There is nothing like paying an out-of-network fee to access cash that is already yours especially when you are a non-customer.
The Consumer Council of Fiji commends the move by Bank of South Pacific to decrease its ATM Interbank fees.
The decision comes as a relief for many consumers who incur additional costs for using an outof-network ATM due to the unavailability of their personal bank’s ATM within their vicinity.
While non-BSP consumers have had the option of withdrawing from BSP ATM before, a fee of $1.50 per withdrawal was a drawback.
The Council is particularly pleased with the fact that BSP took heed of the higher costs that consumers have been paying over the years as noncustomers and took a step in initiating this move so that consumers can enjoy cheaper ATM withdrawal charges, should they use a BSP ATM.
Currently, three banks have an ATM Interbank Agreement with BSP which includes Westpac, ANZ and Bank of Baroda. Effective 01 February, 2019 customers from these three banks are charged only $0.50 for withdrawals and $0.20 for balance enquiries.
The charges have decreased from $1.50 and $0.60 respectively.
The Council also understands that talks are underway to include Bred Bank and HFC Bank in their Interbank Agreement and applauds this initiative.
Other banks are also encouraged to consider reducing the out-of-network charges.
This ensures that many more consumers across the country will have greater accessibility when using ATMs.
The reduction of the fee is viewed as the first step, eventually banks must consider foregoing such a fee.