New ATM fee and commission system in 2023 and alternatives to ATMs (increasingly closed)

It is still too early to talk about a historical turning point, but certainly the frightening one Update the commission system on ATMs For ATM withdrawals, it will leave its mark. It’s actually a change in costs for withdrawals and payments that have been in place for years. The novelties will be complete in the sense that they will include ATMs, automatic machines that dispense cash, points of sale and card readers that stores use for cashless payments.

Meanwhile, problem Fewer and fewer ATMs are available With more and more closings and difficulties for customers to get cash back.

Returning to the repair, he will thus take care of all the mechanisms that regulate the work of the entire network. At stake is Bancomat, which is owned by 122 Italian banks, or part of the more than 400 banks that then use its services. It handles around 2.5 billion payment and withdrawal transactions each year for more than 160 billion euros and 34 million cards.

So let’s dive into this article:

• ATM commission system, what can be changed from 2023
• Withdrawals and payments costs change or not
• More and more ATMs are closed, what to do?

ATM commission system, what can be changed from 2023

This is not a bolt from the blue because the banks and the company that operates the most widespread payment and withdrawal circuit in Italy have been working in this direction for some time. To understand the impact of this change, however, we need to take a step back. In fact, the current system provides for a double level of commissions. In the first place there The fixed cost is 49 cents That is, the so-called exchange fee.

Then there is the The cost that the credit institution bears on the customer Who issued the card and which can amount to 3 euros. The number is linked to the agreements signed by the consumer at the time of signing the current account contract. In essence, it is a variable number. On the other hand, cash withdrawals are generally free of cost from one’s bank, while competitors’ ATMs charge commission.

The new ATM system will be operational in 2023 It will eliminate the commission between banks, leaving it to the person offering the withdrawal service to determine the final cost, which cannot exceed the ceiling of 1.5 euros. Say goodbye to interbank and variable commission, which ATMs charge institutions for each cash withdrawal. In connection with this project, will there be implications for the costs of withdrawals and payments? second ATM no.

The numbers are on hand, almost every year 500 million cash withdrawals in Italy At an average of 220 euros, only a quarter, or about 120 million, will have an impact from the new mechanism. Others continue to withdraw notes from their bank branches, i.e. without costs. And who has a bank on the Internet, without a physical network of ATMs? You may pay more but it will depend on the agreements signed by the individual institutions.

Withdrawals and payments costs change or not

Hence, as Bancomat CEO Alessandro Zullo argued, an interchange fee of 49 cents, as regulated today, would make The cost of the service is unaffordable So much so that the number of ATMs is constantly decreasing, and as this goes on there will be fewer and fewer. According to him, ATMs are machines that should always be updated to new technologies to ensure high levels of security.

This has costs and Rewards model It is not enough to say who is currently making the investments. He also points out that in addition to maintenance and software, there are also costs for security, logistics, and cash transportation insurance. Hence the drafting of a new reward model for circular withdrawals.

What to do to deal with the increasingly frequent closing of ATMs

As expected at the beginning of the article, one of the issues that is becoming increasingly “in vogue” is the closing of ATMs where you can withdraw (but not only) with obvious problems and shortcomings for many customers.

At present, the closure of ATMs is a steady trend in continuous growth and it will not be easy to turn back, mainly driven by the cost rationalization of various branches but also by anti-cash.

At this point, it becomes important to know alternative branch systems (that is, where you can, anyway, withdraw money using an ATM) or how to find the ATM closest to your location, especially when you’re not close to home. (We’ve seen both topics in two dedicated articles that you can find in the links above)