The Senate will look into the reported plans to increase the fees for Automatic Teller Machine transactions.
Sen. Grace Poe, new chairperson of the Senate Committee on Banks, Financial Institutions, and Currencies, vowed yesterday to hold a hearing on the matter as she expressed concern that poor Filipino workers might bear the brunt of the increased ATM rates.
“Maliit na nga ang interes sa savings, pero ang laki naman ng kaltas mula sa balance inquiry hanggang sa withdrawal,” Poe said.
Poe has filed Senate Resolution No. 96 seeking a legislative inquiry on reports that several banks are applying for a raise in cash withdrawal fees in ATMs after the Bangko Sentral ng Pilipinas lifted its 2013 moratorium on ATM fee increases.
The proposed increase can go as high as 50 percent of the current ATM transaction fees.
Poe questioned the banks’ plan as they already impose “hefty” fees.
“Kung tutuusin, para tayong nagpapahiram ng pera sa bangko kapag itinatabi natin ito sa ATM. Kung nagwi-withdraw tayo, kinukuha lang natin kung ano ang atin. Bakit ang laki ng kaltas sa bawat transaction, tapos may hiling pang dagdag ngayon?” she asked.
Poe said that regardless of the amount, any increase in bank charge would be “disadvantageous to an estimated 4.1 million minimum wage earners who would need to carry the burden of these fees as many of them receive their salaries through ATM cards and withdraw from these machines at least twice a month.”
“The practice of imposing hefty bank fees, including ATM charges is financially disadvantageous to our country’s more than 58 million ATM cardholders,” she added. (Vanne Terrazola)