The central bank is reminding the public to be more discerning about which automated teller machines to transact with after a new scheme came into effect this week that would result in various ATMs charging different fees depending on which bank the account of the user is in.
At an online press briefing, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the acquirer-based fee charging policy for ATM services took effect on April 7.
“Acquirer-based fee charging is a market-based and transparent way of pricing ATM services that empowers cardholders to choose an ATM that charges lower transaction fees,” he said.
“In the old pricing method, the cardholder has no option but t…
Keep on reading: ATM users urged to choose machines with lowest fees