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BSP Announces ATM Services To Increase by P3 Per Transaction

The ATM services are set to increase at least P3.00 per transaction to recover their operating costs, according to BSP.

The Bangko Sentral ng Pilipinas (BSP) has already allowed several banks to raise ATM fees but they need to comply with particular conditions. The hike were approved to allow the banks to recover their operating expenses.

BSP Deputy Governor Chuchi Fonacier approved the increase but banks must notify their clients first before implementing the adjustments. Few banks have been already approved but some banks were asking a larger hike for ATM services.

ATM Services

“There were some few banks who got approved already, but only P3. The increase is only up to P3. More than 10 have applied and the one acted so far is less than 10,” Fonacier said.

However, Fonacier refused to give the name of the banks that were allowed to impose the ATM fee increase. He explained that it is the responsibility of the banks to inform their clients regarding the adjustments.

BSP also urged the bank clients to look at other electronic banking services such as online payments, or the automated clearing houses instead of the traditional cash payments.

ATM Services

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