spot_img

Columns

News

Supreme court permits military courts to deliver verdicts for 85 accused

The Supreme Court's constitutional bench has permitted military courts to deliver verdicts for 85 accused individuals, conditional on the outcome of a pending case. Those eligible for leniency are to be released, while others will be transferred to prisons to serve their sentences.

سٹاک مارکیٹ میں تاریخی بلندی، ہنڈرڈ انڈیکس میں 1 لاکھ 15 ہزار کی نفسیاتی حد بھی عبور

پاکستان سٹاک مارکیٹ میں تاریخی تیزی کا رجحان برقرار، سٹاک ایکسچینج میں 1 لاکھ 15 ہزار کی نفسیاتی حد عبور ہو گئی، بینچ مارک KSE ہنڈرڈ انڈیکس میں 991 سے زائد پوائنٹس اضافہ کے ساتھ سٹاک ایکسچینج 115172 پوائنٹس تک پہنچ گیا۔

Pakistan Stock Market KSE 100 Index crosses 115,000 in historic bull run

The Pakistan Stock Market celebrates a historic moment as the KSE 100 Index surpasses 115,000 points, showcasing investor confidence and robust market performance.

سپریم کورٹ نے فوجی عدالتوں کو 85 ملزمان کے فیصلے سنانے کی اجازت دے دی

سپریم کورٹ کے آئینی بینچ نے ملٹری کورٹس کو 85 ملزمان کے فیصلے سنانے کی اجازت دے دی جو زیرِ التواء مقدمہ کے فیصلے سے مشروط ہونگے، جن ملزمان کو سزاؤں میں رعایت مل سکتی ہے وہ دیگر رہا کیا جائے، سزاؤں پر جیلوں میں منتقل کیا جائے۔

Donald Trump named TIME’s 2024 Person of the Year

Donald Trump’s historic political comeback earns him TIME’s 2024 Person of the Year, reshaping American and global politics with bold populist leadership.
NewsroomEconomyPakistani Banks Now Charging for ATM Receipts
spot_img

Pakistani Banks Now Charging for ATM Receipts

Saad Ullah Butt
Saad Ullah Butt
Saad Ullah Butt is an engineer with an MBA and a passion for standardisation and innovative technology, quality systems, and cryptocurrencies.
spot_img

In a recent unexpected move, several Pakistani banks have started charging PKR2.5 (USD0.015) for ATM receipts.

In Schedule of Charges

The move has caught bank customers unaware, with many claiming that the move was unannounced. The news has caught the attention of social media, with people sharing that the charges have been introduced without knowledge.

Only a few banks have started this practice, and even lesser have informed their customers. Those that have published this news only did by mentioning it in their Schedule of Charges. The lengthy document details every charge or fee that the customer will pay on the banking services. With such complexity in the document, it is easy to ignore a small sentence and customers usually do not read the document in the first place.

As yet, the banks that have started charging for ATM receipt seem to be the participants of the 1Link network. 1Link is a collection of 38 banks in Pakistan that allows interoperability of ATMs and cards. Till date, the following banks are charging for the receipts:

  • Allied Bank
  • Askari Bank
  • Bank Alfalah
  • Bank Al-Habib
  • Faysal Bank
  • Habib Metropolitan Bank
  • JS Bank
  • Meezan Bank
  • Standard Chartered
  • United Bank

Banks Fleecing Customers

At first, customers believed that the fee was introduced under the directives of State Bank of Pakistan, the state regulator. However, SBP has clarified that it has not issued any instructions in this regard. The charge introduced by the banks have been defended by the financial institutions as a move under the “Go Green” campaign to reduce the carbon footprint. It is not uncommon to see areas around ATMs littered with receipts as people simply check their balance or confirm a transaction and throw it away.

This is not the first time Pakistani banks have used different tactics to make money. Though the move is justified by them under the garb of an environment friendly action, the history says a lot different. If these institutes are so sensitive about the environment, they should first consider shifting to a pure digital medium for their documentation. Computers and digital ledgers are used, but they still rely on rolls of papers for record keeping. 

Furthermore, fleecing their customers is nothing new. An irony in itself, nearly every bank charges their customers anywhere from PKR50 to PKR 75 (USD0.316~USD0.474) per month for SMS alerts, even though the regulator has made it mandatory for them to provide this service free of cost. In an open defiance to authorities, these banks further charge taxes on the services.

If you are a customer using 1Link system to access service from an ATM that is not your bank’s, you will be charged 18.75 per transaction. SBP has already penalized banks to the tune of PKR770 million for this illegal move. The move has been challenged in court and as is common for the legal system of Pakistan, the decision on this matter is pending in courts for some years now.

As banks try to find unique ways to fleece their customers and authorities clamp down on technologies and methods that are cheaper, faster and more secure, the citizens are forced to move a cash economy as the cost of being banked keeps rising.

LEAVE A COMMENT

Please enter your comment!
Please enter your name here
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

The reCAPTCHA verification period has expired. Please reload the page.

spot_img

Read more

مُرشِد، مُرید اور اِنتِشار

فیض حمید پر کورٹ مارشل کی چارج شیٹ ہونا بہت بڑا واقعہ ہے۔ ادارہ جب اپنی صفوں میں کالی بھیڑوں کو انتشار کی سزا دے سکتا ہے تو عمران خان کس کھیت کی مولی ہے۔ کچھ فیصلے اٹل ہوتے ہیں، ان کے بعد تاریخ کا نیا سفر شروع ہو گا۔ ابھی شور ہے، انتشار ہے، ہنگامہ ہے، پھر سکون ہو گا، خاموشی ہو گی۔

The SIFC is a visionary concept with flawed execution

Pakistan's untapped FDI potential hinges on proactive diplomacy, strategic investment policies, and private sector engagement to transform its economy; empowering ambassadors can unlock opportunities for sustainable growth and development, writes global policy expert Abdul Rauf Shakoori.

Did the PTI’s protest against Qazi Faez Isa in London break English law?

In London, PTI supporters protesting against former Chief Justice Qazi Faez Isa may have breached English law on harassment and criminal damage. Legal implications hinge on whether actions, like allegedly striking Isa’s car, could be considered reckless or intimidating under UK statutes.

Supreme court permits military courts to deliver verdicts for 85 accused

The Supreme Court's constitutional bench has permitted military courts to deliver verdicts for 85 accused individuals, conditional on the outcome of a pending case. Those eligible for leniency are to be released, while others will be transferred to prisons to serve their sentences.

سٹاک مارکیٹ میں تاریخی بلندی، ہنڈرڈ انڈیکس میں 1 لاکھ 15 ہزار کی نفسیاتی حد بھی عبور

پاکستان سٹاک مارکیٹ میں تاریخی تیزی کا رجحان برقرار، سٹاک ایکسچینج میں 1 لاکھ 15 ہزار کی نفسیاتی حد عبور ہو گئی، بینچ مارک KSE ہنڈرڈ انڈیکس میں 991 سے زائد پوائنٹس اضافہ کے ساتھ سٹاک ایکسچینج 115172 پوائنٹس تک پہنچ گیا۔

Pakistan Stock Market KSE 100 Index crosses 115,000 in historic bull run

The Pakistan Stock Market celebrates a historic moment as the KSE 100 Index surpasses 115,000 points, showcasing investor confidence and robust market performance.
error: