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. September 1, 2014 shall be the effective date for the
implementation of the new charge; banks are expected to conduct adequate
sensitisation of the customers to the introduction of the new fee; all ATM cash
withdrawals on the ATM of issuing banks shall be at no cost to the cardholder,
a circular issued by the CBN on the new policy had stated. However, visits to
several ATM points across Lagos on Monday revealed that banks’ customers had
started avoiding the use of other banks’ ATMs.
Punch Newspaper
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