Bank / Credit Union

ATM fees may rise in Philippines

Image courtesy of iStock

February 15, 2021

Lawmakers are urging the Bangko Sentral ng Pilipinas to hold off making a move that would create transparency in ATM fees, in fear the move may actually cause ATM fees to rise significantly. The BSP says that such a move will actually be 'more advantageous' to the public, according to a report in the Rappler.

The BSP Monetary Board Resolution No. 1680 shifts the current ATM issuer-based model to an acquirer-based ATM charging model effective on April 7th.

Currently, the bank that issued the ATM card charges a fee for each transaction when the cardholder uses his or her ATM card at a different bank's machine.

The move will allow the bank that owns the ATM to be the one charging non-customers a fee per transaction. With the change consumers can chose the financial institution that meets their need in quality of service and cost of fees. BSP is reviewing all requests for ATM fee adjustments but maintains that the new fee structure will incentivize banks to deploy more ATMs.