LETTER: No justification for ATM charges
I’m told the reason for the charges is the high cost of security in SA
Your article "Debit orders: free for all" should be read by all SA banking executives. Not that they’d pay much attention. I’d have closed my accounts with my bank long ago were it not for the Internet.
I am fortunate in that I have only one debit order, but my main gripe is about the iniquitous ATM charges that are levied on millions of South Africans who are forced to "bank". They have no other option. Their salaries and wages are paid into accounts that are bled by these custodians of their money.
I’m told the reason for the charges is the high cost of security in SA. I simply don’t believe it. Australia’s big four banks (ANZ, CBA, NAB and WBC) levy no charges for ATM withdrawals, nor do they extract any interbank (Saswitch) charges. They too need cash delivered by armoured vans; it certainly isn’t carried into branches by the bag.
Despite officialdom’s intermittent complaints about the costs of banking, years roll by with nothing being done about this daylight robbery.