VM Group to introduce ABM, point-of-sale fees for customers

After several years of free ABM and point-of-sale transactions, customers of the VM Group will be charged these fees for the first time come October 1 when they conduct business with other financial institutions.

VM 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 this week, VM says it can no longer take on these costs as the company continues to grow.

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.

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