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No-frills Account Holders Now Paying for Extra Withdrawals

May 29, 2018

No-frills Account Holders Now Paying for Extra Withdrawals

According to a recent media report, no-frills account holders are paying penalties for reaching the withdrawal limit. Several banks are charging them for withdrawing funds after the fourth time in a month by considering the 5th debit as a signal to covert the no-frills account into a regular account.

The no-frills bank accounts are impervious to all the penalties and charges that apply to the regular accounts. However, the catch is that the account holders can only withdraw up to 4 times a month.

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