BSP CIRCULAR NO. 1244, June 29, 1990

[ BSP CIRCULAR NO. 1244, June 29, 1990 ]

OFF-SITE ATMS

The Monetary Board, in its Resolution No. 592 dated June 22, 1990, authorized banks (including Philippine branches of foreign banks) to establish off-site Automated Teller Machines (ATMs), subject to the following conditions:

1. The applicant bank shall obtain prior authority from the Central Bank for the establishment of ATMs;

2. The off-site ATMs shall be installed only in centers of activities like shopping centers, supermarkets, hospitals, university campuses; provided, that the site is within the service area where the applicant bank has a regular branch to service the off-site ATM and adequate internal control and security measures shall be adopted and submitted to the Central Bank;

3. The services of the off-site ATMs shall be limited to the following services:

withdrawal from deposit accounts;

deposit balance inquiry;

transfer of funds from one deposit account to another deposit account maintained within the same bank;

cash advance on credit card;

request for checkbook;

request for cut-off statement.

4. Only banks which have shown general compliance with laws, rules and regulations shall be allowed to open off-site ATMs.

This Circular shall take effect immediately.

Adopted: 29 June 1990

(SGD.) JOSE L. CUISIA, JR. Governor