Under the acquirer-based fee charging (ABFC), which took effect on Wednesday, April 7, banks can set the ATM fees they want to charge on cardholders of other banks who use their machines.
Digitalization has benefited Filipinos especially during the pandemic, Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno said on Friday, Feb. 19.
In his speech during...
With acquirer-based ATM fee charging, a bank can set ATM fees for non-customers, while continuing to offer free ATM withdrawal and balance inquiry services to its customers.
Lawmakers have backed calls for a House inquiry into the ATM fee increases in the horizon, following the move of bank regulators to lift a six-year freeze.
The bill notes that advances in technology have been exploited by criminals and criminal syndicates in perpetrating fraudulent activities that ultimately undermine the trust of the public in the banking industry.
