ATMs keep running out of cash

04-Feb-2019 Intellasia | VNS | 6:00 AM Print This Post

With demand for cash surging ahead of Tet next week, banks in HCM City are finding it hard to keep their automated teller machines well stocked.

Early this week, many ATM users and card holders complained they could not withdraw cash from ATMs and had to go to bank branches instead.

According to the State Bank of Vietnam, the demand for cash at ATMs is rising, especially in urban areas, industrial parks and export processing zones (EPZs).

Last week, Nguyen Duy, a resident of District 12, was unable to draw cash from ATMs near his home on two occasions.

At an ATM of the Vietnam Export Import Commercial Joint Stock Bank (Eximbank) on Nguyen Anh Thu Street, he could withdraw only VND1.25 million (US$54). He finally had to go to a branch of Eximbank to get money.

An ATM on Le Van Viet Street in Thu Duc District attracts large numbers of people, but each can draw a mere VND800,000.

If a card holder seeks to withdraw a large sum at an ATM which is nearly out of cash, the system automatically notifies a cash limit.

Minh, who works for Hue Phong Leather Shoes Company in Go Vap District, said two ATMs placed at her company’s entrance have run out of cash.

Many people also have to queue up at the five Vietcombank (Joint Stock Commercial Bank for Foreign Trade of Vietnam) ATMs at the Tan Binh Industrial Park.

Mobile ATMs

ATMs at Tan Thuan EPZ in District 7 have been very busy during the past two weeks. Most people with bank cards here are workers who draw cash after their shift ends. Eximbank’s Tan Thuan branch has to constantly replenish 62 ATMs at the EPZ.

Banks have instructed their designated staff to keep replenishing their ATMs to ensure they meet the demand for cash until the 7th of the Lunar New Year (February 12).

A spokesman for Sacombank said the bank has 1,072 ATMs and their cash safety rate (of VND200 million) is ensured with at least two inspections daily.

Vo Van Tuan, deputy head of the State Bank of Vietnam’s banking inspection and supervision, said the central bank has instructed credit agencies to ensure that their ATMs work normally through the Tet holidays.

If any ATM is out of money for 24 hours, the bank that owns it would be penalised, he said.

Banks must operate mobile ATMs in areas where there is large demand for cash during Tet, he added.

http://bizhub.vn/banking/atms-keep-running-out-of-cash_302929.html

 


Category: Finance, Vietnam

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