As of today, you're going to pay $12 for cash withdrawal from the ATM. The banks have announced fresh commissions

As of 1 August 2024, leading Polish banks introduced fresh fees for cash withdrawal from ATMs. PKO BP, Santander and mBank decided to make crucial changes in their fares, which caused discontent among customers. This article provides a detailed overview of fresh charges, client responses and a broader context for changes in banking policy.

New Payment Fees Cash from ATMs

Increases since 1 August

PKO Bank Polski, as the largest bank in the country, announced fresh fee rates that will enter into force from 1 August. fresh charges mainly concern corporate banking customers and include:

• Increase in monthly fees for current and ancillary accounts.
• Use of iPKO business service and mass payment recognition services (Wirtual Accounts).
• Commission for an increase in the balance at the end of the calendar year.
• Fee for fresh kind of hardware token to authorize orders in iPKO business.
• New kind of envelopes to deposit coins with a weight of up to 4.5 kg, to be collected after the anticipation of ordering these packages has been made available.

Most Controversial Amendment: Cash Payments

However, the most controversy is caused by an increase in the payment fees. PKO BP announced that it increased commission for:

• Unopened cash withdrawals, either after prior notification or without notification.
• Implementation of withdrawal orders in branches or agencies of PKO Bank Polski as part of the Mass Payments service.
• Cash deposits in open form in bank deposits.

Customers have 14 days to terminate the contract from the date of notification of changes. Otherwise, the fresh tariffs will automatically enter into force from 1 August.

BNP Paribas and mBank: another Banks besides rise Fees

BNP Paribas

BNP Paribas already introduced a fresh price list in April. Key changes are:

• Fee for keeping an Open Account for you increased to PLN 2.5. It can be avoided by logging in at least erstwhile to online banking or mobile application.
• A commission for cash withdrawal from ATMs In Poland and abroad, it is now 6%, but at least 10 PLN.
• Payment fee at the facility is 12 PLN, but for the first payment in a given month.

mBank

As of 3 April, mBank introduced the following changes:

• Payment of cash from abroad ATMs and Euronet is 5 zł.
• Even in the case of mBank ATMs (and Planet Cash), with a payment of little than PLN 300, a fee of PLN 2.5 is charged.
• Cashback commission is 2 PLN.

Bank Commission Table

Customer reactions

New charges have sparked a wave of discontent among customers who believe banks should search to facilitate access to cash alternatively than hinder it. There have been many social media reports criticizing bank decisions. Customers argue that cash withdrawals should be a basic free banking service, especially in a time of rising cost of living.

• “This is simply a scandal! Banks make millions, and now they're making us pay for access to our own money!"
• ‘I will transfer my account to another bank. It is ridiculous to pay PLN 15 for all cash withdrawal!” added another Santander client on Facebook.
• “Why do we gotta pay for something that should be standard? Banks lose contact with reality." commented mBank client on Instagram.

Broader Context of Change

Increases in the payment of cash from ATMs are part of wider changes in banking policy, which aim to increase bank revenues in the face of rising operating costs and lower interest margins. The banks argue that fresh charges are essential to keep profitability and invest in fresh technologies and improve service quality.

Digitalisation of Banking Services

Banks are increasingly encouraging customers to usage digital forms of payment, specified as proximity cards, mobile applications or net transfers. The withdrawal of cash from an ATM becomes little popular, prompting banks to introduce charges to cover the cost of maintaining an ATM network.

Investments in fresh Technologies

PKO BP, Santander and mBank invest crucial resources in the improvement of modern banking technologies specified as artificial intelligence, blockchain or cybersecurity. The fresh fees are intended to aid finance those investments that aim to improve the quality of service and safety of transactions.

Bank Pko BP

Alternatives for Clients

In consequence to rising fees, customers may consider respective alternatives:

Amendment of the Bank

Some banks inactive offer free cash withdrawals from ATMs, which can get customers to transfer their accounts. An example is ING Bank, which offers lower fees than leading banks.

Use of Payment and Mobile Cards

Many transactions can be executed with no cash, utilizing payment cards, mobile applications or close-up payments. This is simply a convenient and frequently cheaper alternate to cash withdrawals from ATMs.

Cash withdrawals at Purchase

In any stores and service points you can retreat cash erstwhile making purchases, which can be a good solution for customers who want to avoid ATM charges.

The introduction of fresh cash withdrawal fees from ATMs by PKO BP, Santander and mBank has sparked a wide wave of discontent among customers. Although banks explain their decisions to cover rising costs and investment in fresh technologies, customers anticipate more affordable and free services. These changes may prompt customers to search alternate solutions, specified as the usage of non-cash forms of payment or a control to lower fees.