Last April 7, Philippine banks has started adopting the “acquirer-based automated teller machines (ATM) fee charging” (ABFC) model. The Bangko Sentral ng Pilipinas (BSP) mandated ABFC is a market-based pricing model that lets the ATM-owner—who invests in the machines and infrastructure to service cardholders—set the fees for transactions.
For the past seven years, ATM withdrawal fees range from P10 to P15. Now, the standard rate for withdrawal is P18, and P2.50 for balance inquiry. These fees are still reasonable considering the convenience that ATMs provide to consumers.
Under the ABFC, when you use your own bank’s ATM terminal, it shall remain FREE of charge. However, using ATMs of different banks will still incur fees but don’t worry because you have the option to choose an ATM terminal that charges the lowest fees and provides more reliable service.
To avoid these charges is to open an account with a bank with a wider ATM network just like BDO, so you can continue enjoying free withdrawals from 4,000+ BDO ATMs nationwide. To withdraw for free at BDO ATMs, open a BDO Online Savings Account now. No need to visit a branch! Just go to bdo.com.ph/online-account-opening.
Also, there’s an alternative payment solutions such as using your debit/prepaid cards, QR codes, or fund transfers via PESONet and Instapay. These are quick, safe, and convenient payment options available to consumers anytime, anywhere.
Another reminder is to be vigilant to digital banking fraud. With the rise of digital banking solutions such as banking apps and online transactions, it means that scamming is also on the rise. Here’s how you can avoid having your hard-earned money gets stolen:
- Do not share your sensitive personal information under any circumstances.
- Never share your bank account numbers (both debit and credit cards), PINs, and CVV.
- Never share your online bank account details (username, password, and OTP)
- Your bank will never ask for you to verify your account or your bank account details to verify your transactions.
If you encounter these scams, ignore it and immediately report it to your bank. Should your card or account be compromised, change your Online and/or Mobile Banking passwords the soonest possible, call the customer service hotline, and have your debit/credit card blocked immediately.