News

Viet Nam state bank to investigate ATM fee hikes

July 19, 2012

The State Bank of Viet Nam said it will launch an investigation into ATM fees after recent hikes on both foreign and on-us transactions by many commercial banks.

An article by Viet Nam News said that the fee raise was carried out in secret, and that cardholders were not notified of the change.

State bank deputy head of inspections Nguyen Cong Duong told the publication that the state bank was working to determine whether the banks had violated orders not to charge foreign fees, as well as orders not to change on-us fees — even if it was to lower them.

Many banks have chafed at the government's limitations on ATM fees, which they say do not allow them to cover their ATM operating costs. However the state bank has insisted that they adhere to it's roadmap for banking development.

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