Ghenghen! : CBN Re-introduces ATM Charges, Bank Customers To Now Pay......

 The Central Bank Nigeria(CBN) has re-introduced ATM charges for cash withdrawals made on other banks’ Automated Teller Machines. In a circular dated August 13rd 2014 and signed by the Director, Banking and Payment Systems Department, CBN, Mr. Dipo Fatokun , the re-introduced ATM deduction pegged at N65 per withdraw would take effect from September 1st 2014.

The circular states that the first three withdrawals in the month of September on other banks ATM would be free but the charges would start counting from the fourth withdrawal. Read report below.....

"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.”  it read

This reintroduction of ATM withdrawal charges comes almost 2 years after the CBN and the Deposit Money Banks cancelled the N100 ATM charges in December 2012. Source

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Finally: N100 ATM Service Charge Gets Dec. 17th Termination Date

Following the outcome of the Bankers Committee meeting where it was agreed that N100 ATM service charge would be stopped, the Central Bank of Nigeria has announced that starting from next week Monday, December 17, 2012, customers of deposit money banks will no longer pay N100 on withdrawals from Automated Teller Machines whenever they use banks other than theirs.

Mr. Lamido Sanusi, the governor of the CBN, gave the good news on Sunday at the fourth Annual Retreat of the Bankers Committee in Calabar. He said that the  bank would begin the effective implementation of the removal of bank charges associated with the use of other banks’ ATMs by customers from next Monday.

In his words, “We have agreed on a final date of Monday 17, December, 2012 for the kick-off, when every bank will remove the charges. We allowed some time for banks that have not configured their IT to do so and stop charging, and hopefully by 17th of December, you are not going to have any customer pay additional charges.”

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