Free unlimited ATM transactions may end this year

Free unlimited ATM transactions may end this year
While the number of free transactions at another bank's ATM is already capped at five transactions a month, the bankers have now demanded that the same limit be imposed on using own bank's ATM also. Currently, customers are allowed an unlimited number of free transactions at own bank's ATM.

According to a Business Standard report, bankers have also proposed to a working group on ATM security that the rate for each ATM transaction (interchange fee or charge) be raised from Rs 15 to Rs 18. The group was established to devise strategies for enhancing security at ATMs and its cost implications.

Banks have also suggested revision in charges to ensure viability of the ATM network. "Eventually, customers will have to share the cost burden," said an official of a public-sector bank, as per the Business Standard report.

In a bid to provide the 24*7 secutity at ATM centres, bankers have also demanded the freedom to display advertising material for non-banking products within the ATM sites.

Dion Global Solutions Ltd.

Read more about: atm, bank, security
Story first published: Thursday, January 2, 2014, 9:10 [IST]
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