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Nairaland Forum / Nairaland / General / Business / CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 (36273 Views)
CBN Drops ATM Withdrawal Limit To N20k/Day / How To Earn N1,500 To Up To N35,000 Weekly From Branch Loan App / Breaking News: Cbn Slashes Banks’ Atm Withdrawal Fee From N65 To N35 (2) (3) (4)
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Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by thatigboman: 11:48pm On Dec 22, 2019 |
sassysure:do u know why the charges were there in the first place? Eg u bank with union bank and use your Union Babk issued ATM card to withdraw money from UBA ATM. U want it to be for free? It's UBA's money. They pay their staff to put the money there. From monday to sunday. How are they going to recover the expense? Are they charity organisation? And if u go to the ATM and there's no cash, u will be the first to insult UBA, that UBA is not efficient. Nothing comes for free. |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by thatigboman: 11:55pm On Dec 22, 2019 |
itsme01:exactly. Nothing comes for free. The banks incur expenses putting their money in the ATM and maintaining them |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by CoolAmbience(m): 11:58pm On Dec 22, 2019 |
obembet: The new taxes will not substantially affect SMEs and a wide range of businesses. They are largely designed for high networth companies and corporations. So, I don't get your point. |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by Bawofss(m): 12:04am On Dec 23, 2019 |
it was zero until dat man with big eyes increased it to 65 1 Like |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by midnighter(f): 12:06am On Dec 23, 2019 |
thatigboman: You are arguing a terrible argument. A normal and functioning country has a certain number of free ATM machines 2 Likes |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by chigo245: 12:14am On Dec 23, 2019 |
new charges, Director, Corporate Communications, CBN, Isaac Okorafor explained that the current NIP charges apply to use of Unstructured Supplementary Service Data (USSD), purchase with cash-back will attract a charge of N100 per N20,000 subject to cumulative N60,000 daily withdrawal. Also, for cards linked to savings account, a maintenance fee has been reduced to a maximum of N50 per quarter from N50 per month amounting to only N200 per annum instead of N600. Furthermore, he hinted that there will be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts while status enquiry at the request of the customer (like confirmation letter, letter of non-indebtedness and reference letter) will now attract a fee of N500 per request. On Current Account Maintenance Fee (CAMF), the Guide expressly stated that this would be applicable only to current accounts in respect of customer-induced debit transactions to third parties and debit transfers/lodgments to the customer’s account in another bank. It emphasized that CAMF is not applicable to Savings Accounts. According to the Director, the CBN carried out the review of the Guide, which also prescribes charges permissible for Other Financial Institutions and non-bank financial institutions, in order to align with market developments. To guard against excess, unapproved or arbitrary charges by banks and other financial institutions, the Guide stipulates a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time for financial institutions that breach any provision of the guide. The Guide also emphasized that failure by any bank to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time. Consequently, the CBN directed banks to log every complaint received from their customers into the Consumer Complaints Management System (CCMS) in addition to generating a unique reference code for each complaint lodged, which must be given to the customer. Failure to log and provide the code to the customer, it added, amounts to a breach and is sanctionable with a penalty of N1,000,000 per breach. The charges prescribed in the Guide were arrived at after extensive consultations with stakeholders and is expected to enhance flexibility, transparency and competition in the Nigerian banking industry. This Guide, which replaces the Guide to Charges by Banks and Other Financial Institutions issued in 2017, takes effect from January 1, 2020, and maybe reviewed from time to time to reflect changes in the business environment. The CBN, therefore, urged financial services providers and their customers alike to acquaint themselves with the provisions of the Guide and be properly guided accordingly. |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by Ugo4hotish(m): 1:52am On Dec 23, 2019 |
BrutusOj: Banks responsibility? To take a charged incurred by you? Next time you open and account, take your time and read the terms and conditions |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by ikorodureporta: 2:06am On Dec 23, 2019 |
setting d stage for new vat & fuel price hike in January 2020 |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by ikemesit4477: 2:57am On Dec 23, 2019 |
sassysure:yea, because unlike sanusi"s regime it was zero charges! |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by somtookeke(m): 4:28am On Dec 23, 2019 |
*CBN reduces ATM withdrawal, electronic transfer charges, warns banks* https://speakersden2..com/2019/12/cbn-reduces-atm-withdrawal-electronic.html
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Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by Lincolnburrows(m): 6:10am On Dec 23, 2019 |
Lastanza: Really!! Because banks are rather Christmas abi? Do u even know how much a single atm costs and what it takes to keep them running...Nigerians and free things sha. 1 Like |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by haibhe(m): 6:29am On Dec 23, 2019 |
You forgot Bankers are very smart people Give them one week and their ATM machines will be re-programmed to dispense N10,000 as maximum allowed withdrawal And if they are not making enough money, they can reduce it further to N5,000 And they could end up making more money from their customers than before It is called business in a capitalist environment, where making profit is the overriding objective Are you still celebrating? 1 Like |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by zaFuhrer(m): 6:46am On Dec 23, 2019 |
Hmmm. Wonder what the catch is. |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by BrutusOj(m): 7:00am On Dec 23, 2019 |
Ugo4hotish:How did I incur the charges? For withdrawing my own money through the bank's ATM? Please, stop justifying the criminality going on in the banking sector. Which terms and conditions while opening account? |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by TruthHurts100: 7:27am On Dec 23, 2019 |
They continue scratching on the surface like dj lambo |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by komodapson(m): 7:57am On Dec 23, 2019 |
obajoey: @bolded Nigeria does not have such a huge number of bank users |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by obajoey(m): 8:11am On Dec 23, 2019 |
komodapson: Baba 71. 7m active bank accounts in naija na still ever flowing source for this people even at 35naira |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by thatigboman: 9:05am On Dec 23, 2019 |
midnighter:paid by who? |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by midnighter(f): 9:58am On Dec 23, 2019 |
thatigboman: An ATM machine supplier or an independent business who pays the difference Putting machines in areas with plenty of crowds encourages spending which is beneficial to both parties |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by Happyjollie: 10:33am On Dec 23, 2019 |
That's a good move. |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by rexandyke(m): 11:03am On Dec 23, 2019 |
midnighter: Like I said, you do not know how these things work |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by midnighter(f): 11:08am On Dec 23, 2019 |
rexandyke: Nobody needs to know how your precious server system works. We are not all bankers but we all need to use our money If the supplier wants to recoup their costs they should offer to put them in places that need people to spend money You shouldnt be arguing that its necessary for every ATM machine to charge. No decent place does that. |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by Sofistcatdmoron: 12:27pm On Dec 23, 2019 |
sassysure:for ur shop or office, na free service u dey offer? |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by ainas247: 12:57pm On Dec 23, 2019 |
UDOKABESTLUV: It depends on your niche, your product or service. kindly WhatsApp me your website and lets see |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by ericmor: 3:01pm On Dec 23, 2019 |
Bewiseedet: They started it |
Re: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 by Ugo4hotish(m): 4:22pm On Dec 23, 2019 |
BrutusOj: If you are a first bank customer and you went to zenith to withdraw,,, is it zenith that you gave your money?? Don't you know that a communication is thee one transmitting the information from first to zenith. |
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