The cost of withdrawing money from ATMs has increased as a few banks in the country have started charging an unannounced fee to users who choose to get printed receipts from the machine following cash withdrawal.
The move, which is likely to help banks improve earnings and cut costs, caught customers by surprise as they were charged Rs2.5 for choosing to receive the receipt. They were later sent a text message, citing that the amount had been deducted.
It may be mentioned here that the receipt shows the withdrawn amount and available balance whereas a user can opt out of receiving it.
According to local media reports, the central bank took immediate notice of the development but has said that banks may continue to implement the scheme if the new practice did not contradict any of its directives.
“State Bank of Pakistan (SBP) has issued no directives to commercial banks to charge (fee) against the service for balance inquiry through ATMs,” the regulator said. “However, the banks have the right to charge against services on the condition that the charges do not contradict any of its (SBP) directives.”
Earlier on Tuesday, the SBP clarified that no instructions were issued to banks for charging customers any amount on balance inquiry through ATMs.
The clarification came after reports emerged that the SBP had asked the banks to deduct Rs2.5 on each transaction or balance inquiry through ATMs in wake of service charges for the slips.
Please mention which banks are currently charging. If his is what they want to do, then we always have an option not to be their customer.
Only hbl taking charges right now
Given SBP directives last year, which stopped the banks charging any money on inter-bank transfers despite making payment to onelink, has forced the banks to look at alternate sources of revenues. It is imperative that SBP / MoF should undertake some more steps to encourage transfer of wealth from informal sector to the formal sector, such as cancellation of PKR 5K and PKR 1K currency notes, increase in ATM fees (to discourage currency in circulation), mandate salary payment through wallet / bank accounts, reduce cash withdrawal charges on wallet accounts (especially if en-cashed from banks) among others.
In Pakistan a printout ATM receipt is advisable.
Because of casual culture of Banks handling customer’s like their own. And blame computer glitch if account does not balance