Vietnam State bank orders stop ATM fee hike

Three big banks Agribank, Vietinbank and Vietcombank stopped ATM fee hike plan after the State Bank of Vietnam ordered to stop ‘fee hike’ race.

The three banks announced the increase of service fees for ATM cash withdrawals from VND1,100 to VND1,560 even at ATMs run by these same banks.
After hearing the announcement of the three banks, the State bank of Vietnam liaised with the Vietnam Bank Association to cease the plan in order to calm down the public.
Additionally, the State Bank of Vietnam ordered a transparency in collecting ATM fee to let customers understand more about the regulation.
The Vietnam Bank Association also exchanged with representatives from the three banks about balancing between their benefits with customers’ rights and interest who are using financial services and to create harmony between service providers and service users.
The three banks agreed to cancel their plan.
As per the Vietnam Bank Association’s statistics, 38.73 million people are using ATM cards of the three credit institutions in circulation, accounting for over 50 percent of Vietnam’s total. Fee hike of the three banks are within the road map plan as per the central bank’s circular No. 35/2012/TT-NHNN.
Theo circular stipulates that ATM holders must pay VND100,000 for issuance of the card, annual fee of VND60,000 per card yearly and ATM fee service.

By DANG TUAN – Translated by UYEN PHUONG

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