BSP soon to require banks to display new rates of ATM fees

The Bangko Sentral ng Pilipinas (BSP) may soon require banks to display the new rates of automatic teller machines (ATMs).

The plan was bared Monday at the Senate Committee on Banks, Financial Institutions and Currencies hearing of the looming increase of ATM fees following the lifting of the 2013 BSP moratorium on fee hikes last July.

“What we are pushing is market-based competition where in pricing is displayed, and depositors are well-informed,” De Villa said. Customers will have to decide whether to proceed or cancel their transactions. They will not be charged for cancelling, De Villa said. De Villa, meanwhile, reiterated that ATM fee increases “are not automatic” as these would have to undergo evaluation by the BSP.

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manilabulletin /  🏆 25. in PH

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