The Central Bank of Nigeria on Thursday announced the cancellation of the N100 monthly Automatic Teller Machine card maintenance fee introduced by some banks recently and which generated public condemnation.

The CBN in a circular titled, ‘Revised guide to bank charges,’ posted on its website, however, pegged the maintenance fee at N100 annually.

Also affected is the mandatory cost of Short Message Service alert which has been pegged at N4 subject to the Nigerian Communication Commission’s directives.

The circular, which takes effect from April 1, read, “In order to reflect current developments in the market and provide clarity on banking terms, the CBN recently conducted a review of the guide in consultation with all the banks and discount houses, Bankers’ Committee, financial experts and also considered inputs received from other stakeholders to produce the revised guide to bank charges.”

On electronic transfer, the bank said N70 would be charged on transactions below N500,000 while N100 should be charged on transactions between N500,000 and N1m. Transactions above N1m will attract a charge of N500.

It said issuing fee of a debit card should exceed N1,000, while international withdrawals per transaction on debit cards should be charged at N240 rather than N1,000 being currently charged by almost all the banks.

The CBN pegged the interest on savings deposit accounts at a minimum of 30 per cent of the Monetary Policy Rate per annum.

It would be recalled that following the Bankers’ Committee meeting in November 2012 which scrapped the N100 interbank charge on the use of ATM cards, some banks went ahead to introduce the N100 monthly maintenance fee on ATM cards...

http://www.informationng.com/2013/03/cbn-bows-to-public-outcry-cancels-n100-monthly-atm-maintenance-fee.html

Good one...
Bt Op,nah lamido picture attached 2 ATM b ur source of dis info?

They shld jst scrap it

And firstbank debited me for Verve Card charges last night?




Damn!

First bank should give me back my money o! c how dey don clear throat,sidon calculate how much dey will be makin from us every month. God don catch dem.dey should better return my 100 naira o!

halleluyah

Pizzanatty: Good one...
Bt Op,nah lamido picture attached 2 ATM b ur source of dis info?

I hope you can see very well

@the topic:

Unionbank debited ♍e on thurs

They must refund that N100

this is a welcome development. welldone to the CBN governor

ECOBANK debited me 200naira lastweek...
They say for POS...
GOD knws i neva used their POS

Implementation! Implementation!! Implementation!!!

Still waiting for ATM wey go comot Coins, wey sanusi bin want introduce kwa..

Sanusi always kills it. . . You know, when he stopped the regular N100 ATM charge, i was thinking it would affect lotsa jobs. Now I realize these banks make a lot of money with very poor services. . .

Good one!

@jude, they said with effect from april 1,2013, ode!

Hope users won't start complaining when ATM Service Delivery drops too?
Because according to the post,it is called MAINTAINANCE FEE!

Did i just make front page i said it this easter will be great for me *dashes out to buy cow to celebrate front page *

dy wil stil com up wit anoda strategy. Dz institutions n companies luv xploitation. Dey neva consida d interest of d poor who dey say dey serve. Gud one 4rm cbn

Gud to knw

wat of me wey no get money in d bank?

Very well! One of the laudable policies of SLS.

Emyogalanya: Did i just make front page i said it this easter will be great for me *dashes out to buy cow to celebrate front page *

I don catch you today. So you have two accounts abi?

Emyogalanya: Did i just make front page i said it this easter will be great for me *dashes out to buy cow to celebrate front page *

bush boy

Ope oooo....at least dat #100 go recharge my fone every month....#dancing galala

na all of u na get ATM card

#80million:
Hope users won't start complaining when ATM Service Delivery drops too?
Because according to the post,it is called MAINTAINANCE FEE!

What are they maintaining

Imagine using 2 banks.....or even more, how much dem go dey chop for our head. Nice one, IF TRUE

jude33084:

I hope you can see very well

@the topic:

Unionbank debited ♍e on thurs

They must refund that N100

it was just modified 2 include d source...cant u see i was first 2 comment and by that d OP modified it b4 u start sayn trash?

Please does our politians use ATM? I m very sure the answer is NO.. cos they spend big.... My friend once told me that his dad never touched the following denomination , 5naira,10 naira, 50 naira, 20 naira, ... he's father thinks they re meant for the poor... By the way , he's dad is a politician.. I personally don't like seeing such notes in my wallet...wetin man go do.. they re useful sometimes oh... 5 naira for sachet water....

gud president in embrayo....

Ah... ah... these Banks are just becoming something else. Uncontrollably greedy. They just make arbitrary charges without giving a damn on the economy of their customers. thank God Nigerian government is beginning to rise up to our defense. That's a good one. I hope they keep it up!

Imanuelle: And firstbank debited me for Verve Card charges last night?




Damn!

me2,plus additional 90 naira they deducted jus now which they called alert fee! This ppl r nt smilin!