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Nairaland Forum / Nairaland / General / Business / Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN (21915 Views)
Banks Stop Use Of ATM Cards Abroad #Emefieleconomics / CBN Reintroduces N65 Charges On Cash Withdrawals On ‘other Banks’ Atms / Cashless Policy: CBN To Apply Charges On Withdrawals, Deposits From Oct.2 (2) (3) (4)
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Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by armadeo(m): 10:08pm On Nov 13, 2012 |
slimyem: Good one.. i feel ur pain. there is an atm within my office complex not my banks own though and that machine has wacked my 100 bucks running into several thousands. am particularly irked when i have to withdraw max limit and i know am spitting out 500 card in 2 minutes cos this scam machine doesn't even give 40k @ once though 40k is an option the biaatch says maximum limit exceeded pls enter a lower figure. e really dey pepper for body. and how soon is soon cos e fit be 2016. 2 Likes |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by bravehost4u(m): 10:17pm On Nov 13, 2012 |
I withdraw anywhere with my Diamond bank ATM for free since July... Can u beat that? |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by Jalal(m): 10:19pm On Nov 13, 2012 |
Gud idea, wud save me thousands each month if implemented. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by Sike(m): 10:25pm On Nov 13, 2012 |
Bring it on, CBN! |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by Nobody: 10:28pm On Nov 13, 2012 |
mfm04622: Do Nigerians remember the saying that there is no free lunch anywhere? So who bear the rent for space, cost of construction, cost of ATM, cost of inverter, cost of power supply, cost of salary for the ATM custodian? What of the cost of providing switch? Who pay interswitch that make it possible for ATM machine of Bank A to see your account in Bank B? Or cost of network link? What will be the incentive for Banks to expand the ATM network? To me (my opinion) this is another big mistake from CBN. Let's wait and see how it works. The number of posts supporting this confirm that Nigerians love awoof.customers pay for ATM maintenance fee. Dnt be scared of good development. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by psalmz(m): 10:29pm On Nov 13, 2012 |
Tour 15k,Bold 1 16k...bold 2{white} 25k.....bold 3 ..20k...bold 4...34k..bold 5{white}..57k..bold 5{black}...54k.TORCH 1{white}...35k...TORCH 2...{White}..52k...TORCH 3..{White}..37k.curve 4..34k..all very clean..no stain and comes in warranty...call 08038940607 for enq |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by doopsy(f): 10:32pm On Nov 13, 2012 |
groovie: that 100 naira isnt for atm maintenance, rather it goes to interswitch (i dont know what they use it for) so the banks dont really lose anything. and its no excuse for poor atm service abeg. what you don't know is that a percentage goes to interswitch,the issuer's bank and the servicing bank. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by oc2fish: 10:35pm On Nov 13, 2012 |
Nija bank charge you for their lazyness for instant if your bank Atm is not loaded and you entered into the hall to withdral they will charge. If they want to varify you signature they will and lf you want your statement of account you will be charged haba Nija bank |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by Nobody: 10:40pm On Nov 13, 2012 |
kaysy: when Soludo was the gov of cbn we used to have atm around the metropolis even without having any bank residing around them, but banks are so fraudulent that they profiled some of them to alway have dispense error to lower cash withdrawals where the owner may just overlook it, when sanusi came in he ordered for the removal of all atm's that's not within a bank, so the illusion of adding private investors are out of it completely. people are just shouting here that no profit from using atm again, have they forgotten that current account holders also uses atm? what i see here is that saving account will soon be scrapped somehow and banks will make everyone to use the current account where atleast cot can be charged. its good for everyone to have a first hand knowledge of banking operations so that they can understand what is actually happeneing therethat wsnt the reason for removing those ATMs. The plan was to favor 'private' ATMs. Banks deplored numerous ATM then to make money from withdrawal charges and inter switch. Remember, during that period, banks charged customers per withdrawal. Later on charges were only for inter bank transactions. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by jodam: 10:48pm On Nov 13, 2012 |
centje: i dnt think so... Then, be ready for ATM card maintenance charges within a month. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by groovie(m): 10:49pm On Nov 13, 2012 |
doopsy: .lol. so all of them go share the money and dem go still collect maintenance charges? they are not doin any favour by not charging N100 again na |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by SkyRider1(m): 10:51pm On Nov 13, 2012 |
They should look into charges on POS transaction to the merchant. Zenith & interswitch currently charges about N150 on a N10,000 transaction. This is rather high when profit on the transaction is only N350. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by chiswaggs: 11:01pm On Nov 13, 2012 |
adonisyung: can U̶̲̥̅̊ nigerians ever appreciate anything gud? Gush!wats good about paying an extra 100 naira? |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by litaninja(m): 11:06pm On Nov 13, 2012 |
Interesting. Like someone posted above, nice idea on paper, but a few things have been left out. 1) How soon is this "soon"? 2) Who or what body will monitor this to ensure compliance? 3) What's to stop the banks from still deducting the #100 or other random charges behind the scenes (most people dont track their EXACT balances)? |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by Nobody: 11:10pm On Nov 13, 2012 |
