Banks Introduce ATM Fee Without Approval of SBP
A fee of Rs.2.5 as service charges for receipt on cash withdrawal from ATMs has been introduced by the banks
Without the directives by the State Bank of Pakistan (SBP), the commercial banks across the country have introduced an unannounced fee on the receipt following cash withdrawals from ATMs.
A fee of Rs.2.5 as service charges for the receipt on cash withdrawal from ATMs has been introduced that can be beneficial for the banks to rake in more money, without the consent of SBP.
In a strong appeal to the State Bank, the consumers maintained that the central bank should immediately stop the illegal recovery charged by its subsidiary banks.
The spokesman of SBP, Abid Qamar, maintained that in this regard, no instructions have been issued by the central bank.
However, the banks are free to charge customers for their services, he added.
As per reports, there are around 55 million customers of commercial banks across the country who are surprised by the move.
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Apart from this, most of the ATMs across the country get inoperative multiple times while many are in a rough condition.
The consumers have filed several complaints regarding the unavailability of cash and the safety of the ATM corners. Many of them are ill-maintained.
While withdrawing the money, several robbery incidents also take place inside and outside the ATMs as the banks have refrained from making security arrangements.
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As per sources, banks/ microfinance banks (MFBs) installed 158 new ATMs last year, taking the total tally to 15,770 across the country.
