The Bangko Sentral ng Pilipinas (BSP) acknowledges the concerns of the banking public on news reports about the possible increase in 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.
Towards this end, the BSP has issued regulations that require banks to adhere to the principles of reasonable and market-based pricing in their ATM operations. As such, 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.
In addition, costs declared should be clear, properly supported, and may be validated by the BSP when deemed necessary. The BSP also disallows the imposition of set fees arising from agreements between market participants.
Rest assured that the BSP shall examine each request and decide if the increase is warranted to cover the cost of maintaining the ATMs. Should an increase be necessary in order for banks to continue providing ATM services to the banking public, the BSP will ensure that the increase will be reasonable and will adhere to pricing principles provided under BSP Circular No. 980 dated 6 November 2017.
In any case, said fees should be lower than the fees collected from transactions made over-the-counter (OTC) and comply with transparency in pricing.
:: Press Release::
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Topic: Bank ATM Fee Increase (Read 454 times)