ATMs, what really changes from July 1st
OUR MONEY
S.there is news about the closure of ATMs for cash withdrawals and the increase in costs. The expert clarifies what is true
What changes from 1 July?
How much does it cost to withdraw from the counter?
Will ATMs decrease?
Will it cost more to withdraw?
Why do we change?
What advice for users?
Is changing banks free?
In recent weeks and especially in the last few days, news has multiplied on some news arriving from 1 July, concerning current accounts and in particular the withdrawal of cash at the counter. The date of 1 July is indicated, from which many banks could drastically reduce ATM points or impose surcharges on operations. Why? But above all, what's true?
What changes from 1 July?
"It is true that there are many rumors and news about the alleged increases from 1 July, but it is important not to generalize and above all to actually understand what is being discussed, also in order to better manage one's banking relations", states the lawyer Raffaella Grisafi, Vice President of the Business and Consumption Observatory (OIC).
«Let's start by saying that there is no regulatory provision or initiative of the Bank of Italy or other source that establishes an obligation to increase. However, these are initiatives that some banks are actually implementing autonomously. Given that the increases in costs are periodic and should always be monitored, the confusion on the alleged blocking of branches arose from the fact that individual institutions have discontinued the ATM service, ie the possibility of withdrawing at the branch "adds the expert.
How much does it cost to withdraw from the counter?
The question arises precisely in view of the changes announced by some institutes. According to a survey by SOStariffe.it , faced with a possible trend that increasingly pushes towards the use of cards or other digital tools as the main payment methods, it emerges that online banks would be cheaper than traditional ones. The gap is different depending on the services : for example, if the withdrawal with a debit card (ATM) from your counter is always free, the one with a credit card provides on average a commission of 4% with traditional banks and 3, 8% with those online . The latter are much more convenient, however, in the case of ATM withdrawals from another bank:with the traditional ones it can cost the 1.83% surcharge, with the online ones only 0.49% if from the ATM. With a credit card, the commission remains 1.83% for "physical" institutions and 0.89% for internet ones, with withdrawals of less than 100 euros.
As for annual expenses, the biggest gap concerns the cost of credit cards, which traditional banks charge an average of 45 euros, compared to 23.33 for online banks.
Will ATMs decrease?
"In part, yes. A process of decreasing the number of branches has been started for years by the banking system and the advent of digitization in banking services is accelerating the transition to other forms of service provision ", explains the lawyer, who, however, clears the field of misunderstandings: «In short, to imagine that from 1 July all banks will suddenly abandon ATMs is science fiction. Let's not forget, however, that the ATM is a service provided for in the contract stipulated with the bank and to which the customer is entitled . The user, therefore, can decide to change bank if his is no longer able to provide this service. Everyone should consider changing banks, if they believe it is an important and necessary service for themselves ».
Will it cost more to withdraw?
"Commissions on withdrawals at other ATMs have always existed and it is true that changes are on the horizon, but they are still being analyzed and monitored also in relation to the cost adjustments that the interbank system will apply : the payment system has a complex architecture and the costs depend on the decisions of several operators, not simply on the banks ”explains Grisafi.
Why do we change?
"Because the system generally tends to reduce the circulation of cash in favor of electronic money and other forms of digital payment and because the economic strategies of banks, as happened in Europe, also with a view to rationalizing costs, are moving towards a downsizing of offices and physical services »explains the expert of the Business and Consumption Observatory (OIC).
No alarmism, however: «Any novelty or decision must in any case respect the rights of consumers and contractual obligations and certainly the choices of policy and supervision in the field of payments must remain“ with our feet on the ground ”». Basic services for consumers, therefore, will not disappear. But how can users regulate themselves?
What advice for users?
«First of all, I recommend that you inquire and check how your bank is acting and therefore, for example, if it has decreased the number of ATMs, perhaps in your reference area. In view of possible increases it is important to monitor costs and verify that there are no increases in commissions on withdrawals that make your current account less advantageous - suggests Grisafi - Attention: the increase in costs is always contained in a communication that mentions the art. 118 of the Consolidated Banking Law (Consolidated Banking Act) and must comply with certain requirements of form and substance ".
However, it is important not to “suffer” the decisions of the bank, which is «a contractual counterparty and the customer has the right to accept or reject the changes and above all the relationship must be balanced . We must never feel the lower part and weak, but learn to claim your rights ».
Is changing banks free?
A piece of advice that at times seems to clash with the reality of the facts, but the expert recalls: «In Italy, bank exchange is a right called“ portability ”and must be carried out free of charge and quickly. In particular, the change of banking institution by law must be agreed by the initial bank and must take place within 12 days. It allows all deposits to be transferred to a new institution deemed better by the consumer, ”explains Grisafi who is also vice president of Consumer Italia.
Finally, "I would recommend checking if you meet the requirements to apply for a free basic current account : it is also a right, provided for those with an Isee of less than 11,600 euros" concludes the expert.
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