Every tenth Czech does not know his withdrawal fees

by   CIJ News iDesk III
2022-09-22   11:15

Don't know your withdrawal fees? You are not alone. A current survey by STEM/MARK for ATM provider Euronet showed that one in ten Czechs does not solve their amount. Another 28% of Czechs only have an indicative overview of the fees.

According to the current survey, half of the respondents answered that they know exactly how much they pay for withdrawals from their own bank's ATM as well as from a foreign ATM. Full knowledge of the fees was reported by men to a greater extent, in 58 percent of cases, compared to women, who were only 42 percent. However, a significant number of people do not know the amount of the withdrawal fee at all.

"Most banks in the country have free withdrawals at their own ATMs. However, with the foreign ones, they usually charge people fees when withdrawing. At Euronet, we ourselves encounter the fact that people then confuse the fees charged by their bank for withdrawals with the alleged fees charged by the ATM. Moreover, if you withdraw with a local card, it is a withdrawal with zero ATM fees. However, if a fee awaits you at any ATM, you must always be explicitly warned on the screen and agree to it after making a withdrawal. It shouldn't happen that you are surprised by the fee," comments Ondřej Kozák, executive director of Euronet ČR.

But the situation is different abroad. If you go abroad, the withdrawal fees are many times higher. Therefore, it is good to find out what kind of fee we can expect before departure.

Cash is still not dead.

Although it would seem that payment by card plays a premium, a quarter of Czechs still do not allow cash and clearly prefer it to payment by card. In the age category of 30 to 44 years, it is even a third. 1 in 4 people use cash payment daily, and up to 89% of people use it at least weekly.

About the survey: The quantitative survey was conducted by the STEM/MARK agency in May 2022 among 506 respondents. The aim of the survey was to find out how people use cash and to capture recent changes in the use of ATMs.

Source: STEM/MARK and CTK