Even as the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) yesterday announced that it will soon issue a order stopping banks from hiking interbank ATM transaction fees, Bayan Muna Representatives Carlos Zarate and Neri Colmenares filed House Bill 2105 calling on Congress to provide for a standard rate of transaction fees and charges on automated teller machines (ATMs) and require the posting of a notice of said fees and charges on ATMs’ screens and monitors prior to the completion of any transaction.
The Board’s action is pending a review on disclosure requirements to consumers and the actual costs incurred by banks, the BSP reported.
This developed as banks like Banco De Oro, Metropolitan Bank & Trust Co. and sister firm Philippine Savings Bank announced that they will hike ATM fees starting Oct. 1. The Bank of the Philippine Islands (BPI) implemented its own fee hike late last year.
“Mukhang pataas ng pataas ang sinisingil mula sa atin sa paggamit ng ATM pero ang mga bangko naman talaga ang kumikita dito mula pa dati at pera natin ang ginagamit nila. Ngayon e tataasan pa nila ang kinukuha sa atin. Dapat talaga ay tignan na agad ito ng Kongreso para makita kung totoo ang sinasabi ng mga bangko,” said Rep. Zarate.
“We want the Bangko Sentral ng Pilipinas (BSP) to explain even last year’s ATM increase, particularly by the BPI,” Rep.Zarate added.
BSP Governor Amando M. Tetangco Jr. earlier said that banks are free to impose whatever transaction fee they believe compensates them for the delivery of service but stressed such fees should always be transparent.
The BSP also issued an earlier regulatory adjustment discontinuing the practice of compensating the banks with interest income for holding in reserve a portion of their deposits heightened the need to hike the ATM transactions.
“Banks already earn profits when the salaries and wages of workers are coursed through them by employers, they should not further extract profit from the workers who need every peso of their earnings,” ended Rep. Zarate.