Why is depositing one's own money onto a card subject to a fee? The issue of commissions was raised at the Central Bank
Economist Otabek Bakirov emphasized that banks are interested in attracting funds, stating that the foreign banks he uses do not charge commissions for depositing and withdrawing money. Meanwhile, a representative of Xalq Bank stated that the bank's cash deposit machines allow its own clients to top up their cards for free, while clients of other banks are charged a 0.4 percent fee.
Why is depositing one's own money onto a card subject to a fee? The issue of commissions was raised at the Central Bank
On October 15, during a round table discussion titled "Commissions in Financial Services: Costs, Competition, and Consumer Interests" held at the Central Bank, commissions charged for depositing cash onto bank cards were also discussed.
At the meeting, which was attended by representatives of commercial banks, payment systems, and media, the issue of fees imposed on consumers was raised alongside the service costs incurred by banks.
Economist Otabek Bakirov cited foreign banks where he is a client as examples, stating that he does not pay separate fees for depositing or withdrawing money. He emphasized that banks are interested in attracting client funds and gaining their trust.
"I am a client of two banks in Georgia and one bank in Kazakhstan. They never charge me a commission for depositing or withdrawing money. Neither of them.[…] Depositing into one's own bank and withdrawing from one's own bank is free. Because they are interested in aggregating resources and building trust," Bakirov said.
During the meeting, journalists also stressed that while banks justify their expenses, the expenses of ordinary citizens must also be taken into account. In particular, attention was drawn to the fact that people receiving their salaries on cards pay additional fees when cashing out or transferring money to another card.
A representative of Xalq Bank explained the conditions for topping up cards via cash-accepting ADM machines. According to him, this service is free for the bank's own clients, whereas a commission is set for clients of other banks.
"We have over 220 ADM machines that accept cash from individuals and legal entities. They are installed in almost all districts of the republic. No commission is charged to Xalq Bank clients, both legal entities and individuals, for topping up their cards or depositing encashment funds for a legal entity. A 0.4 percent commission is set for clients of other banks. Even here, our profit is not that large. It is set to cover current expenses," the bank representative said.
He emphasized that the bank tries to set commissions for these services as close to its costs as possible.