Banks to unify ATM networks
MANILA, Philippines - Consumers may soon see lower fees charged for automated teller machine transactions, the Bangko Sentral ng Pilipinas said, as banks have agreed to unify their ATM networks for efficiency and lower cost.
“Next week, the Bankers Association of the Philippines (BAP), BancNet and MegaLink will formalize the consolidation of the two ATM networks,” BSP Governor Amando M. Tetangco Jr. said late last week.
ATMs are critical in helping banks reach more customers and are also important for end-users in need of money as terminals are open 24/7. At present, consumers are charged with P10 to P15 when withdrawing on other banks’ ATM units. Other fees are also applied for balance inquiry, and other services.
Latest BSP data showed the number of ATMs rose 11 percent to 15,187 in end-September 2014 from 13,621 in the same period in 2013. These were made up of 8,845 units within bank premises and 6,342 off-site or those in malls and other establishments.
Universal and commercial banks accounted for the bulk of the ATMs during the period at 12,898, up 10 percent from the 11,725 a year prior. Thrift banks also grew the number of their ATMs by 14 percent to 1,826 from 1,608, while rural and cooperative banks increased theirs by 61 percent to 463 to 288.
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