A lawmaker is questioning the move of the Bangko Sentral ng Pilipinas that removes the cap on fees collected by banks on automated teller machine (ATM) transactions.
A lawmaker is questioning the Bangko Sentral ng Pilipinas decision to remove the cap on fees imposed on automated teller machine transactions using terminals not belonging to the account holder's bank.
The BSP announced in July that it will be allowing banks and ATM providers to set new fees for machine-based transactions. Banks will still have to formally inform the BSP and their customers when their increased fees will be imposed. Prior to this, ATM fees have remained the same since September 2013.
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