Banks Considering New Fee Structure to Align With Operating Costs

[snoop1130]

 

BANGKOK (NNT) - A new fee structure is being considered by banks to reflect operating expenses for both physical and digital banking services.

 

Payong Srivanich, president of the Thai Bankers’ Association (TBA), disclosed that bank members are discussing a new fee structure that is more aligned with actual operating costs than the current structure. He emphasized that there are greater costs for branch services but banks do not charge fees for this channel while underlining that Thailand is the only country in the world that does not charge a fee for digital payments.

 

The TBA president also cited higher costs from security and technology investment to ensure safety for its clients. He said the TBA will discuss with the Bank of Thailand and consider all factors before finalizing the new fee structure.

 

The TBA president stated that, while the new structure would result in increased fees for customers, all parties will ensure that clients pay them at a reasonable price and that banks can balance the fees throughout all channels. This would allow for an easier transition from a cash-intensive to a cashless society in the future.

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG230512114314920

 

-- © Copyright NNT 2023-05-12

 

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[John Drake]

3 minutes ago, snoop1130 said:

Payong Srivanich, president of the Thai Bankers’ Association (TBA), disclosed that bank members are discussing a new fee structure that is more aligned with actual operating costs than the current structure.

Blatant attempt to hornswoggle customers out of their money.

Edited May 12, 2023 by John Drake

[nigelforbes]

The rationale for adopting ATM's in the 1980's was to reduce branch costs. Today we have ATM fees and increased branch costs. Now we're going digital and there's going to be a digitial charge because of the increased costs. Everyone bend over and take your punishment for using a bank account.

[timendres]

13 minutes ago, snoop1130 said:

This would allow for an easier transition from a cash-intensive to a cashless society in the future.

Hoping Thais are smart enough to insist that cash remains king.

[MrMuddle]

I've never been charged for digital payments in the UK, in the decades they have been available. Nor have I ever been charged for the issue of debit / credit cards which is the norm here.
Don't the Banks make enough from their customers, with the extremely low interest rates, and high loan / mortgage repayments? 
Beware the cashless society, designed to remove control of their own money, from ordinary people. 

Edited May 12, 2023 by MrMuddle
added comment

[Wiggy]

2 hours ago, MrMuddle said:

I've never been charged for digital payments in the UK, in the decades they have been available. Nor have I ever been charged for the issue of debit / credit cards which is the norm here.
Don't the Banks make enough from their customers, with the extremely low interest rates, and high loan / mortgage repayments? 
Beware the cashless society, designed to remove control of their own money, from ordinary people. 

I concur.
I have a bank account in the UK and never get charged for any transaction (digital or physical) whatsoever. And I don’t get a monthly charge for notifications by SMS of transactions on my account, which Thai banks do. 

Edited May 12, 2023 by Wiggy

[jaywalker2]

Just as I was predicting

[RandiRona]

Yes it really is expensive to keep people money who give it for free and charge them to have access to their property while at the same time treating them like <deleted>...

PS... Dirty Falangs are ripe for exploitation. You can charge them whatever you want under constitution and court protection. Healthcare and Tourist Industry is doing it for years!!!

 

 

[asf6]

32 minutes ago, Wiggy said:

I don’t get a monthly charge for notifications by SMS of transactions on my account, which Thai banks do. 

Can you choose to get notifications by email instead? That's what I get and I don't get charged anything by the bank. If you have access to your email on your mobile phone, an email is as good as an SMS. 

[bg53]

3 hours ago, snoop1130 said:

Thailand is the only country in the world that does not charge a fee for digital payments

This is a lie.

[ikke1959]

Can they explain what the costs are?? there is almost no bankoffice anymore, almost everything is paid by phone or card, atm machines are less available.. Not only here in Thailand but all over the world.. and the profits are sky high......

[Puccini]

1 hour ago, bg53 said:

This is a lie.

I agree, it is a blatant lie.

 

[mania]

10 hours ago, snoop1130 said:

Payong Srivanich, president of the Thai Bankers’ Association (TBA), disclosed that bank members are discussing a new fee structure that is more aligned with actual operating costs than the current structure

Banks take customers deposits & loan 9x that to mortgages etc (fractional reserve banking system)

 

So the higher interest they generate on that alone should cover any & all bank costs considering the comparatively pittance in savings interest they give depositors for the use of their money to make those loans & generate bank income.

