MANILA – Bangko Sentral ng Pilipinas’ (BSP) acquirer-based automated teller machine (ATM) fee policy ensures competition among financial institutions for the benefit of the banking public, the Bankers Association of the Philippines (BAP) said.
In a statement Wednesday, BAP backed the regulator’s policy on ATM fees imposed by banks following the lifting of the nearly six-year moratorium for fee adjustments in July 2019.
“We are appreciative of the BSP’s move to adopt this pricing philosophy that is market-driven and customer-centered. This policy promotes competition and efficiency in the banks' effort to deliver better services to the banking public,” BAP managing director Benjamin Castillo said.
The BSP has approved the requests for several banks that have applied for higher fees for non-clients who will use their ATMs starting this year.
“Cardholders who will continue to transact through the ATMs of their respective bank will continue to enjoy free ATM services,” he said.
For those who will use the ATMs of other banks, Castillo said cardholders “still have an option to proceed or not to proceed with his transaction mindful of the ATM fee that will be charged.”
“Same as before, no fee will be charged if the cardholder will use the ATM terminal of his bank,” he added. (PNA)
