According to Deco economist Nuno Rico, restrictions in bank branches on exchange hours at the counter (for depositing and withdrawing notes and coins) began several years ago and have worsened since 2020, with banks maintaining several restrictive measures applied during the pandemic crisis.

“The objective is clear, to reduce personnel and costs. Banks have had a significant movement to reduce workers and, by limiting exchange services to certain hours, they reduce staff”, Nuno Rico told Lusa.

The economist added that, on the one hand, the increasing digitalisation of banking services also facilitates the reduction of in-person exchange hours while, on the other hand, the reduction of opening hours encourages customers to move money through digital means or to use machines.

The head of Deco considered that this reduction has an impact mainly on the older population, who are generally less able to use technology, but which is also problematic for small traders and entrepreneurs.

A Deco study from the end of 2022, on how the closure of bank branches means that many populations have to travel long distances to go to the bank, mentioned that “opening hours are now often shorter than usual” and that it has become common for “branches to close during lunch hour or set times (sometimes two hours a day) for customers to access treasury services”.

Lusa questioned the banks on the subject, who considered that the reduction of in-person treasury services did not worsen the service provided to customers as they always have ATM's.

Caixa Geral de Depósitos (CGD) said that it has had differentiated services for some years that depend “on the framework of each branch and the adjustment of opening hours to the local needs of the over-the-counter exchange service”.

As for the over-the-counter exchange service, an official CGD source said that 79% of the network has different opening hours, most of which are between 8:30 am and 12:30 pm. CGD also stated that it is modernising its branches and “installing equipment that allows, in addition, and at any time of the day, the deposit and withdrawal of notes and coins in amounts greater than usual, in addition to other services”.

BCP considered that, due to the 'self-banking' equipment (whether for private or business customers), branches “do not have any time restrictions for using ATM's ”. BCP also said that it has two branch models, the “'standard' with traditional exchange alternative and 'self-assisted', in which the treasury service is carried out exclusively in the 'self-banking' part and, whenever necessary, during opening hours, with support from employees.

According to BPI, an official source said that, currently, 68% of branches (184) have different opening hours for human assistance in this type of operations (generally from 13:00 to 15:00) while in 24% of branches (65) the Service is provided by ATM's. Thus, says BPI, that at all branches the exchange service can be carried out 24 hours a day through ATM's.

Novo Banco said that in-person treasury exists at all of its branches. Half of its branches currently have different opening hours, from 8:30 am to 12:00 pm, instead of the traditional bank opening hours (from 8:30 am to 3:00 pm). During the hours when the branch is closed, an official source from Novo Banco stated that customers have ATM's at their disposal that allow deposits and withdrawals of coins and cash.

Santander Totta did not respond to Lusa.