Luis Campos urges BSP: Name banks asking for higher ATM fees
Makati City Rep. Luis Campos Jr. has urged the Bangko Sentral ng Pilipinas (BSP) to name the banks which have applied to raise their Automated Teller Machine (ATM) user charges following the lifting of a six-year freeze.
Campos made the remark Friday in response to a BSP official’s statement that “less than 10 banks” have applied to increase their ATM transaction fees.
He said the BSP’s Financial Consumer Protection Department that could release the names of the applicant banks.
Campos said the banks will be identified anyway since the Senate and House of Representatives are set to launch investigations into the move to hike ATM fees.
Banks currently charge between P10 to P15 per single interbank withdrawal transaction, and P2 to P2.50 per single interbank balance inquiry.
The five largest full-service universal private banks in terms of market capitalization at the Philippine Stock Exchange are: BDO Unibank Inc. (BDO), Bank of the Philippine Islands (BPI), Metropolitan Bank & Trust Co. (Metrobank), Security Bank Corp. and Philippine National Bank (PNB).
Campos welcomed the BSP official’s statement that “at least one big bank” wants to slash its ATM user fee.
“That’s good news. If one big bank can bring down its ATM charge, presumably due to economies of scale, why can’t the rest of the big banks do the same?” he said.