BANGKOK, 22 March 2011 (NNT) – All commercial banks will be able to adjust their ATM related service fees down by the end of this month as they have agreed in their meeting late last year, according to the Bank of Thailand (BoT).
BoT Deputy Governor for Financial Institutions Stability Krirk Vanikkul stated that the state-owned Krung Thai Bank has taken the lead in reducing the fees, and other commercial banks are expected to follow suit by the end of March 2011.
Under the recently agreed conditions, customers making same-bank, cross-city money transfer for the first time in each month can do so free of charge. For other transfers in the same month, ATM cardholders will be charged a flat rate of 15 baht for each transfer. Customers making same-bank, cross-city cash withdrawals will be charged a flat rate of 20 baht for each transaction.
Customers will be given free service for cross-bank, same-city cash withdrawals and balance enquiries for the first four times of each month. A 10-baht fee will be charged on the fifth time, both in Bangkok and other provinces.
Mr Krirk admitted that commercial banks might lose at least 100 million baht in income because of the fee adjustment; however, he believed they will be able to find other sources of income to compensate the loss.