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CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal - Politics - Nairaland

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CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by redsquare(m): 9:12pm On Aug 13, 2014
The re-introduction of Remote-on-us ATM cash withdrawal transactions fee which will now be N65 per transaction , to cover the remuneration of    the switches, ATM monitoring and fit-notes processing by Acquiring banks.
 
2)  The new charge shall apply as from the 4th  “Remote -on- us”  withdrawal (in a month ) by a card holder , thereby making the first three (3) ‘remote-on-us’ transactions free for the card holder , but to be paid for by the issuing bank.
 
3)   September 1, 2014  shall be the effective date for the implementation of the new fee.
 
4)   Banks are expected to conduct adequate sensitization to their customers on the introduction of the new fee.
 
5)    All ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the card holder.

Source. www.cenbank.org
Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by dhardline(m): 9:17pm On Aug 13, 2014
Make dem no try am o.bia this new CBN governor hope say your head correct o or has the banking industry not milked us enough?why should customers pay for their excesses?

5 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by NgeneUkwenu(f): 9:23pm On Aug 13, 2014
I know say This Yeye Former Zenith Bank Staff go reintroduce all these scam fees to bolster the dwindling fortunes of Zenith Bank et al!

Like president! Like CBN Governor! Yeye dey. Smell!

6 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by anomsodi(m): 9:25pm On Aug 13, 2014
I wil be bk
Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by NgeneUkwenu(f): 9:28pm On Aug 13, 2014
dhardline: Make dem no try am o.bia this new CBN governor hope say your head correct o or has the banking industry not milked us enough?why should customers pay for their excesses?

Dey there now! U know no say 80% of Nigerians Banks earnings are from COT, Commissions, and Atm Charges! They are very lazy to venture into productive schemes to augment their earnings! Expect more charges coming your way unless we stand up and protest this scam!

Sai Sanusi!

4 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by olaric(m): 9:31pm On Aug 13, 2014
Absolute rubbish; this u-turn will further make the poor poorer.

2 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by doctokwus: 9:31pm On Aug 13, 2014
If not all fees dat are negative.This long overdo reintroduction wud actually enhance d roll out of more ATM points whc av bn stalled since dat islamic banker sanusi did all he cud to islamize d banking industry.By d time more points are set-up,ur bank's atm point wud only b mayb a block away,so u end up not paying 4 withdrawals

4 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by thunderrider: 9:33pm On Aug 13, 2014
CHAI DIARIS GOD OOO

Robbing Peter to pay Paul abi!!!

2 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by Nobody: 9:34pm On Aug 13, 2014
Front Page train
Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by redsquare(m): 9:35pm On Aug 13, 2014
This Emefiele guy is gradually reversing all SLS policies. First was the removal of charges on cash deposits in excess of 500,000 and 3M on individual and corporate accounts respectively (Kudos to him). Secondly was the destruction of trapped debit cards (ATM) by the acquiring bank and now the reintroduction of fee on remote-on-us withdrawals. These guys keep making policies that are unfriendly to the masses. Why not reduce the lending rates by banks or make policies that will reduce inflation and stabilize the Naira?

4 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by kolaaderin: 9:43pm On Aug 13, 2014
doctokwus: If not all fees dat are negative.This long overdo reintroduction wud actually enhance d roll out of more ATM points whc av bn stalled since dat islamic banker sanusi did all he cud to islamize d banking industry.By d time more points are set-up,ur bank's atm point wud only b mayb a block away,so u end up not paying 4 withdrawals
U don't get it, what will be the essence of the cashless policy if we have more ATM points to dispense cash if u need cash u can always take cash back from ur local store via POS. Sanusi has always been the best and this is just another scam to dupe the masses.

7 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by khadaffi(m): 9:46pm On Aug 13, 2014
Where dem bring this CBN gov from? I seriously hope in God's name that I'm dreaming.




By the way . . . Where is SLS?

