ILOILO City – Are you an automated teller machine (ATM) user? Beginning April 7, inter-bank ATM fees could be quite a weight in the pocket.
ATM fees are set to increase. Banks are adopting an “acquirer-based ATM fee charging” mandated by the Bangko Sentral ng Pilipinas (BSP).
The BSP-Iloilo reminds Ilonggos to brace for this adjustment.
What is this acquirer-based ATM charging?
Lowen Andrew June Ligad, bank officer of BSP-Iloilo, said under the acquirer-based charging, the bank that owns the ATM machine will have the authority to set the charging fees, unlike the current system wherein the ATM card-issuer bank sets the fees for the cardholder.
“Currently, a cardholder is charged by his/her bank the same ATM fees for transacting at other ATM terminals,” Ligad told Panay News.
“With the new system, a bank can set ATM fees for non-customers, while continuing to offer ATM withdrawal and balance inquiry services to its customers – for free,” he added.
According to Ligad, BSP’s standardized inter-bank ATM withdrawal fees will range from P10 to P18, quite higher than the current P10 to P15.
This has been the case for more than seven years, Ligad said, as the BSP in 2019 lifted the six-year moratorium on ATM fees imposed in 2013.
This acquirer-based charging system also requires banks to disclose fees to their customers prior to transaction.
Ligad said this would be advantageous to the transacting public.
“Maga-promote ini sang transparency. [It] would also empower consumers to choose a financial institution that could satisfy them in terms of fees and quality of service,” he said.
But do banks here have enough ATM terminals so their clients can access these for free and not be compelled to use the ATMS of other banks and pay higher fees?
As of September 2020, according to Ligad, Iloilo City had 303 ATM terminals – 178 onsite (ATMs set up within the banks’ premises) and 125 offsite.
In Iloilo province, as of September 2020, banks had 399 total terminals of which 242 were onsite and 157 offsite.
WHAT CARDHOLDERS SAY
An ATM cardholder who asked not to be identified said this move is “unfriendly” to the public.
“Mataas na gani ang P10 to 15 nga ginasukot sa karon nga fees, ila pa nga dugangan,” said this government employee who, for some 20 years now, uses ATMs due to the convenience they offer.
With this development, he told Panay News he would just transact with his own bank’s ATM. He just hopes there are many of them accessible.
This sentiment was echoed by another ATM cardholder, private establishment emplsoyee Jessa Mae Camacho of Cabatuan, Iloilo.
Her bank, she said, must have more ATM terminals in the province so the likes of her won’t have to waste so much time going around the city looking for these just to withdraw money.
“Wala gid problema kon gindugangan lang sang mga bangko ang ila mga ATMs para indi na mapilitan nga mag-withdraw ang mga tawo sa iban. May iban abi nga bangko nga wala gawa ATMs. Amo na nga nagakapilitan ako ya mag-withdraw sa iban,” Camacho said.
TRANSACT ONLINE
Ligad said the public could always opt to transact with their banks online, especially amid the coronavirus pandemic.
“We can go digital that provides steady and safe convenient payment. Sa ATMs, makadto ka gid physically. If you want to check your account balance, online na lang para makaiwas sa COVID-19. Less hassle sa pilahay and indi time consuming,” he explained.
“Para man ina sa aton security and how to safeguard our money sa ATM. One thing, we should innovate ourselves gid to go digital so that safe and convenient,” Ligad reiterated.
BSP APPROVAL NEEDED
Upon implementation of the new system, Ligad said, financial institutions would be “reasonably compensated” for they also serve non-customers.
“Providing ATM services entails cost. This includes the counting and transporting of cash and loading in the ATMs,” Ligad explained.
“Nagagamit man sila sang electricity and security. And one thing man nga purpose is gusto sang BSP nga masiguro nga safe man ang clients sa pag-use sang ATMs,” he added.
Ligad, however, clarified that banks should first seek central bank’s approval before raising their ATM charging fees.
“Indi sila maka-implement without BSP’s approval. BSP ang naga-supervise kag naga-regulate,” he stressed.
“BSP is very strict man sa pag-implement sa mga resolutions para mangin secure ang public sa pag-transact with the banks,” Ligad added.
As of now, Ligad does not have the figure as to how many banks in Iloilo have already applied for the ATM fee increase.
“Ang main office or central office mismo sang mga bangko ang naga-request sa BSP kag indi ang ila mga branches,” the bank officer clarified./PN
