20% jump expected in ATM withdrawals

Zain Anbar JEDDAH — Saudi commercial banks expect a 15-20 percent increase in cash withdrawals from ATMs and points of sale during the last few days of Ramadan to meet the expenses of Eid Al-Fitr shopping. Talaat Hafiz, secretary-general of the media and banking awareness committee at Saudi banks, said the banks have set out a strategic plan on the directive of the Saudi Arabian Monetary Agency to meet cash requirements of customers during the period by taking necessary measures. A technical panel has started inspecting about 17,000 automatic teller machines across the Kingdom in preparation for the holiday season. “We expect a 15 to 20 percent increase in cash withdrawals from ATMs and points of sale during this peak season,” he explained. Hafiz said banks would follow up cash flows through its operations rooms to ensure all machines are functioning well and repair faults, if any. Field teams have been appointed to deal with possible issues during this period to achieve customer satisfaction. Hafiz refuted suggestions that some ATMs are not filled with cash. “These are individual cases and cannot be generalized,” he pointed out. “All banks feed their ATMs with cash regularly.” He said a specialized field team has found that only 3 percent of ATMs lacked cash. “Banks are ready to meet the requirements of customers during this period by feeding enough cash in their ATMs to help customers withdraw whatever amounts required.” He said the payment systems of Saudi banks are linked to those in GCC states and other countries, adding that this would enable customers to get money from ATMs easily while visiting foreign countries, especially during the holidays. “Some branches of Saudi banks continue to operate during Eid while their airport branches extend various services to passengers,” he pointed out.