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Benefiting from ATMs in the Digital Age of Banking

In today’s era of mobile banking, Automated Teller Machines or ATMs remains to be very relevant. Despite the growing preference for digital account interaction, the convenience of ATMs continues to drive consumers to use them as a main source of cash and account access.

One of its biggest advantage of ATMs is that they allow access to cash at any time. Many people around the world still rely on these machines to access hard cash conveniently, which remains a crucial part of people’s day to day transactions.

ATMs are also essential in times of crisis. The advantage of these machines is that they continue to operate when businesses close due a health crisis, just like what happened during the peak of COVID-19 pandemic.

But ATMs are not just as simple as “cash and dash” machines. ATMs are in a strong position to adapt as banks rethink how the digital experience can be transformed by vendor-independent software, web and cloud technologies. And as banks redefine themselves to meet the demands of a digital age, ATMs are becoming physical touch points, keeping banks connected to their customers in a way that mobile apps cannot. What’s more of a challenge is getting people to change their way of thinking about the more relevant use of these machines.

Speaking of change, last April 7, local banks have started adopting acquirer-based ATM fee charging (ABFC). As one of the requirements of the Bangko Sentral ng Pilipinas (BSP) for lifting the moratorium on ATM fee adjustment implemented in 2013*, financial institutions or FIs can set ATM fees for non-customers.

Although ABFC feels like a bit of inconvenience as we are accustomed to the idea that a cardholder is charged by his/her bank the same ATM fees for transacting at other ATM terminals; the new method is more advantageous to the transacting public.

ABFC promotes transparency and empowers consumers to choose the FI that satisfies their needs in terms of fees and quality of service. ABFC also allows FIs that deploy ATMs to be reasonably compensated for servicing non-customers, and this also incentivizes them to set-up more ATM terminals, which widens the reach of banking services in the country.

Non-BDO accounts will incur fees of P18 for withdrawals and P2 for check balance.

Which is why it is important to use your own bank’s ATMs, as transactions in ATMs of a cardholder’s own bank are free of charge. Or better yet, open an account with a bank with a wider ATM network. Just like BDO!

To date, BDO offer clients the most expansive ATM network in the country to continuously perform cash withdrawals anytime, anywhere. With over 4,000 BDO and BDO Network Bank ATMs strategically located all over the Philippines, these ATMs operate 24/7 at accessible locations where people go to or pass by regularly, such as corporate offices and commercial places like malls, and, even in locations near their residence. Plus, opening a BDO Online Savings Account is also easy and won’t require to visit a branch!

In addition to ATMs, customers may also access financial services by going digital. It provides payment options that are equally speedy, convenient, and secured.

Speaking of security, below are few important remind about anti-scam safety tips:

  1. Never share your bank account numbers (both debit and credit cards), PINS, and CVV.
  2. Never share your online bank account details (username, password, and OTP).
  3. Your bank will never ask for you to verify your account or your bank account details to verify your transactions.

Indeed, ATMs still have an important role to play in our everyday lives and will continue to do so for the foreseeable future. We can still benefit from this technology if we will be more open to changes and continuously learn to adapt.

*Currently, ATM withdrawal fees range from P10 to P15 which have been the rates for the past seven years. When the ABFC is adopted, here are the expected rates: P10 – P18 for withdrawal, and P0 – P2.50 for balance inquiry.


Written by dotdailydose


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