A call for a five-year moratorium on bank branch closures North and South of the Border was backed by delegates at the Financial Services Union (FSU) conference in Belfast on Saturday.

The motion was one of a number adopted that expressed support for the safeguarding of access to cash and provision of financial services and advice, all of which were seen as important to communities and, in particular, older customers.

FSU general secretary John O’Connell said the scale of bank bailouts received after the 2008 crash continued to give the debate on branch closures a moral aspect.

“We need the banks to remember that it was the people in these communities who bailed out their business,” Mr O’Connell said. “We are not saying they can never close branches but we are saying it would be reasonable to pause the closures now for five years, so everyone can consider what is on the horizon.”

Roger James, representing the AIB sector, told the conference the issue of closures has had an “unbelievable” impact on staff over the years. He said opposition to additional closures was not just about protecting jobs but also about protecting communities.

“People need and want access to cash, access to services,” Mr James said.

AIB’s branch network in the North had shrunk from 32 to seven, he said, with the company suggesting the reduction had been driven by changing customer behaviour. But Mr James said “if you find a branch that’s open now and then find a staff member, all they can do is point you to a machine, so it is the banks that are driving people away”.

Wilma Stewart, a staff member at Danske Bank, said its network will have declined in size from 104 when she joined the company to 24 by June 6th when another four branches are due to shut. The reduction, she said, was “staggering”.

“What we need to see is the development of a blend of services,” Ms Stewart said, referring to a proposed balance of service provision between online, and branched through third parties, such as post offices.

“Many people are happy to do their banking online but no community or sector of business should be left without blended services,” she said.

In the Republic, the various banks closed 176 branches in the five years to September 2023. As of now, Bank of Ireland and AIB still have about 170 each with PTSB operating just shy of 100 in the wake of its takeover of parts of the former Ulster Bank network.

Tom Ruttledge, from the Bank of Ireland sector, said banks were “withdrawing services from locations because it suits their cost model, not because it suits their customers”.

Older clients, he said, often missed out on advice from staff that might have helped them make better decisions with regard to financial services and products.

Ali Agur, chief economist and head of prudential regulation at the Banking and Payments Federation Ireland, said he did not believe the decision to close a branch was “purely about a profit and loss decision”.

“Banking is a relationship business and AI is not going to build that relationship for you,” Mr Agur said.

Nevertheless, he said, the trend is areas like ATM cash withdrawals was clear with substantial declines both in terms of value and volume, while more recent entrants to the retail financial services market were piggybacking on the ATM network without contributing to the costs involved. “We need to recognise the reality of the situation.”

Money has a profound impact on our lives, and for many of us, money is very emotional. While it’s true that money can’t buy happiness, it certainly can provide the means to live a life of comfort, security, and fulfillment. Having money offers opportunities otherwise unavailable to you.

Understanding and embracing the joy of money goes beyond material possessions; it’s about achieving financial freedom and using it to enhance our overall well-being.

You will find me often encouraging women to build a positive relationship with money so that you can build your wealth and reap financial security. Having money is not greedy; it’s a means of self-care.

Financial Security: The Foundation of Peace of Mind

One of the most significant joys of money is the security it provides. Having a stable financial foundation means not worrying about unexpected expenses or emergencies. When your finances are in order, it’s easier to face life’s uncertainties with confidence.

When you have financial stability, you have peace of mind that allows you to put your attention on other things in life instead of being bogged down with financial stress. You can focus on more of the things in life that bring you joy, like relationships and pursuing your passions.

Freedom to Pursue Your Passions

Financial freedom opens doors to opportunities that may otherwise remain out of reach. Whether it’s traveling to new destinations, starting a business, or investing in hobbies, money gives you the flexibility to pursue your dreams.

This freedom isn’t about extravagance, rather it’s about having the means to make choices that align with your values and interests. The joy of waking up every day and doing what you love, without financial constraints, is immeasurable.

Generosity and Impact

Another aspect of the joy of money is the ability to give back. Financial abundance enables you to support causes you care about and make a positive impact on your community. Whether through charitable donations, volunteering, or helping a friend in need, the act of giving enriches your life and fosters a sense of purpose and connection.

Knowing that your financial contributions are making a difference can bring profound satisfaction and joy.

