BancNet expects 3-M ATM transactions before Christmas

MANILA, Philippines - BancNet is expecting cash withdrawals from its automated teller machines (ATMs) to hit three million transactions toward the weekend before Christmas.

BancNet is the country’s leading ATM switch provider.

In the same period last year, ATM transactions hit 2.76 million on the Friday or payday before Christmas.

“This was more than double the average daily volume in 2013 which was 1.23 million transactions,” said BancNet general manager Aristeo Zafra Jr.

Zafra said BancNet ATM transactions are expected to hit the three-million mark on Dec. 19, or the Friday before Christmas. Historically, ATM transactions hit their peaked on the Friday or the last payday before Christmas.

Most companies will be distributing their 13th month pay and Christmas bonuses this week while some already did in the first week of December, in time for the holiday shopping.

“This is also the time when Filipinos abroad remit cash to their loved ones’ bank accounts here,” Zafra said.

For safe and convenient ATM transactions, Zafra reminds cardholders to protect themselves from scammers and hackers.

Instead of withdrawing all deposits, Zafra said it would be safer to use the ATM card to pay for purchases at department stores, supermarkets, bookstores, boutiques and other specialty shops with the BancNet logo.

The BancNet ATM card acts as a debit card or purchases are charged to the cardholder/purchaser’s account, and not to the bank in the case of a credit card.

“For your cash needs, withdraw before the weekend,” Zafra said.

He strongly recommended that depositors choose ATMs located at secure locations.

“Watch your surroundings for suspicious persons. Make sure no one is looking over your shoulder while you are keying your PIN (personal identification number). Never accept help from a stranger.  This is to prevent anyone from seeing your PIN,” Zafra said.

ATM cardholders are likewise advised to first inspect the ATM for suspicious devices.

Grope the underside of the keypad cover to check for tiny hidden cameras. If fake devices are detected, do not proceed with the transaction, according to Zafra.

If the ATM is located in a bank branch, immediately report it. If it is located in a public place, like a shopping mall, simply stop the transaction.

“Guard your PIN. Cover with your hand when keying your PIN.  This is to shield your PIN from being captured by a hidden camera. Cover your hand even if the keypad has a cover,” Zafra said.