From July 1, it will become more expensive for some people to withdraw cash from an ATM. Budget Institute Nibud is concerned about this development and speaks of a ‘user fine’.
ABN Amro is the first bank to make cash withdrawals more expensive. If customers have withdrawn more than $12,000 in cash within a year, they must pay a few dollars at a time plus a percentage of the amount withdrawn for each subsequent withdrawal at an ATM. Rabobank will ask for extra money after the summer.
Nibud considers this a worrying development. “De Nederlandsche Bank says that cash still plays an important role in society. This is especially true for people in society who have difficulty with abstractions such as digital payments or who have limited access to them. For example, the group of 2.5 million low-literate people in our society,” says director Vliegenthart.
‘Cash is protective’
It is also wise for many people to only have some cash with them and not a debit card, because then they cannot spend more than they have in their wallet at that moment. Cash is protective for that group, Nibud says.
Furthermore, many elderly people still find it difficult to pay for everything digitally. It has already become more difficult for that group to withdraw cash, as more and more bank branches have closed.
ATMs have also disappeared due to the increasing number of thieves and at many shops it is no longer possible to withdraw some cash when using a debit card. “As a result, there are people who have to ask their loved ones or carers to pin for them. That makes them extra vulnerable,” says Nibud.
Other organizations also concerned
According to the budget institute, people should not be forced to use digital money if cash is still legal tender. “The use of cash should not be subject to a user penalty.”
The Consumers’ Association and senior citizens’ associations have previously reacted with concern to the extra costs for withdrawing cash.
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