Call to BSP: Protect ordinary bank depositors

I could not agree more with the letter “Bangko Sentral ng Pilipinas (BSP) advisory on saving money in banks has always rung hollow” (Letters, 09/08/21).

The 0.10 or 0.12 percent per annum interest on hard-earned savings extended by most banks is despicable compared to the high amount of maintaining balance set by these financial institutions. Add to that the recent P18 withdrawal fee imposed for every ATM withdrawal from another bank.

The ATM of Landbank nearby our place is, in most cases, either out of order or with no cash available. Landbank cardholders have to go to the Metrobank or BDO ATMs across the street which are always available. Imagine the P18 charge the said banks earn for every withdrawal. What an easy way to suck money from ordinary people.

The P25 interbank online transfer fee, including for GCash, is a burden to most people during the COVID-19 pandemic. With the restrictions on travel and limited bank operating hours, there is no other recourse but pay online for food deliveries and other transactions.

For failure to maintain the minimum daily balance of P10,000 for a checking account, hapless depositors are charged the amount of P300 every month. The same amount is charged a savings account with less than P2,000 average daily balance.

How sad that it was during the pandemic when exorbitant rates on online interbank transfer and interbank ATM withdrawals took effect.

It seems banks only cater to big clients. Any delay in clearing a check deposit is always the liability of a poor bank depositor, not the bank. How dismal that a struggling account holder would eventually suffer from undue charges imposed by most banks.

For people to save in banks, what specific measures have been done by the BSP to protect ordinary depositors?

BELEN DOCENA-ASUELO, [email protected]