Swedbank to drop ATM-based payments service this fall
This fall, Swedbank will discontinue the ability to make payments via its ATMs. It will likewise be raising fees for services offered at its bank branches, with some service fees increasing even severalfold.
Swedbank has informed its customers that as of October 24, it will no longer be possible to make payments via its ATMs due to changes in payment requirements following the implementation of the EU's Instant Payments Regulation (IPR). This change will not affect the deposit and withdrawal of cash at its ATMs, the bank added.
The bank is making changes to its fee schedule as well, first and foremost regarding transactions conducted at bank branches and the use of coins. For example, the fee for depositing coins, previously 5 percent of the total amount with a minimum fee of €5, will be doubled to a €10 minimum fee. However, children will still be able to deposit up to €100 for free, with a 5 percent service charge applying to any amount exceeding that.
Swedbank's fee for issuing an ATM card will be increasing from €5 to €10, and the fee for issuing a PIN calculator to those aged 65 and up will go from €10 to €15. People under 65, meanwhile, will be charged not €18 but €20 for a PIN calculator.
Customers will soon have to pay more to renew their Smart-IDs at branches as the fee is raised from €10 to €15. Those under 18, previously exempt from this fee, will have to start paying for the service as well – and at the same rate as adults.
Also going up are fees for certain certificates issued by bank branches as well as assessment services for leased assets such as cars, motorcycles and ATVs – the latter of which will rise from €80 to €95 this fall.
Swedbank announced a change in currency conversions for payments. Previously, currency was automatically converted during payment processing; going forward, customers will instead have to convert the currency themselves at a fixed rate and convenient time before making the payment. The bank believes this new system will be more transparent, as the exchange rate will be final.
According to the bank, the impact of these changes on those who mainly use internet banking and the mobile app should be minimal, as most of them involve transactions conducted at bank branches and the use of coins.
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Editor: Karin Koppel, Aili Vahtla
