People are lining up to withdraw money at Vietcombank's ATMs. (Photo: VNA)
Hanoi (VNA) – Commercial banks have yet to be allowed to hikefees for ATM cash withdrawals, the State Bank of Vietnam (SBV) announced onJuly 10.
This is the second time the central bank has required the commercialbanks to postpone the service fee hike. The first order was given two monthsago.
Earlier, three big banks - Vietinbank,Vietcombank and BIDV - said they will officially increase service fees for ATMcash withdrawals from 1,100 VND to 1,650 VND for each transaction in theirsystem from the middle of this month.
They had to hold back theirplan after the central bank in May asked themto do so as the public expressed disagreement over the intended fee hike forthe services at many banks.
The commercial banks have to collect and process data and announce themto prove the necessity of the fee hike, the SBV said, adding that the work willrequire more time to be completed, thus making it impossible for the banks togo ahead with their plan of starting to collect the new service fee on July 15.
The SBV regulates a feeframework for ATM cash withdrawals which allow commercial banks to collect themaximum of 3,000 VND, excluding VAT, for each transaction but the three bankshave kept their fees at 1,000 VND, excluding VAT, or 1,100 VND when VAT is included.
“The fee hike does not violate the SBV’s regulations and the banks aretotally entitled to do so; but it is the central bank’s stance that thecommercial banks have to make the information transparent and build a consensusamong their customers before raising fees,” a representative of the SBV stated.
While Vietnamese banks have been still busy collecting fees on ATM withdrawals as well as online and mobilebanking, e-wallet service providers are applying free services to attractcustomers. Many customers are turning towards e-wallets to pay bills, shop andtransfer money.–VNA
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After two months postponing the increase in service fees for ATM cash withdrawals as required by the central bank, some commercial banks have now resumed the plan, announcing that a new service fee framework will apply from the middle of this month.
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People are lining up to withdraw money at Vietcombank's ATMs. (Photo: VNA)
