Solons push for standardized ATM rates
Authored by Bayan Muna Reps. Carlos Zarate and Neri Colmenares, House Bill 2105 would also require the posting of a notice of the said fees and charges on ATMs’ screens and monitors prior to the completion of any transaction.
The proposal was filed in the House of Representatives (HoR) amid the Bangko Sentral ng Pilipinas’ (BSP) announcement Thursday that it would soon issue an order halting banks from hiking interbank ATM transaction fees.
The action, which originated from the BSP’s Monetary Board, is pending a review on disclosure requirements to consumers and the actual costs incurred by banks.
The two Makabayan bloc solons noted that banks like Banco De Oro, Metropolitan Bank & Trust Co. and sister firm Philippine Savings Bank are set to increase their ATM fees beginning October 1.
The Bank of the Philippine Islands (BPI), on the other hand, jacked up its fees last year.
“We want the Bangko Sentral ng Pilipinas (BSP) to explain even last year’s ATM increase, particularly by the BPI. Congress should immediately look into these increases,” Zarate said.
BSP Governor Amando 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,” Zarate noted.