Cash withdrawal fees go up

On 1 April, service charges on Betri Banki’s cash machines went up from DKK 5 to DKK 8 per transaction.

Olav Guttensen, CEO of Betri Bank, says the increased charge is necessary because all of the bank’s cash machines run on a deficit.

He believes the DKK 8 service fee is fair, considering the costs of running the cash machines.

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“This is part of a general development in banking,” he explains.

“A couple of decades ago, all the bank’s services were paid by those who had taken out bank loans. Today it is much more common to charge all service users directly instead of just the borrowers, which is also one of the reasons why bank loans are cheaper now.”

On 1 March, the other large Faroese bank, BankNordik, increased its cash machine service charges to DKK 2 for transactions in its own machines and DKK 5 for machines belonging to other institutions.

Translated by prosa.fo