pekelepekele: Well that is just too bad of CBN . I don't own a bank or either a bank staff but one thing I have noticed is that since they canceled the N100 charge on different bank cards on a particular ATM machine the banks are no longer loading all their ATMS and ATM machines are becoming much more non reliable . They should just reduce the price to N50 because the banks won't carry out their proper duties in any area they are not earning from.

OYO

I don't understand this reason for this policy. Prior to this withdrawing from your bank's ATM was more or less free (or a small fixed charge every month) and the 100 naira charge was only if you withdrew from another bank's ATM. This basic setup allowed companies like Interswitch and Valucard to exist and flourish, based on this small 100 naira charge, which at the end of the day is a small price to pay for the convenience a nearby atm affords you. I used to drive or walk around looking for my bank's ATMs to avoid the charge, and if I had no choice then well, I'd gladly pay the 100.

These ATM's apart from costing money to procure, cost a lot of money to run. Diesel and Inverters aren't cheap. Electricity isn't cheap. Connectivity isn't cheap. Technical support isn't cheap. The staff that man the machines aren't cheap. This charge is what made the business viable, and if the banks are actually going to be losing money by running ATMs then what reasons have they to continue.

Its funny how the motivation for this policy was to encourage the cashless initiative when 1. ATMs are not true cashless channels....because well you collect cash and 2. This now frustrates the said ATM usage. Or maybe the game plan is to encourage people to use POS because ATM services are so unreliable and crappy?

Imanuelle: And firstbank debited me for Verve Card charges last night?




Damn!

Same here man, annoying.

pekelepekele: Well that is just too bad of CBN . I don't own a bank or either a bank staff but one thing I have noticed is that since they canceled the N100 charge on different bank cards on a particular ATM machine the banks are no longer loading all their ATMS and ATM machines are becoming much more non reliable . They should just reduce the price to N50 because the banks won't carry out their proper duties in any area they are not earning from.

I think you should write a letter to your bank to start charging you the N50 monthly fee.

But IMO, there should be a penalty for empty ATMs. What's the point of having an ATM with no cash? The banks are fvcking thieves!

Good move, CBN.

Patuwa: First Bank charged me N100 for Atm maintainance last nite and N70 for text msg. Oya, make dem return my money back, I want use am do something.

wetin you wan carry 170 do? i beg stop ranting send your account number so i go send you the money so the bank can concentrate on voluminous and weighty failed transactions

[color=#990000][/color]tis stupid Enterprise bank dey charge me 200 Naira every month for ATM card upon say i no dey use am infat i need to close down dat account and fidelity seems not to be helping matters cos d last time i check my Account d move 300 from my acc without any reason pls CBN we ll start to check out on dis thief oo

Nice one Sanusi, but so much is still being left unsaid. How will a bank be charging customer 200naira for withdrawing across the counter even when the ATM aint working or even when paying into the account from another state other than the state where such an account was opened. Most of the time I complain, I get stupid explanations from the half educated customer care personnel. To be candid, dis has happen to me in Zenith Bank Abraka and Zaria branch. Let him try to resolve this too. For God sake we are being exploited here.

My old boy Sanusi is really working.

Imanuelle: And firstbank debited me for Verve Card charges last night?




Damn!

same here

soloqy: I think the 100 naira per month ATM charge is fair enough. The machines cost money to set up and maintain. I think we all like to take the posture of "we against them". Some of the things Sanusi is doing are questionable. [b]The whole banking system is not and should not be gradually and systematically turned to Islamic system of banking[/b]Commercial banks are there to make money while providing services, and in the process, employ our friends, family and acquaintances. It all trickles down. And if you think policies like this would not have an effect on things like employment in that sector, then think again. We always think of the immediate, and focus on ourselves in situations without looking at the big picture.

Is it the Islamic bank you have problem with or the charges? From the post so far, it appears first bank is a culprit of very currupt practice in this area. I had to visit their branch to show my displeasure and I was not really satisfied with their explanation: how can I have 103,655 naira. And after withdrawing 3000 naira my balance was now 100,265? Where is the balance? They started telling me all sorts of theorem. Now back to the topic, to those who are against the decision, did you not read that the decision was reached at the meeting of the bankers? Could SANUSI have unilaterally forced them to reach that conclusion knowing fully well that it well affect their balances at the end? Did he hold gun to their head? Don't you realise that this decision most have been reached after due consideration given every inherent factors? To the guy complaining about maintaining ATM machines, the initial idea of ATM machine was to serve as an incentive woo customers and make banking experience easy for them, so it shouldn't sound as if they are doing me a favour. They should allow me withdraw my money from the counter just the way I deposited it there without being charged. Why should I be mandated to use ATM and be charged? I beg!

I hope this will take effect.Last month alone with my verve card,no online transactions,1st bank whisked N270 from my account.How dey there sef.100 ATM charge has not stopped as I am still billed N100 whenever I make a withdrawal from ATM's other than the bank that I use.
Only God knows if this policies are actually effected by the banks as I personally don't think so.

