MANILA - Two of the country's biggest banks are set to increase ATM transaction fees next month to defray the higher cost of "enabling interbank withdrawals and other services."
In an advisory, Metropolitan Bank and Trust Co said its cardholders will be charged P15 when using other banks' ATMs and P7.50 when using Philippine Savings Bank ATMs.
PSBank is the thrift unit of George Ty-owned Metrobank, whose cardholders would however be charged zero if they use its network of ATMs. The new fee structure would take effect on October 1.
The country's second biggest bank in terms of assets, Metrobank closed the first semester with 832 branches and 1,822 ATMs nationwide.
In a separate advisory, Bank of the Philippine Islands (BPI) said its cardholders would be charged P15 per transaction starting next month -- up from P10 -- when withdrawing through any of the ATMs of Bancnet, Expressnet and Megalink.
BPI cardholders however can still withdraw from the bank's ATMs at no cost. The new ATM fee schedule would take effect October 22.
With at least 1,700 ATMs nationwide, BPI is the country's third biggest lender in terms of assets.
“This increase is necessary to enable us to maintain our service standards even for transactions using other banks' ATMs,” the Ayala-owned bank said.
“Since the last fee adjustment in 2005, the costs of enabling interbank/inter-network ATM withdrawals and related services have escalated. It is our commitment to ensure your transactions, wherever and whenever made, will be seamless and efficient,” BPI said.
The Bangko Sentral ng Pilipinas (BSP) said banks have latitude in making product pricing decisions.
However, the BSP could look into it and decide if there’s a need to take action in the public interest, weighing cost, availability and competitive conditions among other considerations, BSP Deputy Governor Nestor A. Espenilla Jr. said.
“It’s a business judgment but that should also consider customer reaction that can have a severe
backlash. So they must decide carefully and responsibly,” he added.
source: interaksyon.com