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BDO will charge P2 every Cash Card withdrawals from its ATMs: Who are most affected?
BDO (Banco de Oro) is making another way to cope up with cash handling.
If you frequently transact in BDO's ATMs, you might be surprised to see its advisory in the ATM screen, "Effective September 1, 2012, Cash Card withdrawals from BDO ATMs shall be charged Php 2.00 per transaction. Thank you very much.”
To make it clear, the P2 fee is only applied to BDO Cash Cards and not ATM cards.
Many companies in the Philippines use BDO Cash Cards for the payrolls of their employees and agents.
So those employees or agents are most affected by the new policy of BDO.
Why does BDO implement a P2 charge on every cash card transactions in their ATMs?
Jaime Nasol, head of BDO's cash management services said,
With this new policy, I'm currently thinking of my friends who are using BDO cash cards to withdraw their salary. Many of them are just sales ladies, bus boys, factory workers and janitors.
I know they are affected and the impact isn't that big.
But of course if we totaled the number of people using BDO cash cards in the Philippines and the number of transactions in BDO ATMs every day, how much money do you think BDO can earn? Yes, it's a huge money, right?
Do you think its reasonable for BDO to charge P2 in every Cash Card transactions? Tell us your thoughts in the comment below.
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