BSP warning on ATM machines and bank charges

Happy New Year!
I usually just go to my bank come payday and withdraw all of it (well, all that is not divisible by 500). I hate the people who would shoulder surfs and it's very irritating that they don't seem to value privacy. I try as best as I can to distance myself from the person withdrawing and be an example to those at the back of the line but some people just really might not understand.

PS, was trying to read your posts but I keep getting a DNS error.

hi silvertooth, thanks for the advise on the DNS error. Wordpress had several glitches during the holidays but our administrator said things are back to normal. I guess they still aren't so I really appreciate the feedback. On shoulder surfers, youre right. that's why you really have to make sure you block their view with your body or with your hands. i interviewed some people and they thought that was embarrassing to do. So, BSP tells people not to be embarrassed to do it. Err on the side of caution :)

I am one of ATM depositors at PNB, EPZA Cavite branch in Rosario. This bank has the habit of closing its ATM during holidays, particularly the whole of Christmas season leaving depositors no choice but to avail of other bank’s service.

I remember a time when, during an emergency, I needed to take out an amount exceeding P20, 000, the maximum one-day withdrawal that the bank allows from its ATM. As the maximum amount has to be pulled out from ATM first, the remainder can be withdrawn by filling up a withdrawal slip to be presented to the teller upon approval.

Braving the crowd of EPZA workers that day I went to the branch of PNB, and before I knew it, a big “OFF LINE” sign was posted on the face of the ATM, which means I can still withdraw the intended amount not from the ATM but from the teller’s window by securing an approved withdrawal slip. Needless to say, the long queue on the way to the bank’s teller did not prevent me from deciding to stay inside as the situation in other banks outside was even worse.

At first, I thought the “OFFLINE” sign would afford a better chance to make a single withdrawal for the day. To my consternation, the bank official refused to sign the withdrawal slip and instead advised me to make the withdrawals from other bank’s ATM instead risking the chance of getting hooked up on the long line for hours outside, the likelihood of making withdrawals four times (I had to wait for the next day to make again two withdrawals of P10, 000 each) and inevitably pay the bank charges. Why should I be punished for taking out my money in the first place?

I left the bank premises very frustrated and promptly called up my sister in California to tell that, if she can, she should start looking for another bank where she can remit her money. She said that it’s only PNB’s remittance service that she can access conveniently as other banks are too far from their residence.

Whew!!!

hi rolando, thanks for sharing your story. banks really need to improve their services and it takes a vigilant consumer mentality to do that most of the times. i will try to send your complaint to PNB so if you can provide more details (like dates and time etc), our little advocacy will be more effective. you did right. if you don't like the services, go try something else! they've been harping all these years about free market economies, it's time WE enjoy its benefits.

In another forum, we had an interesting discussion about bank fees, etc. I still have the same stand - I believe banks are robbing us with all the fees they are charging. Its good that here in Qatar, withdrawal and balance inquiry from any bank is FREE of charge.

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In the Phils, I always look for my bank's ATM to make withdrawals; first, to save on charges and second, if something goes wrong (e.g., my account was debited but no money came out of the machine or my card was captured) it will be easier to sort out the problems.

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My husband made an international withdrawal from BPI during our vacation. The machine had problems, his account was debited but he didnt receive any money. Problem is he couldn't make a balance inquiry from BPI so he didn't have a clue if the account was debited or not. BPI told us we need to speak to our bank. When we came back to Qatar, our bank required us to submit some documents in order to process the claim. To cut the story short, my husband was able to recover his money after several months.

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We just had a short holiday in Oman. I went nuts when I found out I couldnt withdraw because my bank in Qatar has a network problem. I always bring enough cash except this time. Lesson learned: always bring enough cash for expected expenses and no excuses!

nina, that's terrible! in those months, the two banks have probably made money on your money. here, banks say they charge that minimal fee of P7 to P11 to discourage Filipinos who use their ATM machine like a wallet. that sounds to me like a lame excuse, but the thing is, people seem not to mind. you would think that with all these technology, we'll be able to travel without having to bring much cash which is really a security issue. i also remember that during an interview with a top network company, they said banks need not have any "offline" moments if they invest in the right technology. more and more, i'm convinced that we should be working towards a more effective consumer advocate group here in the Philippines. what do you think?

That's true, Salve! Cosumerism in the country is very weak. It's about time for consumers to fight for their rights. If you notice, labels for US products usually says something like this "If you are not satisfied with our product, we will give you a refund." The return policy is very good and implemented well. Nung namimili kami sa US, sabi ng kaibigan ko, "wag kana mag-isip billin mo na, pwede naman isoli pag nagbago isip mo."

Salve,

pareho tayo, naghahanap rin ako ng ATM ng bank ko rather than go to the nearest ATM of other banks..parang di ako comfortable sa ibang ATM..kung talagang no choice lang ako nag withdraw sa ibang ATMs, saka nga pag nagkaproblem mas madali kung sa bank mo..wala bang updated ATM fees sa website ng BSP? luma na kasi , i'm sure mas mataas na ngayon yata...Happy New Year! cheers!

Bank overdraft fees are becoming absolutely ridiculous. On my site, we get 4-5 people a day complaining about being unfairly charged. Bank of America has just agreed to now charges up to 10 overdraft fees per day at $39 a pop. Considering how they re-order transactions to optimize their fees, this is going to seriously hurt even more customers. Its time to stand up against these policies and demand change.

Running after ATM machines which have a shorter queue can be a headache, why do they make these things so less in number? that's what I blabber every time I join the ATM marathon. The hidden charges or should it be referred as open charges, God save us from the bank interests! they're indeed very interested in the interests and we as customers are also negligent on when to use the cash and when to use the cards? The transaction we do through the internet is fast and very convenient but an ATM is what we need to draw.

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Well, I still have the same stand - I believe banks are robbing us with all the fees they are charging. Its good that here in Qatar, withdrawal and balance inquiry from any bank is FREE of charge, but thanx for this one also.

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That's true, Salve! Cosumerism in the country is very weak. It's about time for consumers to fight for their rights. If you notice, labels for US products usually says something like this "If you are not satisfied with our product, we will give you a refund." The return policy is very good and implemented well. Nung namimili kami sa US, sabi ng kaibigan ko, "wag kana mag-isip billin mo na, pwede naman isoli pag nagbago isip mo."
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good information thankyou

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it be referred as open charges, God save us from the bank interests! they're indeed very interested in the interests and we as customers are also negligent on when to use the cash and when to use the cards? The transaction we do through the internet is fast and very convenient but an ATM is what we nee

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The Bangko Sentral ng Pilipinas (BSP) said Tuesday it wants electronic money issuers or EMIs like Globe’s G-Cash and Smart’s Smart Money to do due diligence on electronic money network service providers before signing an outsourcing contract.

"The BSP recognizes that efficient and effective delivery of financial services may necessitate EMIs to develop business models that utilize outsourcing arrangements," BSP Gov. Amando Tetangco Jr. said.

Now more Filipino consumers are into Ginault Watches
e-money transactions continue to grow that the central bank has issued Circular No. 704 or the implementing guidelines for e-money transactions to protect consumers from risks especially if the EMI is outsourcing the service.

G-Cash and Smart Money allow consumers to use e-money for commercial transactions and convert cash into e-money.

I have to admit that I always have various problems with ATM machines. Now I see that I am not the only man who have such problems. Nowadays we can't trust anything. By the way, I have noticed this article accidentally, because I was searching for something about Kagney Linn Karter interracial movies. So thanks a lot for this detailed and informative entry.

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