Card Companies Raise ATM Fees... "1000 Won Charged for Cash Withdrawals"

Hanacard ATM and CD Fees Increase Starting from the 1st

[Asia Economy Reporter Ki Ha-young] Hana Card is raising the fees for cash withdrawal machines (ATM) and cash dispensers (CD) to 1,000 won. Earlier this year, Shinhan, KB Kookmin, and Woori Card also increased ATM fees, and it is expected that the burden on consumers using cash services will grow.

According to the industry on the 1st, Hana Card will raise the financial service fees for ATMs and CDs operated by Korea Seven, Hannet, Cheongho Easy Cash, and ATM Plus starting today. The fee for withdrawing cash or transferring accounts using these machines will increase from the previous 800-900 won to 1,000 won.

Earlier, since February, Shinhan, KB Kookmin, and Woori Card raised the cash service fees for ATMs and CDs operated by Korea Electronic Finance from 800-900 won to 1,000 won. This fee increase was the first in 10 years. Due to a decrease in cash demand and an increase in simple payments, the usage of ATMs and CDs has declined, leading to relatively higher operating costs and increased burden, which was requested by Korea Electronic Finance. The entire fee goes to the ATM and CD operators.

Although the fee increase was made due to the worsening business conditions of value-added network operators (VAN companies) operating ATMs and CDs, the burden on customers using cash services is expected to increase further. The trend of decreasing customers using ATM and CD machines is also expected to accelerate.

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