Banks asked to propose ATM fees

Banks asked to propose ATM fees

 The State Bank of Vietnam has recently asked banks under its system to propose the fees they want to charge ATM cardholders for on-us transactions, or those made on machines of the same bank that issued the ATM card.

The proposals, which must include the expense on each transaction made at the bank’s ATM, the suggested fee collection for every kind of transaction, and the reason why the bank wants to propose the fee, should be submitted to the Payment Administration under the central bank.

The central bank also asked credit institutions to report their input and output costs for their domestic debit card services to serve the ATM fee calculation, which is scheduled to take effect next year.

Specifically, banks have to make full reports about revenues from the debit card services between January 1 and June 30, including ATM transaction fees, machinery and equipment installation expenses, and operational costs.

They should also report the number of ATM cards issued, and the total balances on the cards.

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