Ever felt that you know you have this balance in your bank, but upon checking it's less than what you have in mind? You know that all you did was balance inquiry using another bank's ATM.
When I was an employee, I need to check if my salary got credited because I need to buy milk and diaper for my kids. It just so happens that my bank's one and only ATM is offline. So I went on to the next ATM which is owned by another bank. I checked my balance, took the amount I need and went on to buy at the grocery. You know how we moms have this list of expenses, every centavo we spend is listed. And we know when the amount on our list does not match what's in the bank. I am missing almost P200(!!!), and that's a big issue for moms like us. Only to find out while talking to a coworker that she also lost the same amount of money, and we did the same thing, we used another bank's ATM. 🤦🏻♀️
Recently, I read an advisory from Banko Sentral ng Pilipinas (BSP), that starting April 7, automated teller machines (ATMs) will adopt the "acquirer-based ATM fee-charging (ABFC) model.
What is ABFC?
It is a market-based pricing model that lets the ATM-owner-- who invests in the machines and infrastructure to service cardholders--set the fees for transactions. Currently, ATM owners (usually banks) are only given a fixed share in fees collected.
Under the ABFC, usage of ATMs of a cardholder's own bank shall remain free of charge. However, using ATMs of different banks shall include fees that would vary depending on the owner's business model, deployment strategy, pricing scheme, etc. Cardholders will be empowered to chose an ATM terminal that charges the lowest fees and provides more reliable service.
It's great that I have an account with BDO. And as a cardholder, I have nothing to worry about the ABCF implementation. I can continue to withdraw and check my account balances FREE OF CHARGE from any BDO and BDO Network Bank ATM because they have more than 4,000 ATMs combined, strategically located all over the country, and accessible 24/7.
Truth is that all banks have that fee because it is a necessary fee. If you think they charge too much, there are ways to avoid paying ATM fees:
1. Open an account with a bank with a wide ATM network like BDO (Just like what I did!) It's easy to open an account with BDO. Click HERE.
2. Withdraw from your own bank's ATM - Under the ABFC, transactions in ATM terminals of the cardholder's own bank shall remain free of charge.
3. Go digital! - Especially now that we have to lessen going out during this pandemic. Use alternative payment solutions such as debit/prepaid cards, QR codes, or fund transfers via PESONet and Instapay. These are quick, safe, and convenient payment options available to consumers anytime, anywhere.
I can say that I'm happy and safe because we are more into digital when buying necessities for our home and family. If we need to go out, every corner in our area we have BDO ATM so that's FREE withdrawals. 😉
Now let me share with you a few reminders when doing online transactions.
📌 Anti-scam safety tips:
- Never ever share your bank account numbers (both Debit/Credit), PINs, and CVV
- Never share your online bank account details (username, password, and OTP)
- Your bank will NEVER ask for you to verify your account or your bank account details to verify your transactions.
Let us all be vigilant. Even fraudsters now are digitally inclined. Be cautious and careful, be knowledgeable, because it pays to know.