KTB joins trend, waives entrance fee for new chip-based
KRUNGTHAI BANK has announced that it is waiving the entrance fee for its microchip-based debit cards until the end of 2019 and cutting their annual fee from Bt200 to Bt180 until the end of this year.
After all newly issue debit cards began using embedded chips instead of magnetic stripes on May 16, banks have been criticised by consumers who have had to pay for the change.
Most major banks responded by waiving the entrance fee for customers whose magnetic-stripe cards will expire before 2019, but KTB was slow to follow suit. It announced the waivers yesterday.
Phanporn Kongyingyong, first executive vice president of Siam Commercial Bank, said SCB was considering extending its entrance-fee waiver. The bank previously announced that it has waiving the Bt100 entrance fee until July. SCB will consider lowering the annual fee for its debit cards as well, from Bt250 currently.
Bank of Thailand Governor Veerathai Santiprabhob said two or three banks were considering lowering fees related to debit cards after receiving complaints.
The BOT has given importance to transparency of banks’ declarations on debit-card fees, so customers can compare the charges levied by each bank before making a decision.
