Disclosure of Fees on Electronic Payments¹ Pursuant to Circular 980

BaruOxo SeNrRaL NO PILIPINAS OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AND EXAMINATION SECTOR MEMORANDUM NO. M-201&@ To : AIL BSP-SUPERVISED FINANCIAI INSTITUTIONS (BSFlsl Subject : Disclosure of Fees on Electronic Paymentst Pursuant to Circular 980 In line with its policy to promote a safe, efficient and reliable retail payment system in the country, the Bangko Sentral, through the issuance of Circular No. 980 dated 6 November 20L7, required all BSFIs to disclose fees related to electronic payments through an electronic bulletin board that will be maintained by the Bangko Sentral. Pursuant to this, all BSFIs that offer electronic payments to their clients are hereby required to submit the following via email to the Bangko Sentral through the NRPS Core Team ([email protected])on or before 4 April 2018: 1. Accomplished table of fees as of 31 March 201.8 (template attached as Annex A); 2. Whenever applicable, url address of the BSFI's web page where details of the fees are posted; and 3. Contact details (full name, position, email address and phone number) of the BSFI personnel responsible for updating the fees. Thereafter, the BSFIs are required to email the Bangko Sentral on a monthly basis, that is not later than three (3) banking days from the end of every month, or as soon as there are changes on the fees. lt is the responsibility of the BSFI to ensure that the fees disclosed through the electronic bulletin board, as well as links to the BSFI's webpage on fees whenever applicable, are kept current by promptly notifying the Bangko Sentral. For compliance. (t4- I G. FONACIER 2t warch 2OL8 Att.: A/S L BSP Circular 980 defines electronic payment as synonymous to electronic fund transfer (EFT). lt refers to transfers of funds between two transaction accounts in the same or different BSFIS which are initiated and received using electronic devices and channels to transmit payment instructions. A. l"4.1bi^; 51.. l"'lahls 1004 Mlrttin. ilh:lipi:i*il$ r iiJ3l,i lCliiiriji r 1.;y;1r;.fu$.3sr:.ph o bsprnail{iirh:p.gov.1:lr

Annex A <NAME OF INSTITUTION> TAETE OF FEES ON ETECTRONIC PAYMEIVTS On-us PESONeI ACH <ACH No.2> Fees charsed to: Purpose offees charged to Recipient's account to be Fees charsed to: Purpose of fees charged to Recipient's account to be Fees charEed to: Purpose of fees charged to Recioient's account to be Account Type recipient, if any credited not later than recipient, if any credited not later than recipient, if any credited not later than Sender Recipient ;ender lecipient ;ender lecipient 4 5 Guide to filling out the fo]m: Account Type - This would refer to the type of account/product offered by the BSFI. Example: savings account, current Note: account, gold, silver, etc. The table may be further extended as new ACHs (ex. InstaPay, Card Payments, etc.) are created. Fees chorged to SENDER - This refers to the amount that a client shall pay for transferinS funds either within the institution or to another institution via a specific ACH (ex. PESONeI) given a specific type of account/product. Fees choryed to RECiP,EMT - This refers to the amount that a client shall pay upon receipt of funds either from an account within the institution or from another institution via a specific ACH (ex. PESONeI) given a specific type of account/product. Purpose of fee/s chorged to recipient - This shall indicate the reason why a client is being charged upon receipt of funds (ex. text alert). Note that under BSP Circular 980, "the recipient shall not pay for electronic crediting to recipient's account and the recioient shall receive the amount in full." Recipient's occount to be aedited not lotet thon - This shall indicate the max. no. of hours/minutes/seconds when the recipient'saccountwillbecreditedaftersendingofpaymentinstruction. Inthecaseofbatchedtransactions,thelatest time and day when the recipient's account would be credited shall be indicated. Example: 2 minutes; 2 hours; In the case of batch: 7pm same day, 12 noon next banking day