THE Bayan Muna Party-list has refiled a bill regulating fees and charges on transactions done via automated teller machines (ATM).
Representatives Carlos T. Zarate, Ferdinand R. Gaite, and Eufemia C. Cullamat filed House Bill 4019 or the “ATM Fee Regulation Act of 2019” which regulates charges on ATM transactions such as balance inquiry, deposit, withdrawal, and fund transfer.
The bill also requires the posting of fees on the monitor before any transaction.
“Banks are likewise required to disclose the amount of fees they charge and collect from ATM user for every transaction. The fees shall be conspicuously posted on the screens of automated teller machines prior to the completion of any transactions,” the bill read.
According to the bill’s explanatory note, banks are charging P10 to P15 for interbank withdrawals and P2 for interbank balance inquiries.
The bill penalizes any bank officials who will violate the law with a P50,000 to P200,000 fine or imprisonment for two months up to one year.
Makati City 2nd district Rep. Luis Campos Jr. earlier filed House Resolution 210 for an inquiry into the increase of ATM transaction fees.
Mr. Campos on Friday called on the Bangko Sentral ng Pilipinas (BSP) to name the banks that have already submitted applications to increase their transaction charges following the lifting of the six-year moratorium on ATM fees.
The BSP said earlier this week that less than 10 banks have applied to adjust their ATM fees.
“While it might be understandable for the smaller banks with fewer ATMs to want to raise their fees, it might be harder for the bigger banks to justify their plans to jack up charges,” Campos said. — V.A.C. Ferreras