BSP MEMORANDUM NO. M-2013-044, September 27, 2013

[ BSP MEMORANDUM NO. M-2013-044, September 27, 2013 ]

REVIEW OF DISCLOSURE PRACTICES AND INTER-OPERABILITY ARRANGEMENTS AMONG BANKS WITH RESPECT TO THEIR AUTOMATED TELLER MACHINE (ATM) NETWORKS

In view of the noted industry-wide adjustment in ATM fees and charges, the Monetary Board in its Resolution No. 1572 dated 26 September 2013, approved the conduct of review by the Bangko Sentral ng Pilipinas, in consultation with the banking industry, of the disclosure practices, competition policy and consumer protection issues as they apply to ATM transactions. Accordingly, banks are instructed to maintain, from the date of this memorandum until the review is completed, the status quo in terms of both service fees and connectivity arrangements with respect to their ATM network.

For compliance.

FOR THE MONETARY BOARD:

(SGD) AMANDO M. TETANGCO, JR. Governor