MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Tuesday assured the public that banks’ charges on automated teller machine (ATM) transactions will not be increased without its approval.
In a statement, the BSP said it will examine each request and decide if the adjustment in ATM fees is warranted to cover the cost of maintaining the ATMs.
“Should an increase be necessary in order for banks to continue providing ATM services to the banking public, the BSP will ensure that the increase will be reasonable,” it said, adding that adjustments will adhere to pricing principles provided under BSP Circular No. 980 dated 6 November 2017.
The BSP made the statement after concerns on a possible increase in ATM fees following the lifting of the six-year moratorium in charge hike this year.
Makati Rep. Luis Campos Jr. earlier sought an inquiry into the possible increase in ATM charges amid concerns that banks would jack up charges by as much as 50 percent based on the rates they proposed before the moratorium was implemented in 2013.
READ: House seeks inquiry on looming ATM fee hike
“The BSP assures the public that its policy on ATM fees is guided by best industry practices and that it is driven with the broader welfare of consumers in mind,” it said.
“Towards this end, the BSP has issued regulations that require banks to adhere to the principles of reasonable and market-based pricing in their ATM operations. As such, banks cannot increase the ATM fee on their own,” it added.
The BSP said that any bank that intends to adjust ATM fees must file a request indicating their proposed fees, as well as the costs currently incurred by the bank with respect to its ATM activities.
The central bank said the costs declared should be “clear, properly supported,” and maybe validated by the BSP when deemed necessary.
The BSP also disallows the imposition of set fees arising from agreements between market participants.
In any case, the BSP said fees should be lower than the charges collected from transactions made over-the-counter (OTC) and comply with transparency in pricing.