VM Group has joined the other banking institutions in imposing a fee for ABM and point-of-sale (POS) transactions for their customers.

Effective October 1, VM will be imposing charges on these transactions for the first time for customers having been absorbing these costs for years. 

VM reports that it has been absorbing these costs, which it says amounts to several million dollars being paid to other financial institutions each year.

In a notice to customers, VM says it can no longer take on these costs, as the company “continues to grow and thrive so that more lives can be transformed.”

Effective October 1, withdrawals at non-VM ABMs will incur a charge of $51.

Point-of-sale transactions will carry a fee of $11.50. VM was quick to point out that the charges are currently among the lowest in the market.

VM will continue to waive the cost for debit card transactions for which other financial institutions impose a charge. 

These include withdrawal from all VM Building Society ABMs, balance enquiry, decline withdrawal and decline transaction.