Under the acquirer-based fee charging (ABFC), which took effect on Wednesday, April 7, banks can set the ATM fees they want to charge on cardholders of other banks who use their machines.
Starting April 7, the Acquirer-Based ATM Fee Charging (ABFC) model will take effect wherein the bank that owns the ATM will be the one charging the fee for each withdrawal or balance inquiry.
With acquirer-based ATM fee charging, a bank can set ATM fees for non-customers, while continuing to offer free ATM withdrawal and balance inquiry services to its customers.
