Chunghwa Post yesterday announced plans to lower daily withdrawal limits for bank accounts to NT$100,000 as part of efforts to combat fraud.
Debit cards issued by the postal service are a popular tool for money laundering and fraud due to their popularity, with scammers posting on social media with offers to purchase ATM cards from individuals to then use in illegal activities.
Low or middle-income households, migrants, rural residents and those who receive government aid are amongst the most targeted groups.
Photo: CNA
Customers’ daily limit of NT$150,000 at ATMs and through digital transactions would decrease to NT$100,000, Chunghwa Post said.
The change, which would go into effect on May 28, would affect 18 million customers, it said.
This is in response to the 10,619 cases of fraud that customers reported last year, up 77 percent from 6,008 cases in 2023.
Limits of NT$150,000 or NT$100,000 are common across banks, with the split roughly half and half, Savings and Remittances Department senior executive Chen Kuang-lien (陳廣蓮) said.
The goal of the policy change is to make it more difficult for scammers to withdraw cash quickly, Chen said.
Most customers rarely need to withdraw NT$100,000 in a single day, so the change affects fewer people than it seems at face value, Chen said.
Those who need to withdraw more could still do so in person, Chen added.
The bank also announced that on July 19, designated transfer accounts would no longer be available on the same day, but on the second day after application, in the hopes that it would give customers more time to consider their decisions.
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