Cebuanos annoyed by looming bank charges

The Cebu City Council on Tuesday urged the Bangko Sentral ng Pilipinas (BSP) to check on commercial banks who charge clients for interbank cash withdrawals and simple balance inquiries over automated teller machines (ATM).

“In view of the lifting, a looming increase of up to 50 percent or more in ATM transaction fees is anticipated.

City Councilor Alvin Dizon, in his privilege speech, said one of eight basic consumer rights is the right to representation which is the right to express interest in the making and execution of government policies.

“Thus, we expect that laws and policies passed by our legislators and policy-makers ensure that consumers have the chance to live a better life by getting the best value for hard-earned money.”

He complained that banks charge P10 to P15 per interbank withdrawal and P2 for interbank balance inquiry.

“The looming increase is adverse to our interest as consumers, especially our brothers and sisters who are minimum wage earners. It is imperative that we articulate our stand through our elected representatives in government,” Dizon said.

As ATM card holders, consumers and are entitled to certain rights, he quickly added.

On 19 July this year, the BSP released Memorandum 2019-020 that effectively lifted the moratorium on ATM fees imposed since 27 September 2013.

“In view of the lifting, a looming increase of up to 50 percent or more in ATM transaction fees is anticipated, making a P20 up to P30 or more per interbank withdrawal or transaction.

The Cebu City Council, therefore, urges the BSP to look into the proposed transaction charges so that the consuming public is extended the venue and properly heard on a matter that adversely affects its economic interest.

Several members of the House of Representatives questioned the collection of the interbank charges.