Personal Growth and Learning

Managing money effectively requires learning and growth. From budgeting and saving to investing and planning for the future, the journey to financial literacy can be incredibly rewarding. As you gain knowledge and confidence in handling your finances, you’ll find a sense of accomplishment and empowerment. This personal growth extends beyond finances, as the skills and discipline you develop can be applied to other areas of your life.

Enjoying Life’s Simple Pleasures

Money also allows you to enjoy the simple pleasures in life. Whether it’s a cozy dinner with loved ones, a relaxing weekend getaway, or indulging in a hobby, financial resources can enhance your everyday experiences. These moments of joy, often taken for granted, are made possible by the stability and freedom that money provides.

Embracing a Balanced Perspective

While it’s important to recognize that money isn’t the sole source of happiness, it undeniably plays a significant role in shaping our lives. Embracing the joy of money means appreciating the security, freedom, and opportunities it brings, while also recognizing the importance of using it wisely and generously. By fostering a healthy relationship with money, you can enhance your overall well-being and lead a more fulfilling life.

The bottom line is that it is key to strike a balance in your life. When you are enjoying the benefits of financial success while staying grounded in what truly matters is achieving balance. When you view money as a means to achieve your goals and enrich your life, rather than an end in itself, you unlock its true potential to bring joy and fulfillment.

If you closed a Chime checking or savings account since Jan. 1, 2018, and didn’t get your account balance within 14 days, the fintech company may owe you money — up to $150.

Chime customers who closed accounts waited three months or longer to get their refund, according to the Consumer Financial Protection Bureau. The bureau issued an order that San Francisco-based Chime pay $3.25 million to the CFPB victim’s relief fund as a penalty and at least $1.3 million to affected customers — totaling over $4.5 million.

“Chime’s customers had to wait weeks or months for access to their own money and were forced to use alternative funds to cover their essential expenses,” CFPB Director Rohit Chopra said in a press release.

Here’s what the violation means for you and what one of our CNET Money experts wants you to know.

What did Chime do wrong?

According to the CFPB, Chime was supposed to automatically refund money from closed checking and savings accounts by check if the remaining balance was more than $1. However, in thousands of instances, Chime failed to refund customers within 14 days and sometimes as long as 90 days.

A Chime spokesperson said that “the majority of the delayed refunds were caused by a configuration error with a third-party vendor during 2020 and 2021.”

Those delays could’ve created a critical financial hardship if someone needed the money in the account to pay for basic living expenses like groceries and housing, the CFPB noted. For some folks, the only alternative might’ve been to rely on payday loans or to carry a credit card balance, both of which can involve exorbitantly high interest rates. 

How much does Chime owe you?

If you had a balance less than or equal to $10 and you didn’t receive your refund within 14 days of closing the account, Chime will refund you $25. If you had a balance of more than $10, your refund will be calculated at a 30% annual rate for the time between your refund’s due date and the day you actually received your refund, or $150.

Chime has 10 days to set up a $1.3 million fund for issuing the refunds. You should expect to receive a letter in the mail from Chime if you qualify.

If you’ve moved since closing your Chime checking or savings account and believe you qualify for a payout, it’s best to update your mailing address by contacting Chime’s customer service at 844-244-6363. Within the next seven days, the company is required to publish a telephone number, email and postal addresses specifically to field questions regarding the refund.

It’s worth noting that Chime isn’t a bank; instead, it partners with other banks to offer its products and services. However, its accounts are held by one of two partner banks covered by the Federal Deposit Insurance Corp. 

How to protect yourself from future banking woes

“To mediate risk like the one that has occurred with Chime, I would definitely advise people to consider having emergency savings at a separate bank from where they do their day-to-day banking,” said Bola Sokunbi, a Certified Financial Education Instructor and member of CNET Money’s Expert Review Board.

You may also consider having some money on a preloaded or prepaid card to have access to funds in case of a banking mishap or emergency, she added.

If you haven’t already started saving for the unforeseen, try to start now. Sokunbi recommends creating a line item in your budget to put money toward savings each time you get paid. “Ideally, you want to aim to save at least three to six months of your core or essential living expenses,” she said. That should include housing, transportation, core utilities and medication for you and your household.

Even saving a small amount can help bridge the gap if there’s a temporary issue with your current bank. To be on the safe side, consider keeping this money at a separate high-yield savings account that lets you earn interest and offers easy access to your money.