ATM and electronic banking network BancNet has launched an innovative facility that enables people in remote areas of the country to withdraw cash even if there is no ATM in the area. Called Cash Out machine, the facility accepts debit cards like ATM cards and cash cards. The card is swiped on the machine and the cashier or teller of the establishment dispenses the amount of cash which is debited from the bank account. Cash Out machines are located initially at partner rural banks in municipalities where there are no ATMs.
\nThe first BancNet Cash Out machine was piloted recently at New Covenant Rural Bank in Gabaldon, Nueva Ecija in collaboration with BancNet member Land Bank. Gabaldon is a third class municipality located 85 kilometers from the nearest city Cabanatuan. Land Bank partnered with New Covenant Bank in order to make it easy and convenient for some 2,000 beneficiaries of the conditional cash transfer (CCT) system, also known as \u201cPantawid Pamilyang Pilipino Program\u201d or 4Ps for short, who reside in Gabaldon, to get their cash allowances. They used to travel to Cabanatuan for almost two hours in order to withdraw from the Land Bank ATM in the city.<\/p>\n
The 4Ps is the government\u2019s assistance to poor families primarily for their education and health care needs. It is administered by the Department of Social Welfare and Development (DSWD) with Land Bank tasked to disburse the money. Beneficiaries get P300 monthly for each child in Grade School and P500 monthly for each child in High School. Since tuition is free, the money they receive is meant to be spent on school supplies and daily allowance. They are given cash cards to enable them to withdraw the money anytime through any ATM anywhere in the country.<\/p>\n
The hassles of getting their allowance in the city are now a thing of the past as they can now withdraw it through the BancNet Cash Out machines in Gabaldon. Aside from the Cash Out machine at the New Covenant Bank near the Gabaldon municipal hall, another one is at the bank\u2019s branch inside the campus of the Nueva Ecija University of Science and Technology.<\/p>\n
\u201cBefore, beneficiaries had to travel for almost two hours just to get to an ATM. Aside from the trouble and waste of time, it cost them P160 of round-trip transportation fare. That\u2019s a big amount of money, which they could have used for something else,\u201d said Ronamae Tolentino, a DSWD officer in Gabaldon.<\/p>\n
Some of the beneficiaries used to leave Gabaldon as early as 4am so they could make it to Cabanatuan and back to their work. Some of them even had to skip work just to get their money.<\/p>\n
With the successful pilot implementation in Gabaldon, Land Bank has partnered also with Key Rural Bank in San Antonio, Nueva Ecija and Rural Bank of Sta. Ignacia in Sta. Ignacia, Tarlac. It plans to deploy at least 50 Cash Out machines within the year.<\/p>\n
According to BancNet general manager Aristeo Zafra, Jr., more Cash Out machines will be rolled out in other remote areas not served by ATMs. \u201cThis is in support of the government\u2019s financial inclusion advocacy,\u201d he said. He disclosed that Banco Dipolog, a member bank based in Zamboanga, has launched the service as well, while DBP, AUB, and PBCOM will launch their Cash Out machines soon.<\/p>\n
\u201cThey will be located not only at partner rural banks but also at other strategically located business establishments so that it will be more convenient for the rural folk ,\u201d Zafra said. These will benefit not only 4Ps beneficiaries but also other ATM cardholders who unexpectedly find themselves in need of cash while traveling in the countryside.<\/p>\n","protected":false},"excerpt":{"rendered":"
ATM and electronic banking network BancNet has launched an innovative facility that enables people in remote areas of the country to withdraw cash even if there is no ATM in the area. Called Cash Out machine, the facility accepts debit cards like ATM cards and cash cards. The card is swiped on the machine and […]<\/p>\n","protected":false},"author":4,"featured_media":4177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\n