The increase in interbank automated teller machine (ATM) withdrawal fees, which is set to start on April 7, “oppressive” according to Anakalusugan party-list Rep. Michael Defensor
Instead of punishing cardholders with this layer, Defensor said banks should use the excess of their capital for expanding their ATM networks.
In fact, the congressman said that banks have a lot of surplus capital today amid declining loans due to the COVID-19 pandemic.
In fact, next month a bank is set to distribute P18 billion in special dividends to its shareholders.
“They clearly have the money to build up their ATM networks without having to add to the burden of cardholders who are already saddled with miscellaneous bank charges,” said Defensor.
On April 7, the increase in the interbank ATM withdrawal fees paid by carholders is scheduled to begin.
From the current P10 to P11 charge per transaction, it is set to increase to P18 by most banks.
Currently, there are only 21,762 ATM terminals in the country, according to the Bankers Association of the Philippines.