AUGUST 14, 2014 BY OYETUNJI ABIOYE



Banks customers will from September
1, 2014 pay a token for cash
withdrawals made on other banks’
Automated Teller Machines, the
Central Bank of Nigeria said in a
directive released on Wednesday.
The re-introduction of the ATM charges
came almost two years after the CBN
and the Deposit Money Banks cancelled
the N100 ATM charge in December 2012.
The new directive for the
reintroduction of the charge was
posted on the CBN website, but instead
of N100 per withdrawal, customers
using other banks’ ATMs will now pay
N65.
According to the order, which was
contained in the circular signed by the
Director, Banking and Payment Systems
Department, CBN, Mr. Dipo Fatokun, the
central bank and the DMBs agreed to
re-introduce the ATM charges 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 circular dated August 13, 2014,
read, “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.”
The CBN, in collaboration with the
Bankers’ Committee, had in December
2012 transferred the payment of the
N100 fee on ‘Remote-on-us’ ATM cash
withdrawal transactions to the issuing
banks.
The fee was shared between the
acquiring bank, issuing bank and switch
companies at the commencement of
the arrangement.
However, Fatokun, in the latest
circular, noted that issuing banks had
during the commencement of the
arrangement in 2012 decided to waive
the issuer fee of N35, which should
ordinarily have been an income to
them.
He further said, “Consequently, banks
only bore the cost of N65 each time
their customers use another banks’
ATMs.
“However, as a result of the
unintended consequences of the
decision, which has resulted in
substantial cost burden incurred by
banks in defraying the cost of the
service, the payment structure for
card carrying bank customers is
hereby reviewed in line with present
realities.”

http://www.punchng.com/business/business-economy/bank-customers-to-pay-n65-for-atm-withdrawals/

well, another way of charging customer despite high profit declare by the banks.

this should hit front page for all depositors bank to read

Saw this morning, they shldnt be doing this...

Godwin Emefiele will always want to bring policies that will favour a sector where he has so much investment at the detriment of the poor masses.

thats it