KB Kookmin Card Raises Cash Service ATM Fees... 1,000 Won Starting Next Month

Following Shinhan and Woori Card, Korea Electronic Finance ATM Cash Service Fee Set at 1000 Won

[Image source=Yonhap News]

[Asia Economy Reporter Ki Ha-young] Following Shinhan and Woori Card, KB Kookmin Card will raise cash withdrawal fees for ATMs and cash dispensers (CD) operated by Korea Electronic Finance.

According to the card industry on the 17th, KB Kookmin Card will increase the fee charged for cash services using ATMs and CDs operated by Korea Electronic Finance by 200 won starting next month on the 1st. The current fee of 800 won per transaction will rise to 1000 won per transaction from next month.

Earlier, Shinhan Card and Woori Card raised the cash service fees for ATMs and CDs operated by Korea Electronic Finance by 100 to 200 won starting next month. The fees, which were 800 to 900 won depending on the usage time, were raised to 1000 won regardless of the time. This is the first fee increase in 10 years.

The fee increase was made at the request of Korea Electronic Finance, which has faced increased operating costs recently. The usage of ATMs and CDs has decreased due to reduced cash demand and increased simple payments, causing operating costs to rise relatively. Korea Electronic Finance, a subsidiary of the NICE Group, is the largest financial automation equipment operator in Korea, currently operating about 7,000 cash automation devices nationwide.

Cash service fees go to the ATM and CD operators, not the card companies. The card industry is paying attention to whether other ATM and CD operators besides Korea Electronic Finance will also raise fees.

An industry official said, "If fees increase, customer complaints about cash services may grow," adding, "We are watching to see if other ATM and CD operators will also demand an increase in cash service usage fees."

This content was produced with the assistance of AI translation services.