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Nairaland Forum / Nairaland / General / Business / N65 Charge On Third-party ATM Withdrawals Takes Effect Today (16670 Views)
CBN Reintroduces N65 Charges On Cash Withdrawals On ‘other Banks’ Atms / N100 Monthly Charge On First-Bank ATM Withdrawals / Illegal ATM Withdrawals: How To Seek Justice? (2) (3) (4)
N65 Charge On Third-party ATM Withdrawals Takes Effect Today by remmyz(m): 6:00am On Sep 01, 2014 |
The implementation of a N65 charge on remote-on-us ATM withdrawals recently announced by the Central Bank of Nigeria (CBN) will commence today. Remote-on-us are transactions done by a card holder on another bank’s ATM. Although some bank customers have expressed displeasure over the policy, the central bank had explained that it would, engender competition among banks. According to the central bank, the new charge shall apply as from the fourth remote-on-us withdrawal (in a month) by a cardholder, thereby making the first three transactions free for the cardholder. Prior to the amendments in December 2012, the charge used to be N100 on any remote-on-us withdrawal. But the N100 was removed then so that people would be encouraged to use ATMs, it had explained. The CBN also stated that the policy would ensure that customers get better services from banks. According to the central bank, transaction volumes at other banks’ ATMs increased astronomically due to the free cash withdrawal at ATMs. “The wear and tear as well as the frequency of servicing the ATMs has increased significantly. Indeed, some customers were beginning to abuse the use of ATMs through countless withdrawals. “This development has led to increase in cash transactions, which negates the bank’s cashless policy,” the CBN argued. Furthermore, the banking sector regulator argued that maintaining ATMs is expensive as it requires economic incentive for owners to deploy and maintain the facility. To the Deputy Managing Director, Diamond Bank Plc, Mr. Uzoma Dozie, the fee introduced would encourage people to conduct banking transactions through other channels, such as mobile money and point of sale terminals (PoS). According to Dozie, the decision was taken because it was discovered that as a result of the removal of the charges on withdrawals from other banks’ ATMs in 2012, a lot of pressure was being put on the ATMs mostly by customers withdrawing very little amount of money. “The justification for the policy is to drive people to use other channels such as mobile money, internet banking and PoS,” he added. On his part, the Managing Director, Financial Derivatives Company Limited, Mr. Bismark Rewane, said the ATM charge was appropriate. http://www.cebih.org/n65-charge-on-third-party-atm-withdrawals-takes-effect-today/ |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by fyneboi79(m): 6:55am On Sep 01, 2014 |
Banks..............Defrauding Nigerians since 1914. Who cares what they charge 4 Likes |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Nobody: 7:52am On Sep 01, 2014 |
NIGERIA BANKS EHNALL THEY KNOW IS HOW TO SCAM THE POOR CITIZENSINSTEAD OF THINKING ON HOW TO IMPROVE THEIR SERVICES HMMMNNNNNNN TODAY IS MY BIRTHDAY PLS BE KIND ENOUGH TO CONGRATULATE ME 44 Likes 2 Shares |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Neduzze5(m): 7:52am On Sep 01, 2014 |
Really? But three days ago, the last #1, 000 I had in my Access Bank Account was shortened by almost #100 and no reason was stated for the shortage and no SMS sent to me. Hmm.... I smell fraud!! 1 Like |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Nobody: 7:52am On Sep 01, 2014 |
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Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by igbsam(m): 7:53am On Sep 01, 2014 |
Is that why Ecobank wants to drain my battery with this information ? They've been sending me text messages everyday 5 times per day reminding me of this. Seems they really need the N65 badly. Moreover they need to allow 100k per withdraw then. Instead of this yeye N20,000. 12 Likes |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by sirjohnson(m): 7:54am On Sep 01, 2014 |
N65 is bad as a surcharge o 1 Like |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by NLFreak(m): 7:54am On Sep 01, 2014 |
So if I withdraw with my firstbank atm from zenith bank, they will remove N65? Diaris God o 2 Likes 2 Shares |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by justi4jesu(f): 7:55am On Sep 01, 2014 |
With their whack customer service 1 Like |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Lakeshizu(m): 7:56am On Sep 01, 2014 |
Am ready....I have activated my Gtbank Uba and first bank Cards 1 Like |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by bamoza(m): 7:58am On Sep 01, 2014 |
NLFreak: igbsam: d Oguntimmy: God dey o Neduzze5: T dhammyg: spacebookers ; D |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by rill: 7:58am On Sep 01, 2014 |
