Banks set to cut cash machine fees

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Banks set to cut cash machine fees"


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TAKING MONEY OUT AT A MACHINE THAT DOES NOT BELONG TO YOUR BANK SHOULD, IN THEORY, BECOME CHEAPER THE COST of withdrawing cash from another bank's machines is set to fall by about 20%,


potentially saving account-holders an estimated €600m a year in fees. The _Autorité de la Concurrence_ has reached a new agreement with banks to cut the fees they charge each other by 21% -


from €0.72 to €0.57 per withdrawal. It expects that the savings will be passed on to consumers. Most French banks charge account-holders a fee of up to €1 per withdrawal if they routinely


take cash out at a machine not belonging to their bank. In many cases the first five withdrawals per month are free - and there are no fees at all charged by the Banque Postale and


online-only banks. The inter-bank fees for paying with a debit or credit card in a shop will also drop by an average of 36%. This could encourage more retailers to accept cards for small


transactions, instead of imposing a €10 or €15 minimum spend. Photo: Delphimages - Fotolia.com


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