Bangko Sentral ng Pilipinas (BSP) issues statement regarding ATM Fees
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:
“Should an increase be necessary in order for banks to continue providing ATM services to the banking public, the BSP will ensure that the increase will be reasonable and will adhere to pricing principles provided under BSP Circular No. 980 dated 6 November 2017.”
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.