‘Wag muna ngayon: Luis Campos asks BSP to stop banks from hiking ATM fees
Makati Rep. Luis Campos has appealed to the Bangko Sentral ng Pilipinas (BSP) to consider deferring the implementation of a new automated teller machine (ATM) charging model, which will lead to a 63-percent increase in user fees starting April 2021.
Campos said the implementation of the new ATM charging model is ill-timed considering the country is still weathering the COVID-19 pandemic.
“Our sense is, it might be more prudent to put off the effectivity of the new ATM charging model to spare Filipinos the aggravation, considering the extremely adverse economic backdrop of mounting joblessness and rising food prices,” he said in a statement.
The BSP, through Monetary Board Resolution No. 1680 dated Dec. 22, 2020, approved the shift from issuer-based to acquirer-based ATM charging model effective Apr. 7, 2021. Under the new charging model, the bank that owns the ATM will be the one charging a fee for each withdrawal or balance inquiry.
At present, the bank that issued the ATM card is charging the fee for each transaction.
Two big banks, acting as owners of over 6,700 ATMs, have already announced on their websites that effective Apr. 7, they will be imposing a fee of P18 per withdrawal transaction on cardholders of other banks, up P7 from the P11 they are currently collecting.
Campos expects other banks to follow suit unless the BSP suspends the implementation of MB Resolution 1680.