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KEB Hana Bank will raise fees on its automated banking machine networks from May, the local lender said Tuesday.
The country’s fourth-largest bank by assets said it will increase surcharges for customers who transfer money to other banks’ accounts from 800 won (70 cents) to 1,000 won. The new fees will be applied at ATMs nationwide from May 13.
Customers using other banks’ ATMs to withdraw money from KEB Hana Bank accounts will also have to pay the increased fee of 1,000 won.
“It’s the first raise in five years as a part of plan to normalize fees,” a KEB Hana official said.
Other banks are expected to follow suit, including Shinhan Bank and KB Kookmin Bank.
“We haven’t decided when or which service to hike fees, but we are positively reviewing the possibility,” a KB Kookmin official said.
The changes come at a time when local lenders are cutting down the number of money-losing cash machines due to hefty operation and maintenance costs.
According to industry data, Korea’s leading five banks ran a total of 29,611 ATMs as of the end of last year, down 4.4 percent, from a year earlier.
Park Han-na (hnpark@heraldcorp.com)
The country’s fourth-largest bank by assets said it will increase surcharges for customers who transfer money to other banks’ accounts from 800 won (70 cents) to 1,000 won. The new fees will be applied at ATMs nationwide from May 13.
Customers using other banks’ ATMs to withdraw money from KEB Hana Bank accounts will also have to pay the increased fee of 1,000 won.
“It’s the first raise in five years as a part of plan to normalize fees,” a KEB Hana official said.
Other banks are expected to follow suit, including Shinhan Bank and KB Kookmin Bank.
“We haven’t decided when or which service to hike fees, but we are positively reviewing the possibility,” a KB Kookmin official said.
The changes come at a time when local lenders are cutting down the number of money-losing cash machines due to hefty operation and maintenance costs.
According to industry data, Korea’s leading five banks ran a total of 29,611 ATMs as of the end of last year, down 4.4 percent, from a year earlier.
Park Han-na (hnpark@heraldcorp.com)
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Articles by Korea Herald
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