Truly I have never thought it was 3 times daily, I have always taken it to be 3 times monthly, so I was not surprise

heatmeup: and is 65 too much?

As an analyst, yes. The process is automated. or does it cost half a litter of fuel to process one on-us ATM transaction?

TUNFOL: U must be silly to compare banks and dia operations in watever God-forsaken-country you are with the kind of the one rendered plus lots of hidden charges we pay here. My organization is still in court with a bank who has been charging a client indiscrimately since the past 5 years.

oga lawyer welldone! I also hav e similar case to the one quoted above.. Nigerian banks always think of dirty strategies they will use to rob the common man

Please help us sensitize them. A country obsessed with freebies. We want free browsing, free power(NEPA) Free freedom(we want freedom but dont want to fight for it. NIGERIANS, WE CAN ONLY HOLD PEOPLE RESPOSIBLE FOR SERVICES WE PAY FOR. Most people making noise don't even contribute to the profit of the bank that serves them. Pay in now withdraw now. If you withdraw more than two times in a m
onth from your saving account how can the bank do business with your money, especially with your little N30,000 in your account.
Thanks for your post.

korel9: I don't know why Nigerians always want everything for free.
You have no idea how much we're charged here in the states for such transactions.

It is only when you pay for something that you can demand for continuous and effective running of such service.

WarHorse1:

As an analyst, yes. The process is automated. or does it cost half a litter of fuel to process one on-us ATM transaction?

so it should be free?

lincolnj88: All of you should stop being childish.....I visited china , xiuan....I was charged 180 naira for using other atms , I was charged 50 naira for using my own atms...in Uk 250naira is charged for using other atms while 100naira is charged for using ya atm.....

.....

Please how do you mean?... I dont get charged for using my debit card in any bank atm at all in the UK

milkymesh: Please help us sensitize them. A country obsessed with freebies. We want free browsing, free power(NEPA) Free freedom(we want freedom but dont want to fight for it. NIGERIANS, WE CAN ONLY HOLD PEOPLE RESPOSIBLE FOR SERVICES WE PAY FOR. Most people making noise don't even contribute to the profit of the bank that serves them. Pay in now withdraw now. If you withdraw more than two times in a m
onth from your saving account how can the bank do business with your money, especially with your little N30,000 in your account.
Thanks for your post.

I will forgive you because most likely, you are not an Economist. If you were, you would have know how the circular flow of money works and would know that even if I deposit 30k at 8am and withdraw at 9am in a particular day, the bank has made its money. If not, ask yourself, why are the banks not operating savings accounts as was 25-30 years ago? My answer is the circular flow of money back by modern technology. As soon as you withdraw, another depositor is replacing somewhere and sometime and the more this kind of demand-supply queuing behavior, the better for the banks. There is an equilibrating of deposits so predictable that banks can count on it and make investments.

And also, Nigerians in this case are not really asking for free ATM services. They are asking for something much affordable and that reflects the Nigerian problem. Just imagine, my bank is out of network. Then I have to go with whatever means , to another banks ATM (Stress Cost) and incur a 65naira Charge (Money cost) to get my deposit from an automated process.

Again, Economics. The wise thing would have been to reduce the charge so that it becomes more inelastic (Sorry, you may not understand that) more affordable to the many such that few or non will stick to their bank ATM. That way, the banks still make more money, if not much more.

When it comes to decapitating the common masses, they will compare Nigeria with Europe and America. But when it comes to enacting policies that are fair to masses, they will remind us that we are third-world country therefore undeserving of such policy.

When it comes to jumbo pay for the lawmakers, they won't compare us with Europe and America.

When it comes to corruption, Europe and American comparison will cease to exist.

Nigerians, why are we fooling ourselves? Has any proponent of America and Europe comparison bothered to compare the minimum wage between Nigeria and those countries? Why do we develop selective amnesia when making our comparison. Why do we cherry-pick our points when putting forward our arguments? The fact is that zero-charges for ATM transaction has worked before and will still work in the future. All these Europe and America comparison is ludicrous. You cannot make any comparison in isolation. This comparison will work if all areas of lives of both countries are put side-by-side.

