MANILA, Philippines – Bank clients consider the plan to increase automated teller machine (ATM) fees burdensome, Senator Grace Poe said Monday.
“Nitong mga nakaraang linggo kasabay ng patuloy na pagtaas ng presyo ng ibang basic commodities, may nagsasabing nakaamba ding tumaas ang singil ng mga ATM fees (I have learned that ATM fees may be increased, amid the increase in prices of some basic goods). According to the banks, this fee increase is needed for service maintenance,” Poe said during the hearing of the Senate Committee on Banks, Financial Institutions and Currencies which she heads.
“The imposition of these additional fees is considered somewhat burdensome by majority of our bank consumers,” she added.
“And it’s even worse for OFWs who have to pay for additional charges when sending their hard-earned money to their families,” Poe said.
“Ang mga remittances na malaki, ang ambag sa pag-unlad ng ating ekonomiya ay kakaltasan pa. Ano na lang ang matitira kung hindi naman natin pag-iingatan na hindi abusuhin ito (“The remittances which contribute to the growth of our economy will be deducted. What will be left if we do not assure that this will not be abused?),” she continued.
The Senate hearing was conducted after the Bangko Sentral ng Pilipinas’ (BSP) lifted of a six-year moratorium on ATM fees in July 2019.
READ: Keep ATM fees reasonable, BSP tells banks
Interbank withdrawals, or withdrawing using another bank’s ATM, is currently charged P10 to P15 per transaction while balance inquiries are charged P2 per transaction. /gsg