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

[_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.

[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

[antonath]

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

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