I don't really get this three times a month and day... is it that we can withdraw up to 10 times a days asin doing that for just three times in a month or how?

heatmeup: so it should be free?

No my dear sister. Just affordable is ok. My suggestion? =N=20 or =N=25
That way, almost all of us with ATM will not mind to pay and the banks or whosoever will make more money. Its the economics of numbers. We are talking of an ATM population of over 60million, that is to count out children and rural dweller. If each makes an on-us ATM transaction, one a month, at =N=25 per transaction, it will yield a revenue of 1.5billion Naira a month.

Now lets assume that 75% of Nigerian will now use only their banks (Trust, we will now exploit our speculative motives to hold more money) that revenue will reduce to 975million Naira.Its the economics of numbers

WarHorse1:

No my dear sister. Just affordable is ok. My suggestion? =N=20 or =N=25
That way, almost all of us with ATM will not mind to pay and the banks or whosoever will make more money. Its the economics of numbers. We are talking of an ATM population of over 60million, that is to count out children and rural dweller. If each makes an on-us ATM transaction, one a month, at =N=25 per transaction, it will yield a revenue of 1.5billion Naira a month.

Now lets assume that 75% of Nigerian will now use only their banks (Trust, we will now exploit our speculative motives to hold more money) that revenue will reduce to 975million Naira.Its the economics of numbers

even if they make it that price some people will still come here and complain mind you i once paid $3 for a transaction on the atm in florida

korel9: I don't know why Nigerians always want everything for free.
You have no idea how much we're charged here in the states for such transactions.

It is only when you pay for something that you can demand for continuous and effective running of such service.

*modified
Damn!
See all the hating This is just my personal opinion, everybody is free to his.

I think I'd better remain here in the states forr ma own safety

get the facts right before you comment mr. No one is saying there should be no charge for atm transactions with other banks, moreover N100 was the normal charge before they cancelled it.. Now the issue is, why the lies?!. Cbn said 3times/day when it was announced.

blink182:
Emefiele has given us a taste of the sort of economic management to expect from him. One built on lies, deceit and putting unnecessary financial burden on the common man.

LIES and DECEIT is PDP Way of Governance.

APC is more strategic, their way of Governance is PROPAGANDA and DESPERATION and HOOLIGALISM.

korel9: I don't know why Nigerians always want everything for free.
You have no idea how much we're charged here in the states for such transactions.

It is only when you pay for something that you can demand for continuous and effective running of such service.

*modified
Damn!
See all the hating This is just my personal opinion, everybody is free to his.

I think I'd better remain here in the states forr ma own safety

Dude listen policies are made to suit the masses and the structure on ground.
We welcomed the cashless policy, but instead of making the infrastructure to support it we are retreating.
You live in America, Can you recount how many times you have had to withdraw cash for any purpose at all?, That is because you have almost zero need for cash whats so ever.
Now take a look at Naija is that the situation? should i spill it out.

1. Level of literacy and awareness
2. Unstable infrastructure
3. Poor financial security and Legal actions.
4. This Policies is total rubbish CBN, claim the charges is high on issuing bank but at the end each bank should cancel its charge.

E.G 10 gtbank Users use ecobank and 10 ecobank users use Gtbank, automatically the cross charges are cancelled out.


I have been stranded at night with my car overheating i needed to buy coolant and water for my car but i didn't have cash on me.
I had about 3 atm cards on me but guess what, all gas station needed cash because POS was not working or because what i wanted to buy was below 500 Naira. I had to buy things i didn't need just to get water for my car.

