Monday, December 11, 2023

Banks in Pakistan started ATM receipt fee

Banks in Pakistan started ATM receipt fee

Some banks in Pakistan have started to charge an unannounced fee on the receipt after withdrawing money from ATMs.

The cost of online transactions has increased after the new practice took effect. On the other hand, this opened up a new way for banks to improve their earnings and cut costs.

Customers, however, were surprised by the change in banks. The receipt shows the amount you have withdrawn and the available balance. But It is an optional receipt, which means that it is up to the ATM user to choose whether or not to receive it.

“My bank charged me Rs2.5 for choosing to receive the receipt,” said a bank customer.

Moreover, He revealed that he received a text message on his cell phone from his bank, telling him that they have deducted Rs2.5.

However, When I contacted my bank’s call center, I came to know that the amount they deducted for the option to receive the receipt,” he said.

Although the central bank took immediate notice of the development. Moreover, it said that banks can continue to implement the scheme if the new practice does not contradict any of its guidelines.

But The State Bank of Pakistan (SBP) has not issued any policy for commercial banks to charge (fee) the balance inquiry service through ATMs,” said the regulator.

“However, banks have the right to charge for services, as long as the charges do not contradict any of their guidelines (SBP).”

But Pakistan is facing a major challenge in expanding its online banking consumer base and different types of banking fees are seen as obstacles in the way of increasing the number of online banking users.

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