone in Ireland with a mobile phone to receive the emergency payment. That person may then go to any Permanent TSB ATM and withdraw cash – without the need for an ATM card.

The Emergency Cash payment amount was originally set at €100. Registered customers could request one payment every seven days, with a €5 charge to the account holder per withdrawal. In response to positive customer feedback, Permanent TSB has since improved the service.

From tomorrow, Permanent TSB customers can make Emergency Cash withdrawals up to five times per month to a maximum of €500 (€100 per withdrawal).The cost has also been reduced to €2 per transaction.

“Permanent TSB is the first bank in Ireland to launch this service,” said Niall O’Cleirigh, CEO, Macalla.

“And even beyond Ireland, there are very few financial institutions that provide this type of facility. Permanent TSB continues to be an innovator in the banking community,” O’Cleirigh said.

By John Kennedy