SUMMARY
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MANILA, Philippines – Two of Philippine’s biggest banks in terms of assets are increasing automated teller machine (ATM) service fees to cover higher operating costs.
George Ty-led Metropolitan Bank and Trust Company (Metrobank), the second largest bank, said it will collect P15 from cardholders using other bank’s ATMs and P7.50 (no change) from those transacting via Philippine Savings Bank (PSBank) ATMs.
PSBank, MetroBank’s thrift arm, will charge cardholders at no cost when they use the bank’s network of ATMs.
The new service fee structure will be effective starting October 1.
Currently, there are 1,760 ATMs in the bank’s domestic portfolio.
The Ayala-owned Bank of the Philippine Islands (BPI) has advised their clients that ATM withdrawal transactions through Bancnet, Expressnet and Megalink ATMs will be charged P15, up P5 from P10.
Balance inquiry transactions will be raised from P1.50 to P2.
Withdrawal and balance inquiry on the BPI’s machines by its own clients remain free of charge.
The new withdrawal and balance inquiry charges will take effect on October 22 and November 1, respectively.
In an advisory, BPI said that the “increase is necessary to enable us to maintain our service standards even for transactions using other banks’ ATMs.”
BPI added that, since the last fee adjustment in 2005, “the costs of enabling interbank/internetwork ATM withdrawals and related services have escalated.” – Rappler.com
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