Top PH banks to increase ATM fees

Rappler.com
The banks say increase in charges will cover higher operating costs between ATM owners

HIGHER FEES. Several top banks will begin charging clients higher fees for transactions done on other banks' ATMs. File Photo by AFP

We want to clarify that PSBank will still not charge any fees for PSBank ATM transactions, but for PSBank to Metrobank ATM transactions the P7.50 transaction fee (no change in amount) still applies. The increase of ATM transaction fees to P15 will apply to PSBank to other banks (except Metrobank) ATM transactions starting October 1, 2013.

MANILA, Philippines – Some of the Philippine’s biggest banks are increasing automated teller machine (ATM) service fees to cover higher operating costs.

Sy-owned BDO Unibank Inc., the largest bank in terms of assets, said BDO Debit and Cash Cardholders will be charged P15 instead of P11 for withdrawals through Bancnet, Expressnet and Megalink ATMs. 

The bank said the new rate, which will be implemented starting November 4, “is an industry-wide development” to defray ATM operational costs. 

On October 1, BDO will reduce its loading fee to P15 for users of BDO Cash Card except those under the corporate payroll system.

Metropolitan Bank and Trust Co. (Metrobank) 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. Withdrawal fee on Metrobank’s ATMs is unchanged at P7.50 while a P15 charge on withdrawal from other banks except Metrobank will be applied.

The new service fee structure for Metrobank and PSBank will take effect starting October 1. Currently, there are 1,760 ATMs in the banks’ combined domestic portfolio.

Ayala-owned Bank of the Philippine Islands (BPI) earlier advised its 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.

The new withdrawal and balance inquiry charges will take effect on October 22 and November 1, respectively.

In an advisory, BPI said the “increase is necessary to enable us to maintain our service standards even for transactions using other banks’ ATMs.” It added that since the last fee adjustment in 2005, “the costs of enabling interbank/internetwork ATM withdrawals and related services have escalated.”

Security Bank also increased the withdrawal charge from P10 to P15 for clients using CashLink, CashCard, GiftCard or any co-branded card.

All 4 banks maintain the no-charge rule for transactions made by their respective card holders on their respective ATMs. – Rappler.com

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