From 1 July, no more ATM withdrawals for various credit institutions. Dutch bank ING is the flagship of the fight against cash.
“Hard times indeed. And damn uncomfortable “. Who would have thought that Merlin’s words in the Disney classic The Sword in the Stone, referring to the Middle Ages, would be back in fashion to describe the situation of account holders and their ATMs. In fact, starting from 1 July, it will be time to retire for many ATMs. Closed by lenders who have thought about revolutionizing access to money. Among these ING, which has long ago made it known that the branches belonging to its branches will be closed. Certainly complicating the life of the one million and 300 thousand customers that the Dutch institution has in our country.
A decision which, of course, is not the result of an overnight reasoning. The objective, in fact, is to modify the approach of account holders to their own inventories, reducing access to cash and favoring traceable transactions. Also ING (like other credit institutions) has decreed a renewal of the management systems, decreeing the closure of current accounts exceeding 100 thousand euros that do not show investment products or loans. Other banks (such as Unicredit) have imposed heavy commissions on large stocks. One way to encourage savers to generate income with their own money.
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Bancomat, hard times are coming: stop to withdrawals, the ING case
It is clear that the impossibility of withdrawing cash at the ATM may cause some problems. However, it should not be forgotten that ING operates almost entirely on the web, using digital retail with 96% of customers. An attitude that, according to the top management of the credit institution, responds to the needs (and preferences) of account holders. Of course, the right to cash withdrawals will remain but under certain conditions. Specifically, for ING account holders who are private ATMs, it will be necessary to go to the trusted branch and request cash according to the economic conditions of their contract.
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As for the other operations, the website, app and home banking will remain fully operational. Furthermore, advisors will be available for any interest in investment products. Furthermore, the withdrawal from other banks will be free, using a zero-constraint form, as long as the account was opened before November 2018 and the withdrawal is greater than 50 euros. Otherwise, the cost will be € 0.45 and € 0.75.
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