 

Banks  forget they are just the jockey not the owner of the horse

Edited May 12, 2023 by mania

[jacko45k]

I suggest that those with a balance of 800,000 baht and over get free banking to reflect their honest approach to retirement extensions!

[hotchilli]

12 hours ago, snoop1130 said:

A new fee structure is being considered by banks to reflect operating expenses for both physical and digital banking services.

Drop your trousers and yes it's going to hurt.

[Wiggy]

8 hours ago, asf6 said:

Can you choose to get notifications by email instead? That's what I get and I don't get charged anything by the bank. If you have access to your email on your mobile phone, an email is as good as an SMS. 

Good point. To be honest, I don’t know. I’ll check with my bank. 

[steven100]

Thai banks are a rip off .....  BB charges 300 baht annual fee for ATM card + transaction costs.

Banks in Australia are free now,  they don't charge annual fees or transaction charges ....

[Pdib]

11 hours ago, bg53 said:

This is a lie.

bg53 is right, there are no fees for digital transfers in the eurozone for example, but some banks charge their customers monthly just for having an account with them, some charge a fee if you have a total engagement below a certain amount, and some banks in my country charge a fee to customers if they live abroad. At the same time many banks make huge profits.

[quake]

Robbers.

On the rob again. 

Greedy sods.

TIT.

[metisdead]

A post with a trolling video using profane language has been removed.

[joloit]

Beginners rob banks, professionals open up a banks. ????????

[DJ54]

9 hours ago, steven100 said:

charges 300 baht annual fee for ATM card + transaction costs.

Yes… I got charged 300 baht for an account that has no ATM card because type of account (Dierect Deposit) from US Social Security also no internet banking. Called/Emailed them and was told to advise the branch and have the 300 refunded…..

 

Not a problem but one que ticket to do banking and another que ticket for the next set of tellers… 

 

[CartagenaWarlock]

23 hours ago, MrMuddle said:

I've never been charged for digital payments in the UK, in the decades they have been available. Nor have I ever been charged for the issue of debit / credit cards which is the norm here.

On my American credit cards, I get 100% fraud protection, 2-3% cash back reward, at least 25-day interest free loan to purchase stuff. And I also get cash transfer order for one year at 3%. I borrow the money and put it in bonds paying 9%. 

[Lee65]

20 hours ago, bg53 said:

23 hours ago, snoop1130 said:

Thailand is the only country in the world that does not charge a fee for digital payments

This is a lie.

Is it, dramatically, "a lie" or is it just "wrong".  

[BenStark]

11 hours ago, Wiggy said:

Good point. To be honest, I don’t know. I’ll check with my bank. 

I get email notifications and app notifications, free of charge with all Thai banks.

 

SMS is so nineties ????

[BenStark]

11 hours ago, steven100 said:

Thai banks are a rip off .....  BB charges 300 baht annual fee for ATM card + transaction costs.

Nobody says you have to keep an ATM card. ATM withdrawals from all my Thai bank accounts are through the app, no annual charges for an ATM card, and no risk to lose the card either.

 

My banks in Europe charge me 4 Euro (150 baht) PER MONTH just to have an account, no ATM or credit card attached.

 

And that 4 Euro is the cheapest option. If you want some service, it will be 7 Euro

[MrJ2U]

Thailand's always trying to fleece you/everyone. 

 

Fee's are extremely high compared to other countries. 

 

Even my own Bank charges me a fee to use the ATM outside of the province I opened the account.

 

Whatever. 

 

[Liverpool Lou]

On 5/12/2023 at 6:24 PM, nigelforbes said:

The rationale for adopting ATM's in the 1980's was to reduce branch costs. Today we have ATM fees and increased branch costs.

The rationale when ATMs were introduced in the UK in the 70s was not to get rid of bank charges altogether and that was 50 years ago.  Today we have increased services and products from the banks and anyone who expect charges to reduce over 50 years or expects free services that cost the banks' money is not being reasonable.

[Liverpool Lou]

20 hours ago, ikke1959 said:

there is almost no bankoffice anymore

Complete nonsense, why would you post such a lie? The main Thai banks combined (that foreigners normally deal with) have, literally, thousands of branches.

Edited May 13, 2023 by Liverpool Lou

[Liverpool Lou]

14 hours ago, mania said:

Banks  forget they are just the jockey not the owner of the horse

And customers need to remember that, without the jockey, that horse is going nowhere.