Bawag headquarters in Vienna. Photo: Priwo/Wikimedia Austria’s Bawag bank is the first major bank in the country to start charging its customers fees for withdrawing cash from ATM machines – a move which has been met with outrage by many. The Minister for Consumer Protection Alois Stöger (SPÖ) has asked the Association for Consumer Information (VKI) to sue the bank, saying that such a move is “clearly illegal”. He said it’s not about charging ATM fees but forcing existing Bawag customers to switch from their old accounts to newer, more expensive accounts. Bawag has created new accounts and is terminating existing contracts for around 20,000 of its customers, who will be asked to sign up to the new ‘Kontobox’. Depending on what features customers opt for the new account costs between €4.90 and €12.90 per month. The cheapest package only allows one free cash withdrawal per month, and the next cheapest package allows five withdrawals a month. After that, cash withdrawals for euros and foreign currency costs 39 cents. Only when you sign up for a ‘Large Box’ account (costing 9.90 per month) or an ‘X-Large’, do you get unlimited cash withdrawals. Previously, many Bawag account holders signed up to… Read full this story
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