Thursday, August 14, 2014

ATM Withdrawals Now To Cost N65..OH NO!

 

The Central Bank of Nigeria (CBN) has announced that withdrawals made from the Automated Teller Machines (ATM) of banks asides from the user's will now attract a fee of N65.



The CBN made this known via its official website while adding that the new fee regime would begin from the 1st of September.

The Director of the Banking and Payment Systems Department of the CBN, Dipo Fatokun said the first three withdrawals on other banks’ ATM will be free but it would become effective on the fourth withdrawal in a month.

The previous fee was N100 but it was cancelled by the CBN andDeposit Money Banks in December 2012.

The statement reads:

“The CBN hereby issues the following directives: The re-introduction of ‘Remote-on-us’ ATM cash withdrawal transaction fee, which will now be N65 per transaction, to cover the remuneration of switches, ATM monitoring and fit-notes processing by acquiring banks; the new charge shall apply as from the fourth ‘Remote-on-us’ withdrawal (in a month) by a cardholder, thereby making the first three ‘Remote on us’ transaction free for the cardholder, but to the paid by the issuing bank.

September 1, 2014 shall be the effective date for the implementation of the new charge; banks are expected to conduct adequate sensitisation to the customers on the introduction of the new fee; all ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the cardholder.”

The fees were re-introduced by the CBN because the cost of transaction was becoming too much for the banks to bear.