P10 Charge Per Withdrawal at Own Bank

@blebchel (249)
Philippines
April 16, 2013 10:15am CST
I bet most Filipino Mylotters do have a Unionbank EON account because of EON's service to transfer funds from paypal. Do you know that the Unionbank made an announcement from their official facebook fanpage 12 hours ago that quotes: "Hi everyone, Please be informed that effective June 1, 2013, all ATM Withdrawals made at Unionbank ATMs will be charged a transaction fee of P10. Thank you". Yes , you've read it right. Unionbank will charge us 10 pesos per withdrawal even we've withdrawn it from their own ATM. Now, they made an announcement without an explanation.That's insane right? I think it's better to make our annual fee waived if that's the case.
1 person likes this
14 responses
@cttolledo (5462)
• Legaspi, Philippines
16 Apr 13
Correct! what happened to the annual fee we are paying.. If that would be the case.. well they should start counting the days of their existence because I'm sure that a lot of clients will back out to have an accounts with them because of that very expensive transaction. wowww stress : (
@blebchel (249)
• Philippines
17 Apr 13
exactly!!! if you could only see those rants on their facebook fanpage, you would really conclude that most of the depositors have plans to just close their eon account and find a better bank with lesser charges.
@cttolledo (5462)
• Legaspi, Philippines
17 Apr 13
Maybe Union has a vital reason of implementing that new policy, but i'm sure that their marketing will be affected by that.. people now adays cannot afford to pay every now and then during withdrawals...
@Raine38 (12258)
• United States
16 Apr 13
Wow, what could be their basis for charging withdrawals even at their own ATM machines? Maintenance? But as far as I know, the mere fact that you bank with them, there are certain monthly bank charges that they already take out of your savings, right? That is not good.
@blebchel (249)
• Philippines
17 Apr 13
and they've been deducting as P350 annually raine.. so , withdrawal charges is not fair for us.
@blebchel (249)
• Philippines
17 Apr 13
i mean us..lol
@mensab (4200)
• Philippines
16 Apr 13
this is ridiculous. this is like squeezing their own customers to earn more money for their own good. the bankers are really having their sweet time earning so much fat paycheck at the expense of savers and depositors. how can they punish their own depositiors? i hope the other banks do not follow this action by Unionbank.
@blebchel (249)
• Philippines
17 Apr 13
I have been hoping that way mensab but I've read from someone that probably more banks will follow that Unionbankway. I wish our voices be heard because we, an ordinary depositor would definitely be suffering from this high charges.
• Philippines
16 Apr 13
Hello Blebchel, there's a simple solution for me, and that is to finally transfer it to another bank in a time deposit. if they are going to push through with this, i have no choice but to limit my withdrawing of my money from Union Bank for at least two to four months to avoid too much fees.
@blebchel (249)
• Philippines
17 Apr 13
Letran ,I think they've been too confident that the most depositors will just tolerate their future plans because of the thoughts that they are the only bank which transparently has a service to transfer funds from paypal. i hope , more banks will introduce an online card that could verify/connect the paypal.... *hoping*
• Philippines
17 Apr 13
Thanks for the heads-up. I haven't been withdrawing at the bank's ATM machine because their main branch is quite far away? Does anybody here here knows the rates when I withdraw on another bank's ATM? I think 10 pesos is a bit much. That's more than I would pay in a fare. I understand the rationale around it but it doesn't mean that I should accept it as it is. Granted that I only have two cards but any small fees from them will definitely come together and it will have a good difference for their profit. I guess as a small bank with a steady of customers (mostly due to online transacts) , Union bank can capitalize on it and pull this off. Now, if we can find a way or an alternative, they might be singing a different tune. I don't expect them to give me an explanation, they're a bank! But I guess some few us can have techniques to go around their policy.
@blebchel (249)
• Philippines
17 Apr 13
Based from the comments of the posters, the other banks to consider are rcbc mywallet card , bpi and i've heard that metrobank will introduce a card for paypal. i just hope metrobank's card will come the soonest yvonne.. :/
• Philippines
16 Apr 13
OMG! I think that's too much because Unionbank has been charging 350php as annual fee for the EON Card. YOu're right, they should have an announcement first.We are clueless why they need to charge P10fee per withdrawal.
@blebchel (249)
• Philippines
16 Apr 13
Shocking news ,right belle? They've been too greedy to collect money from their small depositors... tsk tsk They are also too dominant to just announce a certain policy without surveys from the public... *sigh*
• Philippines
16 Apr 13
Unfortunately, with the high rates and low depositors now a days, they got no choice to raise the rates. it may have something to do with BSP but i don't know what that is. the only reason why am using eon card because it only connects with the PAypal with little fees or no fees at all i think. i recently desposit 180 dollars in my account. might as well transfer it.
@rsa101 (37952)
• Philippines
17 Apr 13
Wow that is really bad I guess you should have a campaign of some sort so that it will be noticed by media. I think that is too much already. I know it is okay to charge if you withdraw in other ATM machinces since there is a bank to bank fees for transferring the money you took from other ATM machines but f you withdraw from their ATM machine there should be no more fees incurred since it is happening from within the bank.
@stanley777 (9402)
• Philippines
17 Apr 13
Why? Yes, it is insane, even if it is just a little amount.. It is quite unreasonable.. They should definitely provide an explanation ,since that is one of the reasons why we always use the appropriate ATM, so we will not be charged a fee. Where did you read it?
@namiya (1713)
• Philippines
18 Apr 13
This seems to be excessive charges for their clients. This move may defeat their purpose of earning more as they will be losing patronage.
@lady1993 (27225)
• Philippines
17 Apr 13
That is insane.. The reason why people even bother to use the proper ATm with their bank accounts is because there is not extra charge. I hope they willtake it back, or even give a very good reason for it.
@SIMPLYD (90727)
• Philippines
18 Apr 13
I think this is being unreasonable. The fact the EON cards are owned by Unionbank, they shouldn't be charged with 10 pesos per transaction. I think it will be reasonable if you withdraw in your EON card using other bank's ATM like i always do. And to think that there's already the annual fee of 350 pesos.
@Angelpink (4035)
• Philippines
16 Apr 13
This is not a good news . I have the EON but i didn't used it .It is quite big , BPI is like getting only 5 pesos only. Whatever is their rationale they need to tell the public and public deserved to be informed.
@blebchel (249)
• Philippines
16 Apr 13
Really quite big Angelpink especially for us who don't have much earnings online. lol
@iluvusabado (2560)
• Philippines
20 Apr 13
i also use the eon card but there's no near union bank in our place so i withdraw either with the metrobank or bpi atm. i really take note of their withdrawal charge. but i really think the members owe an explanation to this. i also think that their annual fee is too high that it's better to just open a new account every year.
• Philippines
17 Apr 13
They should make a valid explanation for this. It's not proper just to make an announcement on their Facebook page. There should be a formal letter address to each and every customers. P10 is quite high considering that we are also paying for annual fee. I hope they will realize this and not pursue their plans.