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Martin Bailey
Martin Bailey - Temenos - Hemel Hempstead 24 August, 2011, 17:30Be the first to give this comment the thumbs up 0 likes

If we are talking about the same financial institution, then the charges will be levied at those customers who have a "basic" account. The owners of these accounts tend to be those that are less fortunate and less credit worthy amongst us. This is just another example of how we make life harder (and sometimes more expensive) for the people at the bottom of the ladder. 

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 25 August, 2011, 15:58Be the first to give this comment the thumbs up 0 likes

The regulation on 'alien' or 'rival' ATM cash withdrawals swung between the two ends of the pendulum in India over the past year but the state of equillibrium reached recently seems very fair to customers and banks alike: 5 free transactions per month, and a nominal charge for each transaction thereafter. Since this policy is uniformly applicable for all banks and across all types of accounts (on which ATM cash withdrawals are permitted), there is no discrimination against customers at the bottom of pyramid or anyone else. According to personal and anecdotal evidence, branch footfall has dropped significantly since this policy was implemented.   

Michael Kyritsis
Michael Kyritsis - ACI - London 30 August, 2011, 16:33Be the first to give this comment the thumbs up 0 likes

Unless I misread it (twice) the original article states that basic account holders will not be able to use other ATMs - i.e. the transaction will be rejected. Which I think is even worse than charging as the cardholder doesn't even have the choice to accept the charge. I suppose some might upgrade their accounts, and some might switch banks.

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