Absa has altered the cash withdrawal amounts available at its ATMs, as well as the denominations paid out, following concerns among customers.
If you chose the R120 and R220 "fast cash" options at an Absa ATM, you were paying a withdrawal fee for an extra R100, while only drawing R20 of that R100.
The "fast cash" options to withdraw R50, R120, R220, R500 and R1 000 were introduced in 2001, following research showing that customers were unhappy about the composition of the notes paid out by ATMs. Customers said they did not want so many R10 notes.
When these "fast cash" amounts were introduced, the cost of a withdrawal was not an issue. But lately Absa clients have found the R120 and R220 options are not cost effective.
Absa's withdrawal fees work on a sliding scale. You pay R2.20 for the first R100 that you withdraw from an Absa ATM, plus R0.90 for every additional R100 or part thereof. So, to withdraw R120 costs you R3.10 whereas to withdraw R100 costs R2.20.
Jan de Villiers, the general manager of Absa's self service channel (ATMs), says customers can ignore the "fast cash" option and key in the amount they want to withdraw. But, as time is a critical factor when transacting at an ATM, customers said this was too time consuming.
The new "fast cash" options depend on how many canisters and different note denominations an ATM has.
"Obviously it is very difficult to satisfy all customers' different needs, but we strive to find a middle road that would at least meet most customers' requirements," De Villiers says.