When the first 100naira inter-bank charges was cancelled,banks in my area decided to switch off their Atm,now that monthly charges are cancelled,what will happen?.[color=#000099][/color]

Too late,I don use scissors cut all my First bank ATM cards

Jerry-jat:
The Central Bank of Nigeria on Thursday announced the cancellation of the N100 monthly Automatic Teller Machine card maintenance fee introduced by some banks recently and which generated public condemnation.
The CBN in a circular titled, ‘Revised guide to bank charges,’ posted on its website, however, pegged the maintenance fee at N100 annually.

Also affected is the mandatory cost of Short Message Service alert which has been pegged at N4 subject to the Nigerian Communication Commission’s directives.

The circular, which takes effect from April 1, read, “In order to reflect current developments in the market and provide clarity on banking terms, the CBN recently conducted a review of the guide in consultation with all the banks and discount houses, Bankers’ Committee, financial experts and also considered inputs received from other stakeholders to produce the revised guide to bank charges.”

On electronic transfer, the bank said N70 would be charged on transactions below N500,000 while N100 should be charged on transactions between N500,000 and N1m. Transactions above N1m will attract a charge of N500.

It said issuing fee of a debit card should exceed N1,000, while international withdrawals per transaction on debit cards should be charged at N240 rather than N1,000 being currently charged by almost all the banks.

The CBN pegged the interest on savings deposit accounts at a minimum of 30 per cent of the Monetary Policy Rate per annum.

It would be recalled that following the Bankers’ Committee meeting in November 2012 which scrapped the N100 interbank charge on the use of ATM cards, some banks went ahead to introduce the N100 monthly maintenance fee on ATM cards...

http://www.informationng.com/2013/03/cbn-bows-to-public-outcry-cancels-n100-monthly-atm-maintenance-fee.html

.
What we should be expecting from our banks now is poor service from their ATM machine!

Jerry-jat:
The Central Bank of Nigeria on Thursday announced the cancellation of the N100 monthly Automatic Teller Machine card maintenance fee introduced by some banks recently and which generated public condemnation.
The CBN in a circular titled, ‘Revised guide to bank charges,’ posted on its website, however, pegged the maintenance fee at N100 annually.

Also affected is the mandatory cost of Short Message Service alert which has been pegged at N4 subject to the Nigerian Communication Commission’s directives.

The circular, which takes effect from April 1, read, “In order to reflect current developments in the market and provide clarity on banking terms, the CBN recently conducted a review of the guide in consultation with all the banks and discount houses, Bankers’ Committee, financial experts and also considered inputs received from other stakeholders to produce the revised guide to bank charges.”

On electronic transfer, the bank said N70 would be charged on transactions below N500,000 while N100 should be charged on transactions between N500,000 and N1m. Transactions above N1m will attract a charge of N500.

It said issuing fee of a debit card should exceed N1,000, while international withdrawals per transaction on debit cards should be charged at N240 rather than N1,000 being currently charged by almost all the banks.

The CBN pegged the interest on savings deposit accounts at a minimum of 30 per cent of the Monetary Policy Rate per annum.

It would be recalled that following the Bankers’ Committee meeting in November 2012 which scrapped the N100 interbank charge on the use of ATM cards, some banks went ahead to introduce the N100 monthly maintenance fee on ATM cards...

http://www.informationng.com/2013/03/cbn-bows-to-public-outcry-cancels-n100-monthly-atm-maintenance-fee.html

.
What we should be expecting from our banks now is poor service from their ATM machine!

I urge every one to go open an account with First City Monument Bank (FCMB). I bet you, you will enjoy banking with them

smartjyke: I urge every one to go open an account with First City Monument Bank (FCMB). I bet you, you will enjoy banking with them

would do so this new month

First bank return my deductions b4 I report u to efcc and sanusi,u b thief

meanwhile Assess bank has already deducted N1000 for ATM maintenance for the year!

i wouldn't want to say sometin about dis cos my oga at d top might end up sayin sometin different

PHIPEX: I believe the question we should ask is how much are banks in other countries charging for using ATM? Nigeria can't be an exception. To Nairalanders in diaspora, are you guys charged for using ATM?

No Charges in ATM Card to Cash Withdrawals, as in Nadda!

BUT: Some Banks charge (one of my accounts) you for CARD TRANSACTIONS when used at a POS (e.g a shop or supermarket) ....equivalent of about #15/transaction.
Again, some will say if you do a MINIMUM of thirty transactions/month, using your 'card', NO CHARGES for that Month.
(A sort of incentive to make you use your Card for purchases)

Thing is, that 'charge' is so small, relative to the "power of the currency" viz-a-viz "income and cost of living".
If we are to draw a direct parallel with Nigeria, it will be like charging you #2/Card transaction (Note: Not ATM withdrawals, using Card!)

Card Transaction: Use your Card to pay for Goods in a shop. => about #15/transaction.
ATM Card Withdrawal: Use your Card to take money out of an ATM => FREE


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