Many customers face difficulty in ATM cashout

Many customers across Dhaka are grappling with severe difficulties in cash withdrawal from ATMs or automated teller machines amid Eid-ul-Azha binge.

Because of rising pressure of cash withdrawal due to closure of bank branches, numerous banks are experiencing cash shortages and have imposed withdrawal limits, despite Bangladesh Bank directive for ensuring uninterrupted ATM services for the festive period.

With all scheduled banks set to remain closed for seven days on the occasion of the holy fiesta, many customers are increasingly relying on ATMs as their primary means of cash transactions.

The FE correspondent visited several ATMs of various commercial banks in Malibagh, Rampura, Mouchak, Purana Paltan and Moghbazar and found many ATMs belonging to comparatively weaker financial institutions completely out of service due to insufficient cash reserves.

To cope with the growing withdrawal demand, some of the commercial lenders only allow their own cardholders to withdraw the money by imposing a limit to serve more clients.

Seeking anonymity, the head of card division of a private bank said they have received immense pressure of withdrawal, prompting them to reload the money even four times a day.

"There are some banks having liquidity crunch did not load money into their ATMs even borrowing from interbank spot market.

"As a matter of fact, clients of such banks finding no other alternatives move to ATMs of other banks, which are ultimately putting pressure on the ATMs of compliant banks as well."

Because of the vacation-time strain, several banks have implemented restrictions on withdrawal amounts, with some ATMs limiting transactions for cards issued by other banks.

Even in cases where interbank usage is permitted, withdrawal limits have further exacerbated customer challenges during this critical holiday period.

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