Bad news, the Super Tax on ATM withdrawals arrives. Consumers tremble at this hypothesis as banks cheer.
A real Halloween of fear after the news of the arrival of a Super Tax that will affect consumers and ATM withdrawals. Banks will be free to apply the desired commission without limits or general indications. Naturally, customers will lose out, especially users whose banks have few branches. In the same way, holders of current accounts with financial intermediaries who operate purely online will be penalized. For now the Super Tax is an idea to be implemented, the Antitrust has postponed the decision to the new year.
Super Tax on ATM withdrawals, what should we expect
The Antitrust Authority is considering a strategy to refine the fight against money laundering and tax evasion. The Revenue Agency is already fully operational in this regard and controls on taxpayers are increasingly tightened. The goal is discourage the use of cash to favor traceable payment methods and thus avoid money movements not detected by the tax authorities. Consequently, it was thought to establish a Super Tax on customer withdrawals at the ATM which would be immediately recovered by the credit institution and used to increase the balance sheet. The idea is to eliminate the 0.50 cent interchange fee and replace it with one variable commission the amount of which can be chosen independently by the credit institution that I own the bank branch.
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Who will be penalized by the Antitrust proposal
Competition will decrease, the transparency will only be a vague memory and customers will have to face commissions of who knows what level. The fight against tax evasion is right, the replacement of cash with traceable payments is understandable but the difficulties caused to small taxpayers are difficult to manage. The situation is already complicated with the great attention to be paid when you make a transfer – even to your children – or for each single movement made on the account. The risks of controls are high and the taxpayer is annoyed that he cannot manage his savings as he sees fit.
In addition, another penalty will come, the Super Tax on ATM withdrawals. Customers of online banks and institutions with few physical branches they will be further penalized but everyone will have to get used to the idea of using ATMs less and less, on pain of paying significant commissions.
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