Standard Chartered has hiked ATM withdrawal fees by a whopping 2000% from $2 to $40, The Standard reports. The bank explained the exorbitant fees hike to their clients and said they were in response to market conditions changes.
The explanation the bank gave its customers said:
As you may be aware, as Standard Chartered Bank, we rely on the services of multiple external service providers in order to fulfil our obligations to you, our clients.
In response to market conditions, many of our external vendors and service providers have increased their charges thereby impacting our ability to viably provide certain banking services to you, our valued clients, at the same cost.
In the circumstances, we were compelled to review a selection of our transaction fees and charges as shown in the table below.
The charges will be effective on 15 March 2020 and people will only be able to withdraw $100 from the ATMs per week.
More: The Standard