BPI postpones over-the-counter withdrawal, deposit fees to Jan. 2019

Bank of the Philippine Islands (BPI) is postponing the imposition of fees for over-the-counter withdrawals and inter-region deposits to January 2019.

However, other fees, will push through on September 1.

“We have decided to postpone the implementation of the branch transaction fees for peso cash deposits and withdrawals to January 2019,” BPI Customer Experience Management Office Head Maria Ana Luna said in a statement.

The bank did not give a specific implementation date and GMA News Online has reached out to the lender for more details as of this posting.

“This will give our clients enough time to be more familiar with our existing Bank Anywhere facilities via our online and electronic channels,” Luna said.

In an earlier advisory, BPI said it will impose P50 to P100 in fees for over-the-counter withdrawals and inter-region deposits starting Sept. 1, 2018.

All automated teller machine (ATM) accounts will be charged P100 for over-the-counter withdrawals, regardless of the amount.

Inter-region branch deposits will a P50 fee, every time a client deposits funds into an account registered in another region.

According to BPI, it plans to expand its ATM network to 2,600 by year’s end to accommodate more clients. It has around 750 cash deposit machines which allow cardless deposits and accept new peso notes.

Other fees

BPI clarified, however, that other fees previously announced will take effect on September 1.

“Fees for transactions other than peso deposits and withdrawals will take effect on Sept. 1, 2018, as previously announced,” it said.

Clients encashing checks not with the issuing branch will be charged P100 per check, while encashments within the home branch are free of charge.

Foreign currency cash deposits will also be charged P0.10 per $1 equivalent, or a fraction thereof.

In terms of the checkbooks, BPI said it will charge P250 for personal checkbooks, and P500 for corporate checkbooks.

BPI is also charging the following fees: P75 for manager’s check, P550 for demand draft, P200 for bank certification, P50 per page of Statement of Account (SOA), and P2,000 to P6,000 annual fees for a Safety Deposit Box (SDB) rental depending on the box size.

The Bangko Sentral ng Pilipinas (BSP) said the fees to be imposed by BPI need no prior approval from the central bank, provided that they are reasonable. —VDS, GMA News