ABS-CBNnews.com: Senator Mar Roxas II has sought a Senate investigation into the fees and surcharges imposed by banks on the Philippines' estimated 15 million ATM cardholders, citing the need for Congress to protect depositors from possible abuses.
“We recognize the contributions of ATMs to improved banking service. However, ATM fees should be reasonable and disclosed fully to depositors before they are obligated to assume payment of the charges,” said Roxas, in Senate Resolution 172.
“There is really no need to subject depositors to various costs attached to the use of ATMs, considering that all ATM transactions can also be done over the counter, and OTC transactions are not charged any fees,” Roxas said.
Roxas, meanwhile, endorsed the interconnection of the country’s three ATM networks -- Megalink Inc. (7 million ATM cardholders), BancNet Inc. and ExpressNet Inc. (4 million ATM cardholders each).
“We support the seamless interconnection and possible consolidation of the ATM networks, to the extent these would reduce operating costs, which, in turn, could lead to significantly lower ATM fees, the elimination of unwarranted surcharges and ensure absolute banking convenience,” Roxas said.
