P3 hike in interbank ATM fees approved for some banks

ABS-CBN News

Posted at Sep 26 2019 02:18 PM

MANILA - Some banks will be allowed to hike their interbank ATM transaction fees by up to P3, the Bangko Sentral ng Pilipinas confirmed on Thursday. 

This is on top of the P10 to P15 interbank ATM fees that banks are already allowed to charge.

"Yes, for some banks, it has been approved. The increase is P3 per transaction," said BSP Deputy Governor Chuchi Fonacier on Thursday. 

Fonacier, however, clarified that the approval of the BSP comes with certain conditions. 

"One of the conditions is that the bank needs to inform their clients on the increase before it can actually implement such increase," Fonacier said. 

The BSP did not say which banks were allowed to increase their ATM fees.

Vicente de Villa III, BSP Managing Director for Financial Technology Sub-Sector, meanwhile added that the increase applies only to interbank transactions where a client uses an ATM that is not owned by his or her bank. 

There will no increase in fees for customers who use the ATMs of their own banks. 

Some banks have been asking to be allowed to hike ATM fees by up to P15 after the central bank lifted the moratorium on ATM fee hikes last July 19. 

The central bank, however, said that banks need to justify these higher fees by including detailed cost breakdowns of their ATM operations.