No ATM fees on banks’ own customer-depositors

In response to the editorial “Burdening depositors” (12/2/19), we would like to correct a few misconceptions as well as some fundamental points that it failed to include and appreciate:
1) Banks do not and have, never levied, any transaction fee/s on their own customer-depositors using their bank-owned and operated automated teller machines (ATMs). Again, the use of the ATM is 100-percent free of charge for customers of the bank operating the ATM.
2) ATM transaction fees are assessed only when individuals access automated teller machines other than those owned/operated by the bank where they maintain their account. The fee will cover the administrative and processing services required to complete an interbank transaction. Banks extend and offer their services even to their nondepositor account holders. Highlighting the banking industry’s performance as a rationale against ATM fees does nothing more than confuse a really simple issue.We also wish to reiterate that it is a paramount responsibility of the banks to perform their fiduciary duty to their depositors. Banks need to take care of and professionally husband the depositors’ hard-earned financial resources. We hope we have been able to clarify what is an otherwise simple matter.

BENJAMIN P. CASTILLO,managing director, Bankers Association  of the Philippines, bapmail@bap.org.ph