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House bill seeks regulation of ATM fees

BSP urged to name banks asking for higher ATM transaction fees

/ 02:04 PM August 16, 2019

MANILA, Philippines — Makati City Rep. Luis Campos Jr. urged the Bangko Sentral ng Pilipinas (BSP) Friday to name the banks that have already submitted applications to raise their automated teller machine (ATM) fees, following the lifting of a six-year freeze.

Campos issued the statement after BSP Deputy Governor Chuchi Fonacier refused to identify the “below 10” banks that have already petitioned to raise their ATM transaction charges. The congressman argued that “the banks are bound to be identified anyway, considering that both the House and the Senate are poised to launch separate inquiries.”

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READ: ATM fee hike looms; House inquiry sought | Lawmaker seeks inquiry into looming ATM fee hike 

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The BSP, Campos said, has a Financial Consumer Protection Department that could release the names of the applicant banks.

Bill regulating ATM fees

Bayan Muna Reps. Carlos Zarate, Eufemia Cullamat and Ferdinand Gaite, meanwhile have filed a bill seeking to regulate ATM transaction fees. House Bill No. 4019 pegs interbank transactions at P5 and below, and no charge for intrabank transactions and balance inquiry.

 

READ: Solons want Congress to regulate ATM transaction fees

 

Banks currently charge between P10 to P15 per single interbank withdrawal transaction, and P2 to P2.50 per single interbank balance inquiry.

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On July 19, the BSP issued a memorandum lifting the moratorium on the increase of ATM fees. A number of banks had wanted to jack up their ATM charges by as much as 50 percent before the BSP issued the moratorium in 2013.

 

READ: Keep ATM fees reasonable, BSP tells banks

 

The Department of Trade and Industry led by Secretary Ramon Lopez said on Wednesday that it would block the looming increases in ATM fees.  /muf


READ: DTI to oppose ATM fee increase

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TAGS: ATM, ATM fees, Banking, BSP, fees, hike, Luis Campos
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