Our banking system is designed to exploit customers. They charge heavily for COT, ATM card maintenance, account maintenance, SMS alert charge... but pay out very minute interest rate. You make savings and get interest; the bank go chop all your money.

This is not new,it was introduced last year. I was a victim of the silly policy last year

This is not a new policy for God's sake. Its been there for over a year or two now. Misleading headline.

2014 policy... very stale

Old policy...

CBN is not ready to better the situation of this country with all these policies and directive given to banks. They do not find solution to the foreign exchange policy on the economy situation.

gretblue:

They will prefer to watch Zee world 24/7 instead of devoting their hrs for things that will add value to their carrier. Some have already blaming the present government without knowing the policy has long been in existence .

I am telling you, it is shocking

MaBuk:
I just left wema bank now.

The ATM seized my card after a while I thought it would come out but it did not so I went to the banking hall to complain.

Thank God it is a Wema card I use on a wema ATM.

I was asked if was wema and I said yes, the Lady told me she has to get permission from her boss to either release it or not. I asked her what she mean by that she said CBN has directed that ATM cards seized by the machine should not be released anymore, except the ones by the card.

The card owner is expected to go to his bank and request for a new card.

I just want to inform NL people to avoid using different ATM for different bank.

Have a good evening!

If yourATM card gets stuck in machine that's not operated by your bank you can't get it back because they simply will have no means to clarify that you're the real owner

nenergy:
Started since last year o! Wema bank is behind the times then

It's not about Wema bank na, it's the op that's not informed. How e dey do u sef

Chiefpriest1:
This is not new though. I have changed three cards since they started with all the attendant stress.

Please, did you pay for the replaced cards?

Negativity change! Then what is the essense of internet banking, or a foreigners come 2 Nigeria and use d ATM machine and dat 1 just swallow it card, D same law will be apply 4 such? RIDICULOUS!

OrlandoOwoh:

Please, did you pay for the replaced cards?

Yea. N1050 each time

all these people wey no dey read news go just come yarn nonsense online anytime they fall victim of the law. This policy is old, all 3rd party atm cards seized by the machine are to be perforated by the bank that manages such machine.

So if a bank issues you an ATM card and N1,150 is deducted from the N2,500 balance in your account, two days later an ATM swallows the card for no fault of yours, CBN now expects you to go to your bank and apply for a new card and another N1,150 should again be deducted from your poor account? This is amazing. Isn't it?

Nigeria and it government is as useless as that faeces @ ogbete market

MaBuk:
I just left wema bank now.

The ATM seized my card after a while I thought it would come out but it did not so I went to the banking hall to complain.

Thank God it is a Wema card I use on a wema ATM.

I was asked if was wema and I said yes, the Lady told me she has to get permission from her boss to either release it or not. I asked her what she mean by that she said CBN has directed that ATM cards seized by the machine should not be released anymore, except the ones by the card.

The card owner is expected to go to his bank and request for a new card.

I just want to inform NL people to avoid using different ATM for different bank.

Have a good evening!

Its a old policy

This policy is as old as methuselah. And the essence is for security, how do the other bank confirm one is the owner of the card he/she is claiming? It's for security purpose.

I was a victim last Friday. my gtb ATM card got stuck at 1st bank and I was carelessly told to go get a replacement...

dejavubobo1:
CBN or no CBN, its a discretionary act, the bank can release ur ATM upon evidence of ownership presented by the customer
Bt at an event whr the customer can't provide any, the card ll be destroyed

this is as for bill of exchange, which I believe an ATM also belongs to this class.

Abi, make I go check my banking law books make I no confuse OP d more. ... its been long

Bros things don change oo, same thing happened to me and had to request for a new one that cost me 2100.

The policy has been in the industry since last year june. If your atm got stuck in another bank, they will perforate it and send to your domiciliate branch.

Chiefpriest1:


Yea. N1050 each time

Thank God yours was N1050, Firstbank is N2100. Happened to me last month and was so annoying, N2100 for ordinary replacement for this buhari time.

CBN is quite aware ATM cards are not free and neither is it cheap to acquire one from the bant so why this systemic Theft policies? Nig Internet system is still not upto 65% so network can be messed at any time making ones ATM card to be witheld by the Machine and then you go to your Bank to request for another for N1,050. If this persist more often by network is this how customers are expected to keep requesting for new ATM cards? They had better come up with something better rippin of the N65 ATM charges instead of all this money making policies for banks.

