THE Cebu Bankers Club has appeased worries from the banking public following the outcry on the planned increase in automated teller machine (ATM) fees.
CBC president Niel Yu said there’s no reason for the public to worry as any plans to hike any banking fees will have to get the approval from the Bangko Sentral ng Pilipinas (BSP).
The bank executive, however, urged clients to withdraw money from the ATMs of their banks to avoid any corresponding fees. Interbank ATM fees currently range from P11 to P15.
Yu explained that banks impose these fees to cover their ATM operational costs such as transporting money, machine maintenance and security.
The BSP has weighed the applications of several banks to raise their ATM fees following the lifting of a six-year moratorium in July that effectively capped the charges.
Fewer than 10 banks have applied to have their ATM fees adjusted. The BSP will evaluate the said applications. (CSL)