Local banks to increase ATM withdrawal fees

Recently, top local banks including BDO, BPI, Metropolitan Bank (as well as PSBank) and Security Bank announced that there will be a slight increase on their ATM fees for inter-bank transactions such as withdrawal.

atm

The Bank of the Philippine Islands (BPI) was the first to inform the public about the impending Php15USD 0.26INR 22EUR 0.24CNY 2 price hike which will take effect on the 22nd of next month. Furthermore, the Ayala-owned bank will also implement a Php0.50USD 0.01INR 0.72EUR 0.01CNY 0.06 increase for inter-bank balance inquiry transactions.

The other 4 banks on the list followed suit, announcing that they too will charge Php15USD 0.26INR 22EUR 0.24CNY 2 for inter-bank withdrawals on their ATMs. Meanwhile, the Php7.50USD 0.13INR 11EUR 0.12CNY 0.93 withdrawal fee for PSBank cardholders withdrawing on a Metrobank ATM (and vice versa) will remain unchanged.

Here are the proposed start dates of the price hike of each respective bank:

BDO – November 4, 2013
BPI – October 22, 2013
Metro Bank/PSBank – October 1, 2013
Security Bank – TBA

In line with this, Nestor Espenilla Jr., Deputy Governor of the Bangko Sentral ng Pilipinas told reporters that their ordering these financial institutions to “maintain status quo in terms of services fees.” Lorenzo Tan, on the other hand, said that the Bankers Association of the Philippines will convene to discuss the matter.

{Source 1, 2}

Ronnie Bulaong

This article was written by Ronnie Bulaong, a special features contributor and correspondent for YugaTech. Follow him on Twitter @turonbulaong.

https://www.yugatech.com

21 Comments

Ice says:

11 years ago

Wow, they increased the fees? how about improving their banking services like online banking and bills payment tsk tsk.
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K says:

11 years ago

may TRO po sabi sa news.
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nocturnalgecko says:

11 years ago

BDO: We find ways.. to charge you.
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kebbot says:

11 years ago

buti kong maganda ang service…. and madami atm machine ung bank mo…. eh d naman… nakakainis…..
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metre9dmt says:

11 years ago

increase atm fees = same crappy service
kung 100% hindi down ang atm, ok lang. gusto pa ng mga bangko additional income. ito ang isang example ng pahirap sa mga ordinary workers who get their salaries from atms lamang. ano ba ito?! taas ng kaltas ng taxes tapos taas pa ng atm fees! no wonder nauubos na ang naniniwala kay p-noy pahirap. :-(
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ariel says:

11 years ago

tataas na naman ng withdrawal fees tas sobrang pangit ng serbisyo nila madami nga silang atm machine d naman nagdidispence ng pera tas nakaltasan ka after you inquire your balance….di ka man lang makapagcomplain sa banko dahil sasabihin ka lang nila na “sorry sir me order kasi sa amin na iimplement yan sumusunod lang ho kami sir.”..kahit anong explanation pa bigay mo sabihin ka lang nila na “wala na talaga tayong magawa sir kasi yan ho directive sa amim” end of ..tameme ka na lang grabe!!
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Andylic1ous says:

11 years ago

Puro kabig na lang, sa interest nga kakarampot na lang.

I don’t know where to start, I just want to share the conenient banking expeience here in South Korea.

Opening an account is very simple, you only have to fill in their forms, and have your passport or id card ready. Initial deposits is not required or even your picture. All account will be issued of passbook as proof and paired with atm/debit card. There’s no maintaining balance.

All withdrawals/deposits/transfers can be done in atm machine regardless of amount. No need for you to queue in teller to withdraw/deposit/tranfer or update your passbook as the atm machine can handle those transactions. If you are going to deposit, your deposited amount will be credited automatically to your account. Withdrawal, there’s an options if you want to get it by cash or check or both cash&check. If you choose check, the atm machine will generate checks. Kaya po ang bawat sangay na banko ay may 4-5+ atm machines equip ng cctv.

Sana ma replicate ang ganitong sistema sa atin sa ikabibilis ikagagaan ikauunlad hindi lang ng depositor/banko kundi ng Pilipinas. Nakontento na sila sa nakasanayan gayong may mas mabilis, magaan. Haayyyyyyyy…..
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abuzalzal says:

11 years ago

Magpapasko na kasi
Kelangan ng raket ng mga bangko
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mikeo says:

11 years ago

matagal kang nagpapatago ng pera sa kanila para sa konting interest, kapag nag withdraw ka naman ubos na yung interest na naipon mo kahit sa loob ng 3 buwan
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Justin says:

11 years ago

These are just inter-bank charges. The simplest way to avoid them is to transact (do withdrawals, balance inquiries, etc.) with your own bank’s ATM.
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rider555 says:

11 years ago

FYI, Security Bank is scheduled for October 15, 2013. We got an email from the bank for our accounts.
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snowden says:

11 years ago

Now robbing you at your nearest ATM.
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Jason says:

11 years ago

OA naman ng mga ito, ganun talaga pag sa ibang bangko kayo nagtatransact. Kung ayaw niyong macharge, huwag kayong magwiwithdraw sa ATM ng ibang bangko.
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IOS7 says:

11 years ago

They must upgrade to the new ATM card standards AND FIX THAT BLUE SCREEN OF DEATH.
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sylverjoey says:

11 years ago

pag BDO, nag withdraw ka sa ATM nila sa ibang lugar, may kaltas pa rin. ASAR….
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Tsada Speaks says:

11 years ago

Grabe dapat pala pag na-implement na to sa originating bank ka na lang talaga mag-withdraw. Sayang din yung kaltas no.
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Tsada Speaks says:

11 years ago

BDO – we find ways para lalo tayong pagpeperahan.
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roiji says:

11 years ago

hahaba lalo ang pila ng BDO at BPI..
i have ATM accounts on both, and most of the time I don’t fall in line on their respective banks.
Sa BDO ako nagwiwidthdraw ng BPI at kung saan saan naman ako ng wiwithdraw ng BDO.
Ngayon, I’ll just have to wish na hindi payday weekend para hindi mahaba ang pila ng nagiisang BDO ATM sa side ng mall na iyon.
would have been better if all of the establishments would accept atm/debit cards, as well as checks — para pamasahe na lang ang cash na dala..
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