Shame On CBN!

israelboy1:
sometimes, i just wonder WHY FOR HEAVEN SAKE, OTHER ATM'S WILL DEDUCT 65 NAIRA OUT OF MY HARD EARNED CASH

that's if i am not using my bank ATM..why on earth will they do that (after making like 4 transactions, i will start receiving 2 different alerts...one for the cash i withdrew...another cos, i didn't make use of my bank ATM.)

Can't this issue be scrapped out...cos, lolzz...in this ERA self, i gat monitor every penny.

...i even heard that, if you did not go back to your bank, with 24hours...the card will be destroyed...in the name of trying to avoid FRAUDULENT activity.

This useless policy is not new, about two years ago a faulty fcmb atm at 7/8 bus stop seized my card late at night, I went there the next day and they said they had transferred the card to my bank next door, on getting there I was told my card had been destroyed as per CBN rules, my question now is.. are we to pay for faulty atm machines or bad network? Isn't it the responsibility of the bank to take care of such? Sincerely I don't know why the cbn governor hasn't been relieved of his job. He brought back charging on atm transactions after sanusi removed it, now this one.

this is a very old policy existing since 2014 number one reason is to prevent fraud and secondly ATM don't just swallow card either the person stole it and use a wrong pin or the person forget to remove the card after performing a transaction, to prevent the card from falling to the wrong hand the best way about it is to destroy it if it belong to other Bank other than the bank ATM reason been that the identity of the person can not be verified and if it's same Bank customer the bank can easily identify the person identity on the system and return the card however the card if it's other Bank card is perforated and send to the bank that owns it this is done to prevent the card from getting to the wrong hand during transit
as per the charge on ATM on other Bank other the issuing Bank it has never been free from time the bank has been paying that #65 for every of her customer that uses the ATM card on other Bank ATM machine since but with the growth in the number of people that uses ATM the cost implications started taking a tole on the bank profit so after much deliberation last year they decided that each customer should bear the burden however the charge will occurred after the 3rd transaction in each month

dejavubobo1:
CBN or no CBN, its a discretionary act, the bank can release ur ATM upon evidence of ownership presented by the customer
Bt at an event whr the customer can't provide any, the card ll be destroyed

this is as for bill of exchange, which I believe an ATM also belongs to this class.

Abi, make I go check my banking law books make I no confuse OP d more. ... its been long

How is an ATM card a bill of exchange ? what's the face value?

akankemi1:
2014 policy... very stale

Thank you.

EniHolar:
Everything is CHANGING from bad to worse.

What effect will that have on our economy? Exploitation everywhere.

Now look above u. Hate will kill you people. This is a policy in olace since 2014, after ur hero brough baxk 65 bank charge for atm om other machines

its an old policy

WE BUILD AND INSTALL REMOTE CONTROLLED GATE, FOR THE COMFORT AND SECURITY OF YOUR HOME. https://www.nairaland.com/3116746/build-install-remote-controlled-gate

DIAMOND BANK is a fraudulent bank..

They took 5000 from my account when I try to withdraw at ATM point. I was debited I didn't see cash and I have applied more than 100times for refund of my 5000(hard earned money) but they did nothing..

pls help. because am afraid I may take law into my hands...


Diamond Bank is a Thief and Fraudulent Bank

DIAMOND BANK IS A FRAUDULENT BANK...
DIAMOND BANK IS A THIEF..
DIAMOND BANK must refund my money...

WE BUILD AND INSTALL REMOTE CONTROLLED GATE, FOR THE COMFORT AND SECURITY OF YOUR HOME. https://www.nairaland.com/3116746/build-install-remote-controlled-gate

Dexema:

This useless policy is not new, about two years ago a faulty fcmb atm at 7/8 bus stop seized my card late at night, I went there the next day and they said they had transferred the card to my bank next door, on getting there I was told my card had been destroyed as per CBN rules, my question now is.. are we to pay for faulty atm machines or bad network? Isn't it the responsibility of the bank to take care of such? Sincerely I don't know why the cbn governor hasn't been relieved of his job. He brought back charging on atm transactions after sanusi removed it, now this one.

It is well...bro....everything is just turning out weird
...everyday