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Amid looming hike, Bayan Muna urges Congress to regulate ATM fees

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Bayan Muna party-list Representatives Carlos Zarate and Ferdinand Gaite urged their colleagues to pass a law setting a standard rate of transaction fees and charges on Automated Teller Machines (ATMs).

They also proposed requiring the posting of a notice of fees and charges on ATM screens and monitors prior to the completion of any transaction.

The Makabayan lawmakers issued the statement in reaction to the lifting of the moratorium on ATM fees by the Bangko Sentral ng Pilipinas (BSP).

Zarate said a review on disclosure requirements to consumers and the actual costs incurred by banks should be made and shown to consumers before any talk of fee increases.

In 2013, he recalled that banks like Banco De Oro, Metropolitan Bank & Trust Co. and sister firm Philippine Savings Bank announced that they would hike ATM fees while the Bank of the Philippine Islands (BPI) implemented its own fee hike the preceding year.

“Mukhang tataas na naman ang sisingilin mula sa atin sa paggamit ng ATM pero ang mga bangko naman talaga ang kumikita dito mula pa dati at pera natin ang ginagamit nila. Ngayon e tataasan pa nila ang kinukuha sa atin,” he said.

“Dapat talaga ay tignan na agad ito ng Kongreso para makita kung totoo ang sinasabi ng mga bangko,” said Zarate.

Gaite said: ”We want the Bangko Sentral ng Pilipinas (BSP) to explain the proposed ATM fee increase.”

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