BSP reacts to warning that because of the lifting of the freeze order, ATM fees would go as much as ₱15 to ₱30 per transaction.
Deputy Gov. Chuchi Fonacier says ₱30 ATM transaction fee ‘already absurd’ | @crissydimatulac pic.twitter.com/BUdVa4rMzX
— CNN Philippines (@cnnphilippines) August 14, 2019
Metro Manila (CNN Philippines, August 14) — The Bangko Sentral ng Pilipinas (BSP) would not allow transaction fees for interbank automated teller machines (ATM) to surge, with an official saying that any changes would add just a few pesos to current rates.
BSP Deputy Governor Chuchi Fonacier said that while banks can ask to raise charges for interbank ATM transactions — or those using a terminal that’s not run by their original bank — the regulator will not approve extreme adjustments to the fees.
“We’re approaching on a per-bank basis. Kapag sobrang outlier, the BSP will not really approve,” Fonacier said in a press briefing on Wednesday.
“Outlier na ‘yung ₱30 (per transaction), maybe a little over lang sa ₱15,” she added.
On average, ATM fees are even unlikely to reach ₱20 per withdrawal, Fonacier said. The clarification comes after Makati Representative Luis Campos, Jr. questioned the BSP’s decision to lift a 2013 moratorium that set a cap on ATM fees.
Cash withdrawals done using another bank’s ATM terminal are currently charged between ₱10 to ₱15 for big banks. Balance inquiries go as high as ₱2.50 per request.
Withdrawals are free when using the ATM provided by the bank that issued the card.
The BSP said it has received several requests to adjust the machine charges, but noted that these are all subject to regulatory approval. “We will take into account the attendant circumstances of the bank,” Fonacier added.
The official said charges could even go down for banks which run more ATM networks, as they have more machines to collect fees to recoup their investments.
CNN Philippines Correspondent Crissy Dimatulac contributed to this report.
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