BPI, Metrobank to increase ATM fees

[ghosthunter]

BPI, Metrobank to increase ATM fees
by Rappler.com
Posted on 09/24/2013 1:22 PM | Updated 09/24/2013 5:41 PM



MANILA, Philippines – Two of Philippine's biggest banks in terms of assets are increasing automated teller machine (ATM) service fees to cover higher operating costs.

George Ty-led Metropolitan Bank and Trust Company (Metrobank), the second largest bank, said it will collect P15 from cardholders using other bank's ATMs and P7.50 (no change) from those transacting via Philippine Savings Bank (PSBank) ATMs.

PSBank, MetroBank's thrift arm, will charge cardholders at no cost when they use the bank's network of ATMs.

The new service fee structure will be effective starting October 1.

Currently, there are 1,760 ATMs in the bank's domestic portfolio.

The Ayala-owned Bank of the Philippine Islands (BPI) has advised their clients that ATM withdrawal transactions through Bancnet, Expressnet and Megalink ATMs will be charged P15, up P5 from P10.

Balance inquiry transactions will be raised from P1.50 to P2.

Withdrawal and balance inquiry on the BPI's machines by its own clients remain free of charge.

The new withdrawal and balance inquiry charges will take effect on October 22 and November 1, respectively.

In an advisory, BPI said that the "increase is necessary to enable us to maintain our service standards even for transactions using other banks' ATMs."

BPI added that, since the last fee adjustment in 2005, "the costs of enabling interbank/internetwork ATM withdrawals and related services have escalated." - Rappler.com

source: BPI, Metrobank to increase ATM fees

[uls]

not only is a savings account earning almost zero interest you're actually losing money everytime you take out your money

so where's the incentive in keeping your money in a savings account?

there's more incentive in keeping your money under the mattress hehe

[1D4LV]

not only is a savings account earning almost zero interest you're actually losing money everytime you take out your money

so where's the incentive in keeping your money in a savings account?

there's more incentive in keeping your money under the mattress hehe

korek. that is why, i invest in mutual funds and in variable life insurance.....
BPI mag iiincrease? eh parati namang offline and ang bagal ng atm network nila eh.

[111prez]

Higher operating costs?

Nakow, tiba tiba naman ang mga bonuses at dividendo ng mga opisyales at may-ari nito at tayo ang kawawa

[_Qwerty_]

lahat yata sir mag increase.. may notice na din ang BDO effective Oct. 1 pa nga yung sa BDO.. 15 pesos kada withdrawal sa ibang ATM.

[vinj]

Could it be due to an increase in interconnection fees of Bancnet/Megalink/etc?

[_Qwerty_]

nov. 4 pa pala sa BDO.. eto lang sabi nila..

Effective November 04, 2013, please be informed that there will be an increase in ATM withdrawal fees at MegaLink, BancNet and ExpressNet ATMs from P11.00 to P15.00. The change in fee is an industry-wide development across all banks.

[uls]

the banks wanna generate more non-interest income (fee income)

[Retz]

kaya inquire or withdraw thru the same atm-bank as much as possible.

[antonath]

Badtrip yan pag lagi offline ang atm ng banko mo. :thumbdown:

Sent from my GT-P3100 using Tapatalk HD

[oj88]

The fee is only applied when withdrawing your money from an ATM other than your own bank. I'm no expert but I think that there's already some sort of bank-to-bank transfer involved.

Also, the fee would self-police people from swarming into the only bank nearby to withdraw their money. Otherwise, kawawa naman yung branch at laging ubos pera ng ATM that would've otherwise served their own depositors. Only those who have an immediate need of the cash would then have to shoulder the fee.

[sirkosero]

Badtrip yan pag lagi offline ang atm ng banko mo. :thumbdown:

Sent from my GT-P3100 using Tapatalk HD

metrobank ba tinutukoy mo dito bro? haha

Sent from my Thrill 430x using Tapatalk 2

[Retz]

pag nag withdraw ka sa metrobank using other atm card and then na debit ka, mababalik pa ba ung Php15 sayo?

[Galactus]

Hehe, the banks are finally emulating the business model of financing companies, i.e., generating more income from other areas (fee-based income, service income, etc.) rather than the traditional bread-and-butter interest income.

Well, they're a little too late as financing companies have shifted to that paradigm years ago.

[vinj]

Badtrip yan pag lagi offline ang atm ng banko mo. :thumbdown:

True. And i know of at least one bank who profits well from their ATMs because they keep the network running efficiently and fast so they get a lot of interbank transactions.

Setting up and maintaining an ATM machine can cost over Php 1M so matagal din ang bawi neto if you look at it profit-wise.

[antonath]

AFAIK, almost all banks will raise their fees. Na-highlight lang BPI and Metrobank dito. The increase is due to interconnection fees and the increased operating expense of ATMs.

True. And i know of at least one bank who profits well from their ATMs because they keep the network running efficiently and fast so they get a lot of interbank transactions.

Setting up and maintaining an ATM machine can cost over Php 1M so matagal din ang bawi neto if you look at it profit-wise.

wag naman sana pero baka sooner or later eh they will pullout some of their machines na, so no choice ang mga atm user dito to use other bank atm

[peejay_07]

Bpiexpressoffline

[xwangbu]

^ bayad ka daw 15 to get the fee back. :D

[Retz]

^

Sabi na nga ba sir.

[Mguy]

AFAIK, almost all banks will raise their fees. Na-highlight lang BPI and Metrobank dito. The increase is due to interconnection fees and the increased operating expense of ATMs.