I was shocked when i got that text from Ecobank this morning, obviously it was a trick on the masses include me.
but we need to reject this nonsense with all we have got.

lincolnj88: All of you should stop being childish.....I visited china , xiuan....I was charged 180 naira for using other atms , I was charged 50 naira for using my own atms...in Uk 250naira is charged for using other atms while 100naira is charged for using ya atm.....

This is a source of revenue to banks, and as of 2009 commercial banks raised 17% of thier revenue from atm charges....this is what gives job securities to our dear brothers nd sisters working in the banks......
when sls removed it, after some while, spring bank now enterprise,keystone, access, eco, Uba droped abt 10,000 plus staffs combined.......and they hardly employs new staff except for industrial attachments....
Though it might pains me...I fully endores it...........
What I expect sls to do back then is to stop interswitch, quickteller for collecting 1000 naira as bank charges especially from us student ,which they illegally share among themselves nd d school.....

The right statement is ''though it might pain me, I fully endorse it"

They will gain a whole lot from this 65 naira thing I tell you.

If u can't pay 65 naira,den try n get registered for online banking. Buy ur airtym,pay ur bills online and use POS outlets.
In abj,my shopping,partying or club bills are mostly paid via POS so I barely use d ATM.
Online banking suits students cos u can b loading ur 100naira credit jejely and no charges for all these. Even u'r paid for using POS.
Make we wise up and stop suffering ourselves. Atleast dis will reduce pple abusing d use of ATMs. GTbank always leads d pack

wich state are you talking about? is it jigawa or borno state?

korel9: I don't know why Nigerians always want everything for free.
You have no idea how much we're charged here in the states for such transactions.

It is only when you pay for something that you can demand for continuous and effective running of such service.

*modified
Damn!
See all the hating This is just my personal opinion, everybody is free to his.

I think I'd better remain here in the states forr ma own safety

With the hardship the common man is facing in the country with no presence of good governance, yet the goverment is always planning to extort the masses, is it now it is realised that the banks pay N65 charge?

WarHorse1:

I will forgive you because most likely, you are not an Economist. If you were, you would have know how the circular flow of money works and would know that even if I deposit 30k at 8am and withdraw at 9am in a particular day, the bank has made its money. If not, ask yourself, why are the banks not operating savings accounts as was 25-30 years ago? My answer is the circular flow of money back by modern technology. As soon as you withdraw, another depositor is replacing somewhere and sometime and the more this kind of demand-supply queuing behavior, the better for the banks. There is an equilibrating of deposits so predictable that banks can count on it and make investments.

And also, Nigerians in this case are not really asking for free ATM services. They are asking for something much affordable and that reflects the Nigerian problem. Just imagine, my bank is out of network. Then I have to go with whatever means , to another banks ATM (Stress Cost) and incur a 65naira Charge (Money cost) to get my deposit from an automated process.

Again, Economics. The wise thing would have been to reduce the charge so that it becomes more inelastic (Sorry, you may not understand that) more affordable to the many such that few or non will stick to their bank ATM. That way, the banks still make more money, if not much more.

Let me tell you where the gap is. Most Nigerians have BlackBerry and android phones but do not know their usage. You can actually use your phones for small payments instead of withdrawing from the ATMs. Even if you do not have an account, mobile money is the alternative. Even gsm networks at involved in mobile money.
There's POS and you can even transfer from your account using the ATM to other accounts in the same bank or other banks, pay DSTV bills, buy recharge cards, pay PHCN bills etc.
When the charges were cancelled, I knew the idea behind cashless banking would fail fron inception. However, with the reintroduction, many will explore options that would save them from charges. Browse the sites of any Nigerian bank and you'll see all offer these facilities and most are for free or for far less charges.

