Agribank to increase service fees after account hacking

After 12 accounts have been compromised and withdrawn money from in late April, Agribank has just announced to increase service fees, aiming to upgrade its banking system, especially at ATM machines.

Security remains a primary concern at Agribank, especially after 12 accounts were hacked to withdraw money at late night on April 25, causing damages of VND10-24 million ($440-1,060) per account. This issue is probably one of the factors that lead to Agribank’s decision to increase service fees.

Since May 12, Vietnam Bank for Agriculture and Rural Development (Agribank) will increase several banking service fees, including ATM transactions from VND1,000 to VND1,650 (including VAT) per time. Transaction fees via E-Mobile Banking will increase by 0.05 per cent of the transferred money, with a minimum of VND8,000.

According to newswire Vnexpress, a leader of Agribank said that while many banks increased service fees before, Agribank’s current increasing service fees is also justified. The bank has charged VND1,000-1,100 (including VAT) per transaction via ATM machines for a long time, while the State Bank of Vietnam charges VND3,300 for similar services.

“This is just a little adjustment, not meant to do business, but to recover part of our expenses to upgrade and invest in a large number of ATM machines,” added the leader.

Not only Agribank, but also many banks, including Vietcombank, VIB, Eximbank, and others, previously increased their service fees.

Since early March this year, Vietcombank has been charging VND8,800 to VND11,000 (including VAT) for SMS Banking per account per month. In addition, transferring money within the bank via Vietcombank’s Mobile Banking application now comes at a charge, unlike before.

By: Van Anh (VIR)