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Depositors seek end to ATM ‘decline fee’
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Depositors seek end to ATM ‘decline fee’
Mayur Shetty / TNN / Updated: Jan 25, 2021, 16:38 IST
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(Representative image)
MUMBAI: The All India Bank Depositors’ Association of India in their pre-policy meeting with RBI governor Shaktikanta Das have asked for the withdrawal of an “unjust” ‘transaction decline charge’ on debit cards.
Each time a person without adequate balance in his/her account tries to withdraw cash from an ATM or uses debit cards to make a payment, the bank penalises him/her Rs 25 plus GST as ‘transaction decline’ charge. This can be termed as the digital version of a charge for bouncing a cheque.
All India Bank Depositors’ Association seeks end to ATM ‘decline fee’
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Each time a person without adequate balance in his/her account tries to withdraw cash from an ATM or uses debit cards to make a payment, the bank penalises him/her Rs 25 plus GST as ‘transaction decline’ charge. This can be termed as the digital version of a charge for bouncing a cheque.
Agencies
The body said that these charges are not only unjust but also against the principle of ‘transaction decline’ as this is not like issuing a cheque to a third-party but like a depositor walking into a branch and trying to draw cash
‘Depositors reeling under the impact of interest rate cuts’
January 24, 2021
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The All India Bank Depositors’ Association (AIBDA) has told the Reserve Bank of India (RBI) that depositors are reeling under the impact of interest rate cuts and that there are no compelling reasons for it to reduce the repo rate.
In its pre-monetary policy representation to the RBI Governor Shaktikanta Das, AIBDA also underscored the charges imposed for debit card use when transactions are declined at ATM or POS due to insufficient funds in the account should be rationalised.
Further, the association requested the RBI to review its extant instructions to Payment Aggregators (PAs) and Payment Gateways (PGs) to ensure that these are not exploited by these entities to engage in profiteering.