ATM card holders complain about irrational banking fees

ATM card holders complain about irrational banking fees

Many ATM card owners have been complaining about being charged with extra fees when using services at banks.

ATM card holders complain of multiple service fees

A woman named Phuong, from HCM City said she was surprised when informed that she has to pay VND176,000 (USD8.32) for an annual usage fee right after registering for internet banking at Vietcombank. She was also told that she has to pay extra fees whenever she conducts a transaction.

Service fees for internet banking in Vietnam usually run from VND10,000-VND20,000 (USD0.47-USD0.96) per transaction depending on the type and destination of the transaction. An additional fee of VND10,000-VND15,000 would be applied for customers who transfer money from their account to others’ two days right after their deposit.

Many customers have been surprised by these fees, as a number of banks have changed their policy on service charges. Being caught off guard some of these customers have become upset and call the fees irrational.

Le Thi Loan, from HCM City registered for a saving book at Agribank-Dong Saigon Branch and was surprised to find there was a 0.05% charge of the total sum upon withdrawal.

“It’s unacceptable when to be charged for accessing your own money from a savings account,” Loan said.

Mai Ngoc from HCM City had an unhappy experience with Agribank when she went to a bank branch in District 2 to transfer VND10 billion (USD473,148) from her account to a client’s account at an Agribank branch in Cho Lon. She was asked to pay a fee of 0.015%, equal to around VND330,000 and she refused. Instead she withdrew the money and took it to the Cho Lon branch herself.

According to the State Bank of Vietnam’s Circular 35 which took effect March 1, banks are allowed to collect service fees whenever clients conduct any transaction including money transfers, issuance of a new card, getting a receipt or an account statement.

Despite multiple fees, many also complain that the quality of service is still substandard. During holidays, many ATMs do not work or run out of money, preventing people from withdrawing.

An anonymous deputy director at a commercial bank said it is only right for banks to charge their customers fees for services. These fees account for as much as10% to 15% of revenues.

He added that in order to ensure transparency, banks should make their service fees public at transaction offices and provide customers with information about usage fees.

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