Wednesday, August 01, 2007

ATM Fees and Charges in the Philippines

Here's an example of a politician ranting incorrectly about an issue he barely understands: the claim of outrageous ATM fees earned by Philippine banks

The story, available online at CIBAC site in Filipino lambasts banks charging atm transaction fees on withdrawal, balance inquiries and others but failed to mention that the fees are only applicable when the cardholder decided to use the ATMs other than his own banks

There are no charges for using your own bank's ATM. However, the cardholder will be charged P1 or P2 for balance Inquiries, P8 to P11 for cash withdrawals and about P25 for funds transfers between banks. That is what you call ATM convenience fees. The cardholder has the option to use his own bank's ATM but in order to do, transportation may be needed as well as time and the risk involved.

The ones charging the cardholder are actually the three networks that allow such setup to happen: BancNet Expressnet and Megalink. These three need the convenience fees collected to survive. That's simple economics.

Lots of politicians suffer from selective amnesia in their desire to get media mileage in this country.

Update (as of November 2007):

Current Fees and Charges of ATM transactions in the Philippines

No comments:

Post a Comment