Jan. 7, 2013
Vietnamese ATM cardholders are fed up with fees. Following an announcement by the State Bank of Vietnam that commercial banks would be allowed to impose fees for in-network ATM transactions starting March 1, cardholders began calling for a boycott of ATMs.
The new SBV policy allows banks to charge up to 1,000 dong (5 cents) for every transaction carried out on an ATM, and another 1,000 dong for balance inquiries and printed statements.
For the average Vietnamese worker who makes 2–3 million dong ($960–$1440) per month, and who typically withdraws cash only for immediate needs (resulting in numerous ATM visits in a month), the new fees are no small matter, said an article at Vietnam Net.
Vietnamese cardholders are already beset by bank fees for all manner of services: a fee for a first ATM card; a fee to replace an expired card, an annual fee, a PIN change fee, a fee for retrieving a card swallowed by an ATM, remittance fees, fees for using the card to make payments, checking account fees and, of course, off-us transaction fees.
Using social networks, many Vietnamese protestors are calling for cardholders to bypass the ATM and go directly to a bank’s teller window, where service is free, the Vietnam Net article said.
For more on this topic, visit the regulatory issues research center.