The State Bank of Vietnam (SBV) has asked card issuers not to collect ATM transaction fees from their own customers this year.

Many banks collect ATM transaction fees

The move followed news that banks had levied ATM fees on their customers withdrawing money.

According to the SBV, banks will be banned from collecting ATM transaction fees from their own customers and forced to maintain current fees for customers from other banks using their ATMs

Companies carrying out the fund transfers are required keep all ATM transaction fees. Card issuers have to make public card service fees at ATMs so that customers are aware they are being charged.

The Vietnam Bank Card Association has been asked to co-operate with the SBV to work out a suitable ATM policy that ensures the interests of customers and card issuers. Issuers have been instructed to announce the introduction of fees in advance to the public.

According to Dantri/DTiNews’s survey, recently, a number of banks, including Vietcombank, BIDV and Agribank have collected VND3,000 (USD0.14) for client transactions and issuing of statements. Some banks have charged VND6,000 for simple basic services, nearly double compared the previous rates without informing their customers of the changes.

Source: Dtinews