Cross-bank ATM charge sparks complaints
15/4/2003 16:32
The Industrial and Commercial Bank of China (ICBC)'s recent move to
charge peony-card holders two yuan (24 US cents) for each withdrawal using an
automatic teller machine from another bank has sparked complaints, eastday.com
reported today.
According to a survey yesterday, most local residents
said ICBC shouldn't collect charges on cross-bank withdrawals. "I usually go to
the ATM closest to my home to withdraw money several times every month, but I
have to pay two yuan each time as the ATM belongs to the Bank of China," said a
resident surnamed Zhao.
Many peony-card holders are considering using
other bank cards, according to the survey.
The charge won't affect ICBC's
business, as other commercial banks will follow suit in the near future, said Lu
Jun, a financial expert. The bank with the largest number of ATMs will come out
the winner, Lu said.
"It is inconvenient because the queues to withdraw
money are longer due to the restrictions on ATM use," said several
locals.
However, the move will control the number of bank card issues, Lu
said.
Many locals have up to ten bank cards, but only use one or two of
them.
According to statistics from the China UnionPay Co Ltd, 20.483
million bank cards were issued in Guangzhou by the end of February this year,
with each Guangzhou resident having two bank cards on average. At least 40
percent of bank cards in Guangzhou were not used, the statistics
indicated.
So far, all of China's "Big Four" commercial banks are
charging for ATM cross-bank withdrawals. The other three are China Construction
Bank, Bank of China and Agricultural Bank of
China.
Wendy Zhang/ Shanghai Daily news
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