The Bangko Sentral ng Pilipinas (BSP) is set to talk with banks to postpone the effectivity of the new ATM service charging model following public clamor on the matter.
Raymond Estioko, director of BSP Payment System Oversight Department, shared in an interview that the meeting will take place this week.
“Ito po yung pinag-aralan namin kung paano pwede gawin ito na hindi naman malulugi ‘yung bangko, and at the same time hindi mahihirapan ang publiko (We have reviewed how this will be implemented so banks will not be on the losing end and at the same time, it will not be hard on the public ),” Estioko disclosed.
The adjusted withdrawal rates are expected to take effect on April 7. The new system authorizes banks to decide on their own ATM fees for non-cardholders, with withdrawal fees expected to adjust from ₱10 to ₱18.
“Cardholders who choose to transact using an ATM of another bank will still have an option to proceed or not to proceed with his transaction mindful of the ATM fee that will be charged,” Bankers Association of the Philippines (BAP) managing director Benjamin Castillo said.
Banks through the old model dictate the ATM fees of their cardholders using the services of different banks, with withdrawal fees ranging from ₱10 to ₱15 for each transaction.
The BAP is now encouraging cardholders to use the machines of their banks to enjoy free services. Online banking is also advised for individuals not open to using their own bank’s machines.
Makati City Rep. Luis Campos Jr. and Bayan Muna Rep. Carlos Zarate earlier appealed to the BSP to cut off the implementation of the charging model given its expected effect on the public amid the pandemic.
– Report from Naomi Tiburcio
