The Bangko Sentral ng Pilipinas (BSP) has issued a statement regarding the concerns of the public over the possible increase in ATM Fees. The statement comes after the moratorium on ATM fee adjustments were being lifted.
In the statement posted through the bank regulator's official social media channel, BSP assured that "the public that its policy on ATM fees is guided by best industry practices and that it is driven with the broader welfare of consumers in mind.”
BSP added that banks cannot increase ATM fees on their own and that any bank who wishes to adjust its fees must file a request with BSP first. Requests must indicate the proposed fees and the costs currently incurred by the bank regarding its ATM activities. BSP also noted that:
"은행이 대중에게 ATM 서비스를 지속적으로 제공하기 위해 인상이 필요할 경우, BSP는 인상이 합리적이며 2017년 11월 6일자 BSP Circular No. 980에 명시된 가격 원칙을 준수하도록 보장할 것입니다."
Lastly, BSP stated that the fees should be lower than the fees collected from transactions made over-the-counter and must comply with transparency in pricing.
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