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Charlotte Amalie
Saturday, December 5, 2020
Home Business St. Thomas business Banking Board Sets New Maximum Fee for Non-Bank ATM Transactions

Banking Board Sets New Maximum Fee for Non-Bank ATM Transactions

The Virgin Islands Banking Board voted unanimously on Thursday, Oct. 27, to increase from $3 to $3.50, the maximum fee that can be charged at non-bank ATMs licensed by the board in the territory.

“The increased maximum non-bank ATM fee is not mandatory — meaning that the operator can charge less than $3.50. This new fee is the maximum fee that a non-bank ATM operator can charge a consumer and the fee charged cannot exceed $3.50 per transaction. In order to set a reasonable fee, the board requested from the Division of Banking and Insurance a non-bank ATM revenue and cost per transaction analysis of each licensed operator,” said Lieutenant Governor Osbert E.Potter, who is chairman of the V.I. Banking Board.

It should be noted, the fee charged should be commensurate with the maximum dollar amount available for withdrawal. Further, prior to any operator utilizing this new fee, notice must be provided to the board of:

(1) What will be the non-bank ATM fee at your location (s)?

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(2) What will be the maximum amount of withdrawal at your non-bank ATM location(s)? and

(3) If someone plans to change the non-bank ATM fee and/or the maximum amount of withdrawal, what will be the effective date of the peron’s action(s)?

The fee of each operator must be posted on each machine or in clear view of a consumer and the consumer must have the ability to cancel his/her transaction.

For further information, contact the Office of the Lieutenant Governor’s Division of Banking and Insurance on St. Thomas at 774-7166 or St. Croix at 773-6459. Information on this topic, and other banking and insurance topics can be found at www.ltg.gov.vi

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