On the collective references portal “My opinion”, a petition on limiting the interest payment while withdrawing cash through ATMs was published.
It is noted that at the moment, interest payment is set at 1% in the process of encashment of plastic cards. If you withdraw 1 million soums in cash, you will be charged 10,000 soums.
“This practice was free at the beginning and currently, it has been set at 1%. Banks explained that it would be used to cover the ATM expenses, such as the internet, technical maintenance and control. Well, there is no objection on 1% interest payment, but you will lose as much money as you withdraw more,” the petition’s author writes.
It is reported that if you encash 5 million soums, you will lose 50,000 soums and for the encashment of 10 million soums, you will have to pay 100,000 soums. So, the more you withdraw cash, the more damage you suffer. This issue needs to be addressed and the public should be provided convenience.
Therefore, the followings have been proposed:
First, while withdrawing more than 1 million soums through the ATM, not more than 10,000 soums (1% of 1 million) should be detained;
Secondly, if a user withdraws cash several times within a month, then interest payment should be charged once, regardless of type of an ATM;
Thirdly, the more the money is withdrawn, the lower the interest rate should be (1% up to 1 million soums, 0.5% up to 5 million soums, etc.);
Fourthly, ATMs should not charge customers when plastic cards of the same bank are used for cash withdrawals.