jodam:i dnt know abt other banks buh banks i transact with deduct the maintenance fee monthly. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by Nobody: 11:20pm On Nov 13, 2012 |
Ope Ooo My monthly supplies of garri go increase be dati OooooooooooooOooo Sanusi ur head dey dia small |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by Nobody: 11:38pm On Nov 13, 2012 |
centje: i dnt know abt other banks buh banks i transact with deduct the maintenance fee monthly.With time, you will only be able to withdraw from your bank's ATM alone. GTB does that most times. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by docjuli(m): 12:27am On Nov 14, 2012 |
The CBN should also look into the number of hours sometimes days spent waiting for cash dispense error to be reversed. Why should it take a bank a long time to reverse a wrongful debit by ATMs? And why should a merchant reject my use of POS terminal because the sale is not up to 5k. (Sorry about the disgression at least it wasn't about the price of garri). |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by chux76(m): 12:57am On Nov 14, 2012 |
billante: Users of Automated Teller Machines will no longerpay N100 on withdrawals whenever they use banks other than theirs, the Central Bank of Nigeria said on Tuesday. Are we not missing some vital info here..read the emboldened properly...banks can use that in their favor. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by cardoso111(m): 1:45am On Nov 14, 2012 |
and they should increase the option of 50k in the atm |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by bigpastor(m): 2:13am On Nov 14, 2012 |
gen2briz: hummm when dis is fully implemented, am very sure dat 85% of wema atm's will stop workingWetin WEMA do u? |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by DeWisedon(m): 4:59am On Nov 14, 2012 |
na today we start to dey hear d word soon 4 9ja.yeye pple.dis soon fit be next century |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by charlsecy4(m): 5:47am On Nov 14, 2012 |
chux76: Are we not missing some vital info here..read the emboldened properly...banks can use that in their favor. [size=13]Please let's be sensible in our use of Nairaland. You quoted the whole passage only for you to respond to a particular line of information you call "emboldened." You should have quoted only the "emboldened," and it's not too late to edit your response accordingly.[/size] |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by psalmz(m): 5:49am On Nov 14, 2012 |
Tour 15k,Bold 1 16k...bold 2{white} 25k.....bold 3 ..20k...bold 4...34k..bold 5{white}..57k..bold 5{black}...54k.TORCH 1{white}...35k...TORCH 2...{White}..52k...TORCH 3..{White}..37k.curve 4..34k..all very clean..no stain and comes in warranty...call 08038940607 for enq |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by Nobody: 6:02am On Nov 14, 2012 |
Emperor5c: Gudnews o! Imagine me trekin 4rm hiltop 2 UNN gate jst 2 withdraw #500 4rm darlin diamond bank.coz i dare nt withdraw 4rm UBA wich iz jst few steps away 4rm hiltop 4 fear of losin a “live savin“ #100 bucks Diamond bank do no charge d N100. I use d bank. You can use ur diamond bank card anywhere without charges. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by shevon: 6:07am On Nov 14, 2012 |
Diamond bank has implemented this policy since earlier this year, I don't know why it's taking other banks this long and such cheap publicity before implementing same. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by richfaxy: 6:10am On Nov 14, 2012 |
Even though lots of people support the idea of scrapping the 100naira, trust me most of the ATM will no longer have money to dispense at they no they will be loosing and not gaining anything, will will they want to service or have someone on standby esp during weekends and public holidays, anyways lets see what becomes of the policy |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by Nobody: 6:11am On Nov 14, 2012 |
fatai2: Only for diamond bank customers. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by Nobody: 6:13am On Nov 14, 2012 |
fatai2: Sure about dat? Cos I know all banks ATM have been made 2 accept all cards......Visa, Verve or MasterCard. What card exactly r u using and when was it rejected? |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by Nobody: 6:16am On Nov 14, 2012 |
goldylock: Not so. I use my MasterCard on DiamondBank ATM machines without hitches. |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by adim2(m): 6:31am On Nov 14, 2012 |
I fear that what lies behind removing this charges is greater than the 100 itself let examine some possible negative effects of this removal 1 banks will not bother to lodge their atm with money and then u will be forced to make transaction in ur bank and lose the sum of money in equivalent 2 banks will bring out some other alternatives like increase in the cost of producing and atm card, cost of transfer or increase in maintenance of atm services which will still bore down on the customers 3 atm machines might always be out of service because its cost them hugh amount money for the network 4 I will not be surprise if atms starts malfunctioning and deducting money unnessecially because adequate attentions will not be paid to the atm again I will rather advice that such money be reviewed and reduced |
Re: Users Of ATM Will No Longer Pay N100 On Withdrawals - CBN by davades(m): 6:55am On Nov 14, 2012 |
Jenams: are u sure abt †ЂΞ info on diamond bank? i've bn gettin loads of custormer friendly news from ∂α† bank, i may av τ̅o change bank very soon. Yes it's true I use Diamond Bank too...they've stopped charging †ЂΞ #100 ATM withdrawal from other ATMs since september |
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