ATM cash withdrawals get costlier

Cash withdrawals using ATM (Automated Teller Machine) will cost more as interchange transaction fee has now been increased by 33.33 percent to Tk 20.

A circular to this end was issued by Bangladesh Bank on Monday and sent to the chief executives of commercial banks, mobile banking service providers, payment service providers and payment systems operators.

The increased fee will be effective with immediate effect, the circular mentioned.

Earlier, charge for an interchange transaction under the National Payment Switch Bangladesh (NPSB) was Tk 15.

The clients of a bank will have to pay this additional fee for availing ATM services of another bank. There is no need to pay extra fee for availing ATM services of the client’s own bank. In that case the fee will remain the same as before, an official of Bangladesh Bank said.

However, the banks will levy this fee according to their ability. Fees have been increased for withdrawing and depositing cash using ATM services. For other services, the previous fee remains unchanged.

Any bank, however, can charge a lower fee if it wishes so, the circular said.

Apart from this, a maximum of Tk 5 can be charged to know the balance or status of the customer’s deposit, Tk 5 for taking a mini statement or small account statement and Tk 10 for transferring funds.

However, in case of cash transactions, the card issuing bank will be able to collect a maximum of Tk 15.

If the cash is withdrawn using POS or Point of Sale within the country, a maximum fee of Tk 20 can be charged per transaction. If anyone transfers money using internet banking, a maximum fee of Tk 10 can be charged per transaction.

A bank can charge a maximum fee of Tk 10 in case of an NPSB fund transfer using internet banking. The originating bank can charge the fee from clients.