Adjustment on Automated teller machine (ATM) transaction fees of at least five banks will start by October.
This, after the Bangko Sentral ng Pilipinas approved the adjust transaction fees for using ATMs.
BSP Deputy Governor Chuchi Fonancier said the central bank approved the applications over the past few days for both upward and downward adjustments of fees, as per GMA News report.
“I think meron nang mga na-approve. Meron din magde-decrease.. Ano pa lang, very few. I think less than ten” Fonacier said.
She however refused to divulge the name of the banks, noting that the lenders are required to issue public advisory before they adjust the ATM fees.
Fonacier said some banks increase P3 per transaction from the average transaction fees of P11 to P15 while others plan to lower ATM fees to as low as P10 or P9 per transaction.
Banks cannot just adjust fees on their own as they are required by the regulatory framework covering ATM fees.
