Kata Rocks

Radical cuts in ATM fees this month

Friday 25 March 2011, 02:01AM

All commercial banks will be able to adjust their ATM-related service fees by the end of this month, as agreed in a meeting late last year, the Bank of Thailand (BoT) has announced. 

BoT Deputy Governor for Financial Institutions Stability, Krirk Vanikkul, said the state-owned Krung Thai Bank has taken the lead in reducing the fees, and other commercial banks are expected to follow suit by the end of this month. 

Under the recently agreed conditions, the first same-bank, cross-city money transfer each month will be free of charge. For other transfers in the same month, ATM cardholders will be charged a flat rate of B15 per transfer. Customers making same-bank, cross-city cash withdrawals will be charged a flat rate of B20 for each transaction. 

Customers will also not be charged for the first four cross-bank, same-city cash withdrawals and balance inquiries each month. A B10 fee will be charged from the fifth transaction, both in Bangkok and other provinces. 

Mr Krirk admitted that commercial banks might lose B100 million or more a year in income because of the new fee adjustment. But he said he believes the banks will be able to find other sources of income to compensate for the loss in fee revenue.

– NNT 



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