BPI’s over-the-counter fees need no prior approval from BSP

Over-the-counter withdrawal and interbank deposit fees to be imposed by Bank of the Philippine Islands need no prior approval from the central bank, according to the Bangko Sentral ng Pilipinas.

BPI is imposing P50 to P100 in fees for over-the-counter withdrawals and inter-region deposits starting September 1.

“This particular fee will not require prior BSP approval, provided this is reasonable and there is prior notification to clients of the bank before it is implemented,” BSP Deputy Governor Chuchi Fonacier told GMA News Online on Wednesday.

Instead the central bank is encouraging BPI customers to engage in electronic banking to avoid over-the-counter fees.

“Actually, clients can make use of electronic channels to avoid being charged with over-the-counter fees. Example, online banking, etc.,” Fonacier said.

In an advisory, BPI said all automated teller machine (ATM) accounts will be charged P100 for over-the-counter withdrawals, regardless of the amount.

The Ayala-led lender is charging P50 for inter-region branch deposits, or when a client deposits funds into an account registered in a branch located in another region. —VDS, GMA News