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Depositors seek end to ATM 'decline fee'

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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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. ....

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All India Bank Depositors' Association seeks end to ATM 'decline fee'

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.
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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 ....

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