5 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by dhardline(m): 9:52pm On Aug 13, 2014
NgeneUkwenu:

Dey there now! U know no say 80% of Nigerians Banks earnings are from COT, Commissions, and Atm Charges! They are very lazy to venture into productive schemes to augment their earnings! Expect more charges coming your way unless we stand up and protest this scam!

Sai Sanusi!
But this is really bad i must say,just a couple of days back i saw a thread that was stating the banks that increased staff salaries of recent abi that one never do them?imagine collecting 65naira from 1million customers (which i know that all banks in Nigeria have far more than that in their customer base) thats already 65million naira free money.OMG which kin country be this one abeg?the rich milking the masses since time immemorial.

4 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by aljharem(m): 9:53pm On Aug 13, 2014
Put an idi.ot as the CBN governor, this is what you get.

The country he adopted ATM system from, do they charge people for withdrawal from ATM ? NO

please GEJ will lose people's vote because of this anti-masses policies

7 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by Eldavido1: 9:58pm On Aug 13, 2014
Wow thats not nice at all. Those charges have a funny way of distorting ones account balance o chai. .!!!

4 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by eluquenson(m): 10:00pm On Aug 13, 2014
SMH for CBN governor with all his policies.
Why can't he relax a bit cos policies too much oh

1 Like

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by vedd: 10:03pm On Aug 13, 2014
GEJ-led fg is shortchanging Nigerians in all sectors.

Another major fraud is the fixed charges imposed on the people for electricity.

Why do people who claim to come from poor background find it very easy to impose hostile policies on the masses as soon as they attain political power?

The promises of TRANSFORMATION and FRESH AIR are the greatest of all lies ever peddled in Nigeria... and the people are begining to grasp what they stand for.

5 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by honey001(m): 10:09pm On Aug 13, 2014
Total Rubbish!

2 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by manny4life(m): 10:24pm On Aug 13, 2014
kolaaderin:
U don't get it, what will be the essence of the cashless policy if we have more ATM points to dispense cash if u need cash u can always take cash back from ur local store via POS. Sanusi has always been the best and this is just another scam to dupe the masses.

Rolling out ATM isn't the issue with cashless policy, the infrastructure and framework for cashless policy is still lagging behind. Until the banks and CBN implement policies that will strengthen the IT network infrastructure, inter-bank settlement and ACH transactions, security and fraud, etc, don't blame ATM's.

1 Like

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by Nobody: 10:32pm On Aug 13, 2014
aljharem: Put an idi.ot as the CBN governor, this is what you get.

The country he adopted ATM system from, do they charge people for withdrawal from ATM ? NO

please GEJ will lose people's vote because of this anti-masses policies

Actually in the U.S you get charged for using another banks ATM.

So for instance if you have a Zenith card, you won't get charged at the Zentith ATM, but you will get charged at GTM, FirstBank, and so on.

I'm not a banking/economy guru, so I don't know if Nigeria following the same trend as the U.S in terms of ATM fees is a good or bad thing, just pointing out the similarities.
Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by UnknownT: 10:39pm On Aug 13, 2014
How do you guys think they are going to recover the 17 abi 15 billion naira they gave during the victim of terror launching? Naija na wa oh
Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by Nobody: 10:40pm On Aug 13, 2014
NgeneUkwenu: I know say This Yeye Former Zenith Bank Staff go reintroduce all these scam fees to bolster the dwindling fortunes of Zenith Bank et al!

Like president! Like CBN Governor! Yeye dey. Smell!
Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by Nobody: 10:44pm On Aug 13, 2014
it is good the policy was re-introduced. I for once was never in support of the policy introduce by sanusi because it makes banks to be unconcerned with the maintainance of their ATM machine, this will once again see lots of improvement in ATM service

1 Like

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by aljharem(m): 10:49pm On Aug 13, 2014
UchihaMadara:

Actually in the U.S you get charged for using another banks ATM.

