Expect ATM fees to increase in the coming days
As early as now, the top banks in the Philippines are announcing their new charges for inter-bank transactions via automated teller machines (ATM). These new fees for withdrawal and balance inquiry will take effect starting October.
Bangko de Oro (BDO), the largest bank in terms of assets, said that the industry-wide development will be implemented to cover operational costs. Starting October 1, the bank will lower BDO Cash Card loading fee to P15 for users except those under the corporate payroll system.
On November 4, BDO Debit and Cash Cardholders will be charged P15 (instead of P11) for withdrawals through Bancnet, Expressnet and Megalink ATMs.
Metropolitan Bank and Trust Co. will implement their new transaction fees for Metrobank and Philippine Savings Bank (PSBank) clients on October 1. P15 will be collected from clients using another bank’s ATM while transacting from either Metrobank or PSBank will remain at P7.50.
Bank of the Philippine Islands (BPI) added that the new transaction fees are necessary to “enable us to maintain our service standards even for transactions using other banks’ ATMs.” Since the last fee adjustment in 2005, the costs of inter-network services have escalated.
BPI clients who transact from Bancnet, Expressnet and Megalink ATMs will be charged P15 for withdrawal (up from P10) and P2 for balance inquiry (up from P1.50). These will take effect on October 22 and November 1 respectively.
Security Bank clients using CashLink, CashCard, GiftCard or any co-branded card will be charged P15 (up from P10) for withdrawals.
BDO, Metrobank, BPI and Security Bank clarify that transacting in the banks’ respective ATMs will not be charged.