BREAKING: Customers shun other banks' ATMs over N65 charges
BREAKING: Customers shun other banks' ATMs over N65 charge
Customers on Monday dumped the use of other banks’ Automated Teller
Machines in a bid to avoid paying the newly introduced N65 ATM fee,
which became effective that day.
The Central Bank of Nigeria, in collaboration with the Bankers’ Committee, had on August 13, 2014 announced the introduction of the N65 service fee on cash withdrawals from other banks’ ATMs.
The re-introduction of the fee came almost two years after the CBN and the Deposit Money Banks cancelled the N100 ATM charge in December 2012.
The Director, Banking and Payment Systems Department, CBN, Mr. Dipo Fatokun, had said the central bank and the DMBs agreed to re-introduce the ATM charge because the cost of transaction was becoming too burdensome for the banks to continue to bear.
Fatokun also said the charge would become effective on the fourth ATM withdrawal in a month, thus making the first three withdrawals on other banks’ ATMs within the month free.
The Central Bank of Nigeria, in collaboration with the Bankers’ Committee, had on August 13, 2014 announced the introduction of the N65 service fee on cash withdrawals from other banks’ ATMs.
The re-introduction of the fee came almost two years after the CBN and the Deposit Money Banks cancelled the N100 ATM charge in December 2012.
The Director, Banking and Payment Systems Department, CBN, Mr. Dipo Fatokun, had said the central bank and the DMBs agreed to re-introduce the ATM charge because the cost of transaction was becoming too burdensome for the banks to continue to bear.
Fatokun also said the charge would become effective on the fourth ATM withdrawal in a month, thus making the first three withdrawals on other banks’ ATMs within the month free.
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