BPI postpones implementation of additional bank fees

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CNN Philippines (Metro Manila, July 4) — The Bank of the Philippine Islands (BPI) has postponed the implementation of additional bank fees on over-the-counter transactions.

In a statement issued Wednesday, the bank said that it will push the implementation of added charges to over-the-counter deposits and withdrawals to January 2019.

"This will give our clients enough time to be more familiar with our other existing Bank Anywhere facilities via our online and electronic channels," said Maria Ana Luna, Customer Experience Management Office Head of BPI.

These fees were originally set for September this year to comply with  with Republic Act 10963, or the Tax Reform Acceleration and Inclusion Act (TRAIN) Law.

READ: BPI set to impose additional bank fees

An amendment in the law states that there will be a documentary stamp tax (DST) on bank checks, drafts and certificate of deposits not bearing interest, among others.

In its latest statement, BPI said that it would continue to pursue digitization of its processes to be able to reach more Filipinos.

"Our online banking website and mobile app allow our clients to perform transactions such as funds transfer and bills payment with added security and greater convenience," Luna said.

The bank plans to provide 2,600 more automated teller machines (ATMs) by the year end.