More banks would be imposing higher ATM transaction fees on non-bank clients using their services starting April 7.
A cardholder would be charged for transactions based on other banks’ established fees.
The former method was the current issuer-based method, where the cardholder is charged based on the ATM transaction fees set by the issuing bank.
Metropolitan Bank & Trust Co. (Metrobank) and its bank arm Philippine Savings Bank (PSBank) announced they would P18 fee per withdrawal and P2 per balance inquiry for non-Metrobank and PSBank cardholders using their ATM networks.
“Beginning April 7, fees for cash withdrawals and balance inquiries will be set by the bank that owns the automated teller machines that you are using.?? Metrobank cardholders transacting on other banks’ ATMs will be charged fees set by the ATM’s owners,” Metrobank said in an advisory.
However, Metrobank debit or prepaid cardholders are still free of charge. PSBank cardholders would be charged a special rate of P7.50 per cash withdrawal on Metrobank ATMs.
Likewise, Metrobank cardholders using PSBank ATMs would get a special rate of P7.50 per withdrawal.
More banks to impose higher ATM transaction fees
“Instead, the ATM owner shall be the one charging a fee for each withdrawal or balance inquiry transaction. The said fee shall be immediately deducted from the cardholder’s account together with the amount withdrawn, while the balance inquiry fee will be shown as a separate debit amount,” PSBank said in a separate advisory.
“Such fees will be displayed on the screen with the option given to the cardholder to cancel the transaction if he/she does not wish to pay the fee or decide to look for another ATM with lower fees,” PSBank said.
Meanwhile, BDO Unibank Inc. also urged its cardholders to utilize their over 4,000 ATMs as they also set to impose higher ATM transaction fees (cash withdrawal and balance inquiry) outside of their networks.
“We encourage BDO cardholders to use our 4,000 + BDO ATMs to continue to withdraw for free. Using your BDO card at non-BDO ATMs will incur fees which may vary depending on the bank,” BDO said in an advisory.