Starting April, banks in the Philippines will increase their ATM fee charges for non-clients. The new charges will take effect starting April 7 this year. The charges will be dependent on the issuing banks.
In line with this, banks informed their clients to check the advisories of their banks on the new ATM charges.
Philippine Banks to Increase ATM Fees for Non-Clients Starting April
As per the new policy known as the acquirer-based ATM fee-charging (ABFC) method, all ATM cardholders will be paying higher or incur additional costs if they will be using ATM terminals from other local banks, GMA News reported.
In line with this, here are some of the new charges to be put into effect by the following banks:
Bank of the Philippine Islands (BPI)
In a statement, the BPI said: “The withdrawal fee shall be automatically added to the amount withdrawn. The balance inquiry fee will be shown as a separate debit amount which will be reflected in your Statement of Account (SOA) on the day the transaction was made.”
For non-clients, the following new charges will be deducted from their accounts:
- Balance Inquiry: from the previous Php 1.50 to Php 2.00
- Cash Withdrawal: from the previous Php 15.00 to Php 18.00
BPI ATM cardholders, however, should not worry because their transactions will be free of charge in ATM portals.
Banco De Oro (BDO)
- Balance Inquiry: Php 2.00 for Bancnet ATMs; $1.00 for Mastercard and Visa ATMs
- Cash Withdrawal: Php 11.00 for Bancnet ATMs; $3.50 for Mastercard and Visa ATMs.
- Balance Inquiry: Php 1.00
- Cash Withdrawal: Php 10.00
- Balance Inquiry: Php 2.00
- Cash Withdrawal: Php 12.00
In line with this, the Bangko Sentral ng Pilipinas (BSP) reminded banks to make costs reasonable to the public.
It added, “While the BSP does not directly intervene in the prices of BSFIs’ products and services as a matter of policy, the BSFIs are reminded that it is their responsibility to ensure adherence to the principles of reasonable and market-based pricing.”