A lot of social media users on Facebook and Twitter were enraged yesterday after rumors surfaced that top Philippine bank Banco de Oro (BDO) will start charging PHP2.00 for every withdrawal made using BDO’s ATM terminals.
The commotion ensued after TV5’s Interaksyon website published a report saying that effective “September 1, it will cost a BDO ATM card holder P2” every time a withdrawal is made from any BDO terminal.
BDO quickly denied the report and instead clarified that they will indeed start charging a withdrawal fee but only to those holders of “Cash Cards” or BDO’s prepaid debit cards, and not to all holders of ATM cards. The Interaksyon news site, for their part, retracted the story and apologized for the confusion.
Clarifying the issue, BDO released a statement saying:
“The P2-fee will only be effective on withdrawals of clients using Cash Cards (or BDO pre-paid electronic debit cards), similar to what other industry players are implementing.”
BDO Cash Card is a “re-loadable prepaid electronic debit card.” Like all other debit cards in the market, the BDO Cash Card can be used for payment in various shops and merchants without using actual cash. However, unlike a credit card, the debit card’s account must be funded before it can be used for payment. As a prepaid card, the BDO Cash Card can be reloaded or topped-up with funds by making a cash deposit or fund transfer to the account.
In the past, BDO does not charge a fee when account holders use the Cash Card to make a withdrawal. With the new rule, all BDO Cash Card users will fork out P2 for every withdrawal made starting September 1, 2012.
All other BDO account holders will not be affected by this new fee.
According to the BDO website, the following fee structure will be charged against holders of BDO Cash Card (prepaid debit card) starting September 1.
BDO Cash Card Transaction Fees
8 thoughts on “BDO to charge ATM withdrawal fee?”
What is the main purpose and pros of this cash card anyway in the Philippine setting? I understand on the western banking about pros of cash card but here – it doesn’t add up. If they aim is for POS (Point of Sale) only – why go cash card? Bring cash! Is POS available on jeepneys or divisoria stalls? What is BDO target market of this bank product anyway?
Cash card are used as an alternative for bringing money when shopping and at the same time saves you the time to line up for the ATM counter to make withdrawals.
However, I wonder why BDO began charging for this card. Is it because this cash card will be faced out soon and they are lacking the capital to issue this card. Good thing my account is not with BDO, they are really a pain in the ass when it comes to customer service (BASURA!)
I agree. But what is the advantage of Cash Card from a Debit card? Debit card can process EPS or POS too?
Tama! Basura talaga ang customer service ng BDO!!! I remember one time, gusto ko lang naman magpapalit ng tig-P50 or tig P20 na bagong papel non, sabi daw dun ako sa branch ko ng bdo magpapalit, di daw sila nagpapalit pag di ka nila customer sa branch na yun. Ngayon naman, gusto nila mangotong ng P2 kada withdrawal. BDO sucks!
Cash Card is technically a Debit Card.. Cash Card is just for product branding.. About your question on the advantages, well it’s pretty obvious. You don’t need to carry bulk of money.. Imagine yourself carrying 10,000 pesos inside a jeepney. Baka abot hanggang lalamunan ang tibok ng puso mo. Then pag nasa mall ka, you don’t need to fall in line to withdraw on ATM dahil meron na mga POS terminals sa cashier’s counter. And yes there are POS on divisoria stalls. There is actually one taxi company now in Philippines who has POS on their limos. @60fc41135a7a0538c777e07f23002450:disqus The only transaction they will charge is for withdrawals made on ATMs but for the POS transaction it is free. I think because the main purpose of this card is for POS transactions so using it on ATMs is chargeable..
What’s the difference between a cash card and a debit card?A cash card will only allow you to make ATM (Automatic Teller Machine) withdrawals. A debit card will allow you to pay directly for goods and services; anywhere your card’s payment network (Visa, Maestro, etc.) is accepted..
Cash CardDebit Card Withdraw cash from an ATM Pay for goods and services in person or over the telephone Pay for goods and services online Withdraw cash from an ATM Pay for goods and services in person or over the telephone Pay for goods and services online
our monthly salary is deposited in a debit card. this will be pure robbery if they will charge for every withdrawal of my hard earned money. in the first place, we did not choose to bank with bdo but our employer.
BDO sucks. They know very well that most companies who use their services for payroll use cash cards. Sa company pa lang namin, thousands na yon.