HERE IN THE REPUBLIC OF GAMBIA, DEY EVEN COLLECT MORE OF MY
MONEY ON FIRSTBANkNIGERIA CARD ON ANY ATM HERE IN GAMBIA I USED. WHAT I DO NW I JUST WIL DRAW ALL D MONEY I WILL USED FOR A MONTH DEN LEAVE REST, SO I KEEP D ONE I WILL DREW IN D HOUSE WIT ME OOO

dayohope1:
Let me tell you where the gap is. Most Nigerians have BlackBerry and android phones but do not know their usage. You can actually use your phones for small payments instead of withdrawing from the ATMs. Even if you do not have an account, mobile money is the alternative. Even gsm networks at involved in mobile money.
There's POS and you can even transfer from your account using the ATM to other accounts in the same bank or other banks, pay DSTV bills, buy recharge cards, pay PHCN bills etc.
When the charges were cancelled, I knew the idea behind cashless banking would fail fron inception. However, with the reintroduction, many will explore options that would save them from charges. Browse the sites of any Nigerian bank and you'll see all offer these facilities and most are for free or for far less charges.

You got a point there bro.

korel9: I don't know why Nigerians always want everything for free.
You have no idea how much we're charged here in the states for such transactions.

It is only when you pay for something that you can demand for continuous and effective running of such service.

*modified
Damn!
See all the hating This is just my personal opinion, everybody is free to his.

I think I'd better remain here in the states forr ma own safety

I beg park one side with your 'States" talk. Common This is Nigeria the standard of living Here is very poor. So expect a different reaction from them as compared to your developed "states"

Nigerians like free things and expect much from Government and organizations. Have any check the cost of maintaining 1Atm installed even in the banking premises?

This charge was #100 before and people were using it then. What's all these noise for? Your bank is tired of paying for your services in other banks. They said that you should pay for it yourself. Haven't you read what make up the #65 charge.

VellyG:
I beg park one side with your 'States" talk. Common This is Nigeria the standard of living Here is very poor. So expect a different reaction from them as compared to your developed "states"

Gbam! Nice one @vellyG... Oga park well @kore19, your personal opinion is trash! Why did u run abroad then. You're out there running your mouth.

korel9: I don't know why Nigerians always want everything for free.
You have no idea how much we're charged here in the states for such transactions.

It is only when you pay for something that you can demand for continuous and effective running of such service.

*modified
Damn!
See all the hating This is just my personal opinion, everybody is free to his.

I think I'd better remain here in the states forr ma own safety

Yeah. Banks are private entities but we expect them to render this service free. We want university school fees to be N2000 per session and we complain when things don't work.

synergycom19:
off course because you are not a Banker

You are right am not a banker. It is all about interest isn't it. You bankers want more profits, we the customers don't want to be fleeced by sharks.

oga d difrnce betwn us and them in terms of responsible govt is like light and darkness.if u doubt me lets swap places

korel9: I don't know why Nigerians always want everything for free.
You have no idea how much we're charged here in the states for such transactions.

It is only when you pay for something that you can demand for continuous and effective running of such service.

*modified
Damn!
See all the hating This is just my personal opinion, everybody is free to his.

I think I'd better remain here in the states forr ma own safety

blink182: Some weeks ago after news of reintroduction of atm charge appeared, the CBN was quick to say it will be after three times of withdrawing and they gave no time limit if it was for thrice a day or month.

Nigerians in their minds assumed it had to be 3 times a day. How wrong we were for it is three times a month. The CBN expects situations where we withdraw from other bank atms to only happen three times a month?

Emefiele has given us a taste of the sort of economic management to expect from him. One built on lies, deceit and putting unnecessary financial burden on the common man.

They said 3 times a month right from the first day it was announced. There are no lies or deceit in this issue

Jahniece:


Not AFTER d fourth witdrawal, ON d fourth withdrawal..dats after d third. Its clearly stated by CBN...where r u getting ur interpretation frm??

English dey worry you. If it's on the fourth withdrawal, then I should not be charged after the third withdrawal. It simply means I will be charged when making the fourth withdrawal.
So tell me, is ''on the fourth'' same as ''after the third'' withdrawal?

Kendzyma: How much is 65naira ....mtchww...op,get a job

So its only the jobless that dont want this?