Banker defends ATM fees

The General Secretary of the Vietnam Banks' Association Nguyen Toan Thang unsurprisingly defended Vietnamese banks charging ATM collecting fees after public complaints about 25 kinds of under-the-counter fees.



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General Secretary of the Vietnam Banks' Association Nguyen Toan Thang


It has been said that there are about 25 kinds of fees for basic ATM services that consumers aren’t informed about. Why do the banks think have the right to impose so many fees?

The banks have upgraded technology and provided more varied services to customers. Each service has its own fee that has been calculated carefully. The banks are collecting fees to offset their investment. However, customers don't have to pay for services that they don't use. 

The ATM users normally only have to pay the fees for using the machines and transferring money.

Many people have raised concerns about the security and quality of ATM services. For example, ATMs often run out of money, give damaged banknotes or have technical problems during holidays. Is the ATM upgrading process really going to improve service quality and security?

The government and the State Bank of Vietnam have repeatedly told banks to improve their banking services including ATM services. 

The security problem was also discussed during the annual meeting of Vietnam Bank Card Association. The technology is constantly invested in and upgraded.

The bank card market in Vietnam has improved. What do you think is the biggest achievements?

When Vietcombank issued its first credit cards in 1996, there were only a few ATMs installed for some few hundred card holders. 

Now there are over 100 banks cards have been issued by 53 facilities. Vietnam has over 17,000 ATMs installed and customers can use the ATMs for inter-banking transactions too. The cards have become a common and familiar means of payment to the public.

What should the banks do to further improve their services and technology, especially for the card holders?

Policies and legal frameworks for non-cash payments must be more detailed and completed to meet increasing demands from the customers. 

The banks must focus on building the technology infrastructure and have security measures to make their services faster and safer.

dtinews

Banker defends ATM fees, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam reaking news
 
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