A lot of news coming for the ATM and unfortunately they are not positive.
Let’s see what happens to the withdrawal and why users can be severely fined.
The ATM has for decades now forcefully entered the life of Italians. Withdrawing but also paying money at ATMs is something absolutely usual for Italians, but the news coming up is not at all positive. In fact, Bancomat spa, the company that manages all the Italian ATMs has asked the competition authority, the possibility of increasing commissions for ATM withdrawals. Consumer protection associations protest because it is one tripling of what is requested for the withdrawal. Let’s see what happens and who will have to pay.
Tripled and surprising
When you withdraw money from another bank’s ATM, today you pay for one commission of € 0.49. This commission is not always due but if the commission exists, it is at most equal to this figure. But with the new regulation the commission becomes variable and can even reach € 1.50. The biggest problem is that when the user goes to withdraw from the counter of another bank now he will no longer know what commission he is entitled to but will only find out after having withdrawn. This is because with the new legislation it will be the ATM manager himself who establishes the commission and no longer the bank that issues the card.
Salty fine: that’s who
Withdrawal tripled, but also surprisingly: from today it is decidedly better to look for the ATMs of your bank. But this year the ATM can also reserve very heavy penalties. The maximum limit for withdrawals at the ATM is € 1500. This limit has been in force for years now. The problem is that the limit for using cash has changed in the meantime. If last year the maximum limit for the use of cash was € 2,000 this year it has dropped to € 1,000. This means that for those who were to withdraw or deposit more than € 1,000 at the ATM there can be some rather problematic situations.
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In fact, although this operation in itself is not prohibited, the bank may ask why an amount exceeding the cash limit is withdrawn or paid. If necessary, the bank can also report this operation to the tax authorities and tax authorities may consider it indicative of a potential violation of the new cash limit. Therefore it becomes important to pay attention.
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