The Finance Minister has criticised Bank of Ireland's new plans to restrict withdrawals and lodgements in its branches.

The bank is planning to put a minimum withdrawal of €700, and minimum lodgements of €3000, for customers at the counter. 

Customers will have to use ATMs and self-service devices in branches instead.

The bank says customers can also increase their card withdrawal limit to €1,300.

But this evening Michael Noonan has described the plans as "surprising and unnecessary". He says the decision is a commercial one, but he wants the bank to clarify how it will assist vulnerable customers in the move to the new system.

The bank has this evening released a statement saying "vulnerable customers, together with those elderly customers who are not comfortable using self-service channels or other technology solutions, will be assisted by branch staff to use the available in-branch services."

Bank of Ireland has defended the plans to limit in-branch cash withdrawals and lodgements for customers from mid-November.

In a statement, Bank of Ireland says it "understands these changes may be a new way of banking for some of our customers, and the branch teams will be available to help and guide them through this change". 

But it says that over-the-counter transactions made up only 4% of total transactions in 2014.

However the bank is being accused of ignoring the needs of its older customers.

Age Action says the bank is trying to force people to carry out their business online - adding that the majority of people aged 60 and over have never been online.

According to the National Digital Strategy, only 3% of people aged over 75 have ever used the internet.

Justin Moran is head of advocacy at Age Action.

Personal finance editor with the Irish Independent, Charlie Weston, told the Pat Kenny Show here on Newstalk safety is also a concern.