Local banks to increase ATM withdrawal fees

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 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.

{Source 1, 2}



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

You may also like...

21 Responses

  1. Ice says:

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

  2. K says:

    may TRO po sabi sa news.

  3. nocturnalgecko says:

    BDO: We find ways.. to charge you.

  4. kebbot says:

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

  5. metre9dmt says:

    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. :-(

  6. ariel says:

    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!!

  7. Andylic1ous says:

    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…..

  8. abuzalzal says:

    Magpapasko na kasi
    Kelangan ng raket ng mga bangko

  9. mikeo says:

    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

  10. Justin says:

    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.

    • basa basa says:

      Correct ka dyan, pag nag Interbank ka lang naman ma cha charge, mag widraw kayo sa banko nyo para hindi kayo ma charge, kasi pag inter bank withdrawal me system or network na dadaanan kaya syempre me gastos ang mga banko dun, basa basa din kasi kayo bago mag comment hindi yun nakita nyo lang “charge”, kala nyo lahat withdrawal nyo meron charge na.

    • wew says:

      syempre naman as much as possible pero di naman maiiwasan na magwithdraw sa atm ng ibang bangko…kung for example BPI ang iyo di naman kahit san ka lumingon merong BPI ATM machine.

    • dyimmy says:

      Hindi rin maiiwasan. For example, BPI atms andaming times na laging offline pag magwiwithdraw especially pagpayday. Tapos amount mo less than 1k lang laman, di pwede less than 1k withdrawal. O di you’re forced to withdraw from other banks. Yan yung crappy services kapatid.

  11. rider555 says:

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

  12. snowden says:

    Now robbing you at your nearest ATM.

  13. Jason says:

    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.

  14. IOS7 says:

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

  15. sylverjoey says:

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

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

  17. BDO – we find ways para lalo tayong pagpeperahan.

  18. roiji says:

    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..

Leave a Reply

Open

Close
%d bloggers like this: