Home News Increase in ATM Fees gets Negative Reactions

Increase in ATM Fees gets Negative Reactions

Increase in ATM Fees gets Negative Reactions
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The impending increase in ATM fees got negative reactions from workers. They have called this move as a “highway robbery”. The increase might reach up to Php30 per withdrawal transaction after the BSP (Bangko Sentral ng Pilipinas) uplifted the 6-year moratorium on the adjustment of ATM fees.

Partido ng Manggagawa Chairman, Renato Magtubo, said that the workers will appeal to the BSP to use its regulatory power to stop the hike on ATM fees. He further stressed out that the workers will support the investigation in the House of Representatives to protect the interest of the ATM cardholders who are mostly just ordinary employees and earn a meager income. At present, the charges for withdrawal transactions are Php10-15 and the ordinary citizens fear that it might reach up to Php20-30 per transaction.

The current fee of Php10-15 is already a burden to low-income workers who receive wages through ATM payroll accounts. Doubling the fee would be like doubling the burden for these people who are already having a hard time making both ends meet. If you’re a minimum-wage earner only, the Php30 per transaction which will reach Php60 per month if payroll is bi-monthly, this will be like a kilo of rice is taken away from your family. The food that’s supposed to be for your kids will just go to the bank.

Read also: How to Transfer Money Online from BDO to other Local Banks

Chairman Magtubo further explained that the Php15 fee is equivalent to 3% of the daily minimum salary in the NCR while it’s around 4% in the economic zone of Cavite. If they double the fees, it would be like taking away 6-8% of the worker’s salary per withdrawal. Meanwhile, the BSP assured the public that it won’t allow the banks to increase too much. BSP Governor Chuchi Fonacier said that they’re approaching it on a per-bank basis and will not approve the Php30 increase but just a little over Php15.

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