Casiño urges Congress to probe P2 withdrawal charge on BDO cash cards
PARTYLIST Representative Teddy Casiño (Bayan Muna) today called on Congress to investigate the alleged P2 withdrawal charge arbitrarily imposed by Banco de Oro on its cash card clients starting this month.
Casiño made the call as workers complained of the P2 charge of the BDO Cash Card, which was described as “a re-loadable prepaid electronic debit card” which does not require a maintaining balance and is used by many employers as a means to release workers’ wages.
Casiño earlier filed House Resolution 353 directing the Committee on Banks and Financial Intermediaries to conduct an investigation, in aid of legislation on the reported irregularities attending unjust and unwanted automated teller machine (ATM) transaction fees.
The progressive lawmaker wants to include BDO’s recent P2 withdrawal charge in the list of unwarranted fees and charges on approximately 18 million ATM clients in the country who make close to 2 million transactions per day through the three major ATM networks, namely: BancNet Inc., Megalink Inc., and ExpressNet Inc.
Estimates place the number of payroll workers getting their salaries through BDO Cash Card at 6 million.
If workers withdraw wages for twice a month, BDO will earn an additional P24 million every month with this scheme (6 million x P2.00 x 2 times a month).
The computation leaves out workers who get their wages four times a month and double swipes of ATM cards due to ATM’s malfunctioning.
“Banks already earn profits when the salaries and wages of workers are coursed through them by employers, they should not further extract profit from the workers who need every peso of their earnings,” said Casiño.