MANILA, Philippines - Several banks are set to charge a higher ATM transaction fee for clients who will withdraw cash using ATMs of other banks.
Metrobank will increase the ATM transaction fee from the current P11 to P15 starting October 1. This is due to the "adjustment in network-determined interchange fees charged by other banks."
Security Bank is set to follow suit by October 15, while BDO has scheduled its increase by November 4.
BDO said the increase of the ATM transaction fee to P15 is an industry-wide development to cover the cost of operating the ATMs.
BPI, on the other hand, has already increased withdrawal fees last year.
All these banks assure, however, that withdrawals made on their banks' ATMs will be free of charge.
Meanwhile, Bangko Sentral admitted they cannot intervene with such business decisions, but banks imposing high fees and charges for their services may suffer a decline in clients.
source: www.abs-cbnnews.com