In olamide's voice....."its notin" |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by NLFreak(m): 7:58am On Sep 01, 2014 |
bamoza: You sef dey use style book space 3 Likes |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Nobody: 7:59am On Sep 01, 2014 |
Withdraw only thrice a month. 1 Like |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by honey001(m): 8:00am On Sep 01, 2014 |
I no dey kuku withdraw pass once a month before.... na dem sabi. 1 Like |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Bkrubzy(m): 8:00am On Sep 01, 2014 |
This surely won't be good for us students. 2 Likes |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Lakeshizu(m): 8:00am On Sep 01, 2014 |
bamoza:I tire for them......Happy New Month |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by spiro4real(f): 8:01am On Sep 01, 2014 |
All CBN's policies are all for my good! Thank you Jesus. 1 Like |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by mcfarlin(m): 8:01am On Sep 01, 2014 |
dhammyg: NIGERIA BANKS EHNALL THEY KNOW IS HOW TO SCAM THE POOR CITIZENSINSTEAD OF THINKING ON HOW TO IMPROVE THEIR SERVICES Happy birthday dhammyg wishing you all the good things you wish for. Enjoy your day. |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by gift01: 8:02am On Sep 01, 2014 |
Time to start our Assembly in front of atms. Sorry to those whom our poor network service will stress. Pity First Bank and GT Bank customers. Suffer in Naija continues. 1 Like |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by ebolablast: 8:02am On Sep 01, 2014 |
bring back our sanusi Ebola Spread In Rivers: 60 Doctor’s Contacts NOT Found;3 New Suspected Cases In PH http:///Gxzp 7 Likes 1 Share |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by oluwabelly(m): 8:02am On Sep 01, 2014 |
First page noni, better days ahead ahead |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Smartjeezy(m): 8:04am On Sep 01, 2014 |
65naira?well dia ris god ooo. |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by hikmojj(m): 8:06am On Sep 01, 2014 |
hmmmm....9ja!!! my country |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Smartjeezy(m): 8:06am On Sep 01, 2014 |
dhammyg: NIGERIA BANKS EHNALL THEY KNOW IS HOW TO SCAM THE POOR CITIZENSINSTEAD OF THINKING ON HOW TO IMPROVE THEIR SERVICESHappy birthday.More great years ahead.Enjoy your day. |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by bamoza(m): 8:08am On Sep 01, 2014 |
This new development has always been a miss and will continue to be this is a anti cashless policy especially with the facts that other alternatives to ATM are not functionally efficiently to satisfy Nigeria, Infact no a wrens about the other alternatives a supermarket in my area that uses POS told me that her POS only worked for a month after she got it, after that na soso network wahala, or errors in money deduction if CBN doesn't want people to go to ATM again then 1st provide alternatives ever since this new CBN gov has taken over, I knew it will be payback time for Nigeria, everything Sanusi stopped, will be reversed and bank will make more money from us Thus is an era for the banks, by the banks, to the banks Shikena! :PThis new development has always been a miss and will continue to be this is a anti cashless policy especially with the facts that other alternatives to ATM are not functioning efficiently to satisfy Nigeria, Infact no awareness about the other alternatives, a supermarket in my area that uses POS told me that her POS only worked for a month after she got it, after that na soso network wahala, or errors in money deduction if CBN doesn't want people to go to ATM again then 1st provide alternatives ever since this new CBN gov has taken over, I knew it will be payback time for Nigeria, everything Sanusi stopped, will be reversed and bank will make more money from us Thus is an era for the banks, by the banks, to the banks Shikena! 2 Likes |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by tokaiki: 8:09am On Sep 01, 2014 |
dhammyg: NIGERIA BANKS EHNALL THEY KNOW IS HOW TO SCAM THE POOR CITIZENSINSTEAD OF THINKING ON HOW TO IMPROVE THEIR SERVICES Happy Birthday. Wishing you more fulfilling years ahead. |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Israel5(m): 8:12am On Sep 01, 2014 |
please abeg abeg, why are you reminder us na? *thinking* 50 naila bled, 10 naila glandnut, 5naila chingum.. chai! 1 Like |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Iceking1(m): 8:12am On Sep 01, 2014 |
Na wa ooooo |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Nobody: 8:13am On Sep 01, 2014 |
tokaiki:THANK U VERY MUCH |
Re: N65 Charge On Third-party ATM Withdrawals Takes Effect Today by Nobody: 8:14am On Sep 01, 2014 |
mcfarlin:THANK U VERY MUCH 1 Like |
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