‘No ATM fee higher than P18’

The BSP says ATM transaction fees no higher than P18 had been approved.

Approved automated teller machine (ATM) fees approximates P20 per transaction, a senior Bangko Sentral ng Pilipinas (BSP) official said.

“The approved fees have increased. I think it’s close to P20 already. But still, the maximum we have approved is up to P18,” Fonacier told reporters.

“We have never approved beyond P18,” she quickly added.

According to her, bulk of the proposals received asked for an increment in their respective ATM fees, with the highest reaching P22 per transaction.

“There were some who applied beyond P18 but so far, P18 is what we really approve because if we look at the reasonableness of the request, it’s only up to that amount,” Fonacier explained.

She also clarified that the rumors notwithstanding, no one has requested for P30 as transaction adjustment.

Earlier, BSP Senior Director and officer-in-charge of Fintech Subsector Vicente de Villa III said it will take some time for adjustments beyond P18 per transaction given the conditions imposed on the various lenders.

“There are conditions. Transparency, disclosures to the public/print outs, that may take some time. It’s a timing issue,” De Villa said.

The BSP executive said they will assess the banks and gauge whether any lender needs the adjustment.

“We can get updates from them and find out at what point they are at,” he quickly added.

Fonacier said given the increasing cost on ATM operations, banks could instead consider looking into digital solutions as mobile banking and the utilization of modern technology in their operations to help operational costs down.