MANILA, Philippines - Some may not be aware there are extra fees when you withdraw money from the automated teller machine (ATM) of other banks.
Banks typically do not charge its customers when they make withdrawals or balance inquiries on their own ATM network. But when cardholders use the ATM of other banks, they have to pay extra -- as much as P2.50 for balance inquiry and P15 for withdrawal.
Monetary Board member Ignacio Bunye on Tuesday posted the comparison of ATM charges of banks to cardholders of other banks (as of October 2012) on Twitter and Facebook (Central Banking for Every Juan and Maria).
Among universal and commercial banks, only one bank, Citibank Philippines, does not impose any fees when cardholders use other banks' ATMs.
On the other hand, Bank of the Philippine Islands and BDO Unibank SMART Card users face the highest service fee when making an ATM withdrawal from outside their banks' network.
BPI cardholders are charged P15 when withdrawing from other banks' ATMs.
BDO Unibank SMART Card users also pay P15 when making a withdrawal from other Megalink, BancNet and Expressnet ATMs, and P5 from BDO ATMs.
Most of the banks impose a service fee of between P10 to P12 when its cardholders use the ATM of other banks to withdraw money.
For instance, Rizal Commercial Banking Corp., Union Bank of the Philippines, Chinatrust Commercial Bank Corp. cardholders are charged P12 for withdrawals at other banks' ATMs.
Cardholders of BDO Unibank (Debit Card), BDO Unibank (Cash Card), Metropolitan Banking Corp., Philippine National Bank, United Coconut Planters Bank, Asia United Bank, Bank of Commerce, Maybank Philippines and Robinsons Bank face a service charge of P11.
There is a charge of P10 when cardholders of Allied Banking Corp., Development Bank of the Philippines, EastWest Banking Corp., Land Bank of the Philippines, Standard Chartered Bank, Philippine Bank of Communications and Philippine Veterans Bank make withdrawals from other banks' ATMs.
Even making a balance inquiry on another bank's ATM can cost you.
Among universal and commercial banks, BPI and Citibank do not charge cardholders when they make a balance inquiry on other ATMs. Most banks impose a fee of betwen P1 to P2.50 for balance inquiry on ATMs outside their network.
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