#bsp 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. 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. The Bangko Sentral ng Pilipinas (BSP) has introduced new rules aimed at making electronic payment fees fairer and more transparent, while also lifting the moratorium on increases in InstaPay and PESONet transaction charges. According to the BSP, the decision follows the implementation of zero fees for small merchant payments and the establishment of a pricing framework for person-to-person electronic fund transfers. The BSP said fees should reflect the actual cost of providing electronic payment services and should remain fair across different groups of users. Read more in our articles including "Bangko Sentral ng Pilipinas (BSP) issues statement regarding ATM Fees" and "Banks, e-wallets face new BSP rules on digital payment fees".