Senate Bill No. 3046 regulates ATM charges
Finally, a bill which seeks to regulate the hidden charges imposed by the ATMs (automated teller machine) to the user has filed in the senate. Some customers may not be aware of it, but some banks impose a charge even on a simple account balance inquiry transaction.
Senator Miriam Defensor Santiago authored the Senate Bill No. 3046 which requires operators of ATMs to properly disclose how much they charge customers when they inquire about their balance.
According to the Senate bill, the machine should display on its screen the amount that users will be charged when they do an account balance inquiry transaction, and that it should allow them to cancel the same transaction without any charges being imposed on them.
Violators off the bill would be made to pay a fine of between P10,000 and P50,000 and may also be imprisoned for anywhere from two months to one year.
The Senate committee on banks and financial intermediaries headed by Senator Francis Escudero has already started the hearing on the bill. Likewise, the Bangko Sentral ng Pilipinas and private banks were asked by the Senate committee to submit position papers regarding the Senate bill.
May 22, 2009
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