News

BSP plans to standardize ATM fees

March 27, 2005

The Manila Bulletin: Manila, Philippines-based Bangko Sentral ng Pilipinas is reviewing rules on banks' ATM networks and how it could regulate or standardize ATM fees.

The BSP has some limits on governing ATM networks, but monetary authorities are looking into its list of rules on ATM operations and management and how it could administer fixing fees, which are charged for every ATM transaction.

BSP Deputy Governor Alberto V. Reyes said the central bank is "studying how to legally standardize the rates." There are three ATM networks servicing the entire banking sector -Expressnet, Megalink and Bancnet.

There are 5,090 ATMs as of September 2004. The three major networks operate 4,839 ATMs nationwide. There are 15 million ATM cardholders in the country.

The BSP also is requiring ATM networks to post the fees that banks charge cardholders per transaction and to make it mandatory to disclose the rates.

Read more …