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KINA BANK TAKES LEAD TO REDUCE ATM FEE FOR VISA CARDS

In Kina Bank we have been working very closely on the K15 ATM charge for Visa Debit and Credit Cards. All major banks have applied this surcharge for their own Visa cards if they are used at another bank’s ATMs. Some banks charge more than K15.

We are pleased to announce that we are leading the industry on reducing these fees and charges for all customers, no matter who they bank with.

Thursday 31 October, we removed the K15 fee for Westpac Visa cardholders so that they can use a Kina Bank ATM and won’t be charged any fees by Kina Bank.

Westpac has confirmed in writing to us their commitment that they will remove the fees for Kina Bank Visa customers who use Westpac ATMs. This will be implemented soon.

We have also agreed with the other major domestic bank to drop these charges, so their customers can use a Kina Bank ATM and will not be charged the K15 fee by Kina Bank. Kina Bank customers can also use the other major domestic bank ATM and will not be charged a fee by them.

Other banks may still charge their own customers a penalty fee for using another bank’s ATM, but Kina Bank does not have any visibility of this. Kina Bank does not charge its customers any penalty for using another bank’s ATM. Standard electronic fees and charges may apply, for example depending on the account type the customer holds, or how many transactions a customer has performed a month. For foreign issued Visa Debit or Credit cards, the international surcharge of K15 still applies.

The K15 fee was issued because transactions on Visa Debit and Credit cards, from any PNG bank, are routed internationally via the Visa network to comply with compliance and security standards. It means that routing the cards internationally attracts an overseas ATM surcharge which the banks typically charge cardholders – even though the cards are issued domestically and should not in theory attract an overseas surcharge.

At Kina Bank we are transparent about our fees and charges so that customers can make informed decisions. We displayed a message on our ATM screens advising customers of the K15 charge so that they could decide whether to proceed or whether to use a different card, such as a handycard that does not attract these fees.

We are delighted to lead the industry with the latest reduction in fees for all customers no matter who they bank with.

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