ATM Transaction Limit to Be Cut

      August 21, 2007 09:26

      The daily limit for withdrawals and transfers at automated teller machines and cash dispensers will be cut by the end of September.

      The daily limit people can withdraw at the ATMs of banks and savings banks is to be reduced from the current W10 million to W6 million (US$1=W942).

      A citizen withdraws money at an ATM in the Bank of Korea in Seoul on Jan. 22.

      The limit people can transfer in one transaction will be reduced from the current W10 million to W6 million, and the daily limit cut from the current W50 million to W30 million.

      The Financial Supervisory Commission said Monday it will execute the policy by amending the regulations for supervising digital finance by September.

      The FSC explained it is cutting the limit to reduce the potential for damages in phone fraud cases.

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