Current Events

LIST: Which bank services are we going to be charged for by next month, exactly?

LIST: Which bank services are we going to be charged for by next month, exactly?

Image: Unsplash

Brace yourselves: starting next month, this “new normal” will sound like our previous normal where we’re burdened by bank fees, as big banks and virtual wallets will start charging for transactions once again come October 1.

It’s understandable that once people hear the word “fees,” we immediately get into a frenzy, and then things sort of get lost in translation in the process. So let’s set the record the straight: which transactions exactly are we going to start paying for again?

Major banks that will start charging for InstaPay and PESONet service fees

In the past week, BPI announced that by October 1, they will be resuming charging their standard fees for fund transfers after the Central Bank ordered that banks temporarily waive the same last July.

What we didn’t hear, however, is that other banks who also waived their fees will also begin charging the same. Here is an up-to-date list of banks who will start charging base fees for transactions made through InstaPay and PESONet networks:

BanksTransaction fee via InstaPayTransaction fee via PESONet
Bank of CommerceP10 for online banking and ATM transactions
P100 for over-the-counter
P10 for online banking and ATM transactions
P100 for over-the-counter
Bank of the Philippine Islands (BPI)P50 per transactionP50 per transaction
BDO Unibank, Inc.P50 per transactionP50 per transaction
China Bank Savings, Inc. (CBS)P10 for app transactions
P15 for online banking transactions
P200 for over-the-counter transactions
China Banking CorporationP10 for app transactions
P15 for online banking transactions
P200 for over-the-counter transactions
Equicom Savings Bank, Inc.P15 per transactionP15 per transaction
Metropolitan Bank and Trust Company (Metrobank)P25 per transactionP25 per transaction
Philippine Bank of Communications (PBCom)P1 for online banking transactions
P25 for ATM transactions
P1 for online banking transactions
P25 for ATM transactions
Rizal Commercial Banking Corporation (RCBC)P15 per transactionP10 per transaction
Robinsons Bank CorporationP25 per transactionP20 for online banking transactions
P100 for over-the-counter transactions
data updated as of September 29, 2020

So far, there has been no word yet on whether other banks will also resume charging service fees. These include: Asia United Bank, Development Bank of the Philippines, EastWest Bank, Hongkong and Shanghai Banking Corporation (HSBC) Bank, Land Bank of the Philippines, Maybank Philippines, Security Bank Corporation, Standard Chartered Bank, Sterling Bank of Asia, Union Bank of the Philippines, and United Coconut Planters Bank.

Be sure to check these banks’ latest updated terms to know about their resumption of transaction fees.

None

E-wallets GCash and PayMaya also set to charge bank transaction fees

As for our everyday virtual wallets, GCash will also start charging on October 1 a P15 service fee for each cash-out fund transfer to a bank or EMI made through InstaPay’s network.

However, all Express Send transactions to other GCash accounts can still be enjoyed at no cost. This is despite claims circulating on social media that these service will again come at a price.

Moreover, over-the-counter cash-ins will still charge a 2% fee for amounts exceeding PhP8,000, and cash-out withdrawals will continue to charge a PhP20 service fee for MasterCard holders, and a fee of PhP20-1,000 for over-the-counter cashouts.

Meanwhile, Paymaya Philippines will also resume charging customers a P10 fee for outbound bank transfers via the Paymaya app, and a P15 fee for inter-bank transfers made via ATM.

PayMaya also clarified that transfers between two PayMaya accounts remain free of charge, while transferring funds from PayMaya to Smart Money would still incur the same 1.5% service fee, to be shouldered by the sender.

There you have it, financially-troubled folks. For those who have accounts under banks which have yet to post notice, be sure to check their social media pages for the resumption of their transaction fees. Alternatively, you might want to check any updates on their services’ terms and conditions, as these clauses can get pretty sneaky.

What’s your reaction?
+1
0
+1
0
+1
0
+1
0
+1
2
+1
0
+1
0