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.
The Bank of the Philippine Islands (BPI) was the first to inform the public about the impending Php15 price hike which will take effect on the 22nd of next month. Furthermore, the Ayala-owned bank will also implement a Php0.50 increase for inter-bank balance inquiry transactions.
The other 4 banks on the list followed suit, announcing that they too will charge Php15 for inter-bank withdrawals on their ATMs. Meanwhile, the Php7.50 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.