Restructured Service Fees for Banks' Deposit and Withdrawal Transactions

BANEKO SEnrnaL NO PILIPINAS OFFICE OF THE GOVERNOR crRcurAR No. 1J106 Series of 2O2O Subject: Restructured Service Fees for Banks' Deposit and Withdrawal Transactions The Monetary Board, in its Resolution No. L658 dated 17 December2020, approved the following amendments to the Manual of Regulations for Banks (MORB) on the: (a) restructuring of service fees for banks' deposit and withdrawal transactions with the Bangko Sentral, (b) reinstatement of the service fees on new and fit banknote withdrawals, (c) provision of rebates, refunds, and incentives for unfit banknote deposits, and (d) imposition of a penalty for cancelled withdrawal transactions. Section 1. Section 11Q3 of the MORB is hereby amended to read, as follows: 1103 SERVICE FEE FOR TRANSACTIONS WITH THE BANGKO SENTRAT The succeeding provisions under this Section provide the guidelines on the imposition of service fee on transaction of banks with the Cash Department (CD), Metro Manila Currency Operations Sub-Sector (MCOSS) and the Regional Offices and Branches, Regional Operations Sub-Sector (ROSS). The guidelines and procedures governing currency deposits and withdrawals of banks are provided in Appendix 84. Fee structure on seruices olfered by the CD, MCOSS ond Bangko Sentrol RegionolOffices and Branches, RO55. The following shall govern the transactions of banks with CD, MCOSS and Regional Offices and Branches, ROSS: a. Service fees for banknote deposits: Tvoe ofTransaction Aoolicable Service Fees Fit banknote deposits PHP200 per bundle U nfit banknote deposits None Mixed banknote deoositsl PHPZ4O per bundle Fit banknotes found in unfit PHP300 per bundle banknote deposits verified Unfit banknotes found in fit PHP}4O per bundle2 banknote deposits verifiedl 1 Only applicable to the Cash Department 2 Deposits classified as fit banknotes but found to include unfit banknote deposit shall be reclassified as mixed banknotes and accordingly charged an additional fee of PHP40.00 per bundle (Total fee of PHP240 less the PHP200 fee paid for deposit of fit banknotes). A. Mabini St. Malate 1004 Manila, Philippines . (632)8708-7701 . www.bsp.gov.ph . [email protected]

b. Reinstatement of Service fees for new and fit banknote withdrawals with modifications: Serv|ce Fee per Bundle {ln PHP} Denomination New Fit 1000 200.00 140.00 s00 100.00 70.00 200 40.00 28.00 100 20.00 14.00 50 10.00 7.00 20 4.00 3.00 c. Penalty of PHP5,000.00 for every cancelled withdrawal transaction; d. Provision for rebates, refunds and incentives for unfit banknote deposits which banks may avail within three (3) years: Rebate/Refund Amount per Incentive for Unfit Banknote Denomination Bundle of Unfit Deposits (in PHP)r Deposits in Excess of Total New Fit Withdrawals (per bundle, in PHP)2 1000 160.00 100.00 50.00 500 50.00 30.00 15.00 200 40.00 28.00 14.00 100 20.00 14.00 7.OO 50 10.00 7.OO 3.50 20 4.00 3.00 1.50 1/ Rebote/Refund sholl be bosed on totol bonknote withdrawals (fit ond new) 2/ Totol incentives sholl not exceed totol service fees of bonk on withdrowal trsnsoctions Section 2. This restructured service fees shall be implemented by the Cash Department, BSP, fifteen (15) calendar days following the publication of the Circular in the Official Gazette or in a newspaper of general circulation. The BSP Regional Offices and Branches shall implement the restructured service fees starting 01June 2021. FOR THE MONETARY BOARD: c c q. BENJAMIN E. DIOKNO Governor L\ Ve c,crnbq zozo