BDO denies P2 fee for all ATM withdrawals

Posted at 08/20/12 6:05 PM

MANILA, Philippines - BDO Unibank Inc. on Monday denied a report that it will start imposing a P2 fee for all cash withdrawals on its ATMs.

BDO clarified that a P2 fee will only be imposed for ATM withdrawals using cash (debit) cards or BDO pre-paid cards, starting September 1. At present, users of BDO's re-loadable Cash Card are not charged for balance inquiry and withdrawals from BDO ATMs.

"The P2 fee will only be effective on withdrawals of clients using cash cards (or BDO prepaid cards), similar to what other industry players are implementing. This is to partially recover our cost on cash handling. BDO account holders are not affected by this development," Jaime Nasol, head of BDO's cash management services, said, in a statement.

A cash card is a re-loadable prepaid electronic debit card, such as BDO Cash Card. Other similar cards are BPI Express Cash and Smart's Smart Money.

The Sy-led bank was reacting to a report published on TV5's news website Interaksyon titled "BDO imposes P2 fee for every depositor's ATM withdrawal." The report claimed that starting September 1, BDO depositors will be charged P2 for each time he will withdraw money from BDO ATMs.