Pakistani daily seeks fair banking practicesJuly 4th, 2012 - 12:35 pm ICT by IANS
Islamabad, July 4 (IANS) A panel has revealed price collusion in ATM usage and a Pakistani daily now wants more vigilance since “there are all manner of small fees and charges that banks bill customers in the hope they won’t notice or mind”.
The Competition Commission of Pakistan has found that the practice of charging the same rate (Rs.15 per transaction) by 28 different banks for cash withdrawals by customers of rival banks from their ATMs “represents an example of price collusion and an act of a cartel”, said an editorial in the Dawn.
It observed that the problems with ATMs in Pakistan have been “commonplace for some years now, with network outages and frequent shortages of cash being some of the commonly highlighted ones”.
“Additionally, security problems in some places mean customers often have to worry when they go to withdraw funds from their accounts.”
The daily said that “customers may rightly wonder about the extra Rs.15 they are charged every time they use an ATM of another bank - are they getting a service that is reasonably safe and efficient at a competitive price?”
It added that “there are all manner of small fees and charges that banks bill customers in the hope they won’t notice or mind”.
“More vigilance…will help.”
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