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Grabe naman ‘yan! Luis Campos seeks House probe on looming 50% hike in ATM fees

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Makati City Rep. Luis Campos Jr. has asked the House committee on banks and financial intermediaries to probe the looming 50-percent increase in Automated Teller Machine (ATM) fees after the Bangko Sentral ng Pilipinas’ (BSP) lifted the freeze order it imposed six years ago.

Campos filed House Resolution 210 seeking the legislative inquiry after BSP issued Memorandum No. M-2019-020 on July 19 lifting the moratorium on ATM fees.

Banks had wanted to jack up their ATM charges by as much as 50 percent before the BSP enforced the standstill in 2013.

A survey of ATM fees showed banks charge between P10 to P15 per single interbank withdrawal transaction, and P2 per single interbank balance inquiry.

These charges could jump to as much as P15 to P30 per single interbank withdrawal, possibly even higher, with the removal of the moratorium, Campos warned.

“We are worried that the forthcoming increases in ATM charges might harm consumers – the nation’s more than 58 million ATM cardholders,” he said.