ATM fees still cheaper than OTC transactions – BSP
The Bangko Sentral ng Pilipinas (BSP) said it wouldn’t let banks arbitrarily raise fees for automated teller machine transactions.
The BSP issued the statement a day after Makati Rep. Luis Campos questioned the central bank’s decision to lift the moratorium on ATM fees.
“The BSP assures the public that its policy on ATM fees is guided by best industry practices and that it is driven with the broader welfare of consumers in mind,” it said in a statement.
“Banks cannot increase the ATM fee on their own. In fact, any bank that intends to adjust ATM fees must file its request with the BSP, indicating their proposed fees, as well as the costs currently incurred by the bank with respect to its ATM activities,” the BSP said.
No ATM provider can charge fees which are more expensive than transacting over-the-counter, it noted.