So for instance if you have a Zenith card, you won't get charged at the Zentith ATM, but you will get charged at GTM, FirstBank, and so on.

I'm not a banking/economy guru, so I don't know if Nigeria following the same trend as the U.S in terms of ATM fees is a good or bad thing, just pointing out the similarities.

Thats USA, other countries it does not work like that. Especially SA

Also if they charge, at most times the ATM is owned by a private company not any bank

1 Like

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by Nobody: 10:57pm On Aug 13, 2014
aljharem:

Thats USA, other countries it does not work like that. Especially SA

Also if they charge, at most times the ATM is owned by a private company not any bank

I see, well maybe the banks are trying to think up more ways to generate revenue.

Guess I'm just used to going to my banks ATM, and realizing that using another banks ATM might involve a charge.
Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by NgeneUkwenu(f): 10:58pm On Aug 13, 2014
eliment: it is good the policy was re-introduced. I for once was never in support of the policy introduce by sanusi because it makes banks to be unconcerned with the maintainance of their ATM machine, this will once again see lots of improvement in ATM service

You are totally wrong! It is now that the banks would relax even the more, knowing fully well, that most Nigerians in a bid to avoid the charges would definitely stay glued to their respective Banks Atm, no matter how bad. Meanwhile the reverse was the case before, where the banks bore the clearing fees accruing to their respective banks, thereby making them to be on their toes in maintaining their own ATMs to save cost!

#NigeriaOnTheBrink#

1 Like

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by Brimmie(m): 11:08pm On Aug 13, 2014
[size=20]#BringBackEmirSanusi!![/size]

1 Like

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by Nobody: 11:17pm On Aug 13, 2014
NgeneUkwenu:

Dey there now! U know no say 80% of Nigerians Banks earnings are from COT, Commissions, and Atm Charges! They are very lazy to venture into productive schemes to augment their earnings! Expect more charges coming your way unless we stand up and protest this scam!

Sai Sanusi!
Spoken like a true outsider to Nigeria's financial fraternity. Actually Sanusi Lamido Sanusi was the biggest architect of the problems which commercial banks have become to Nigerians. His fiscal policy (which Emefiele has continued) pegged interest rates at 12% which is prohibitively costly and made banks less willing to lend to the real economy. Worse still, the CBN's policy on mopping up excess liquidity in the banking system caused by naira deposits into government accounts (instead of the more pragmatic and sensible Dollar certificates) is to BORROW government money back from the banks and pay them 12% interest on it. So when a bank can earn 12% interest on billions of naira for doing nothing productive and this happens month after month, why won't they be lazy to venture into productive schemes? Would you want to invest your money in productive ventures which have some measure of risk when you can simply store government money and charge 12% interest on it every month, knowing that this has practically zero risk since come rain or shine, CBN must definitely pay that 12%?
This was Sanusi's policy, why aren't you criticising him?
Bank charges and ATM charges are the least of your worries. Getting banks to let go of free government naira and instead fund Nigeria's economic growth is what our no 1 economic problem is right now, and that is something only a CBN governor with balls can do. GEJ can only appoint or sack the Governor. The President has no constitutional power over his fiscal policy.
Though having said that, I had hoped GEJ would appoint someone from outside of the banking system, like a career Economist because I doubt that someone like Emefiele with so many friends and contacts in the banking system will be bold enough to move against their interests.
But then again, that was what people said about Chukwuma Soludo. We'll just have to wait and see.

3 Likes

Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by Nobody: 11:23pm On Aug 13, 2014
NgeneUkwenu:

You are totally wrong! It is now that the banks would relax even the more, knowing fully well, that most Nigerians in a bid to avoid the charges would definitely stay glued to their respective Banks Atm, no matter how bad. Meanwhile the reverse was the case before, where the banks bore the clearing fees accruing to their respective banks, thereby making them to be on their toes in maintaining their own ATMs to save cost!

#NigeriaOnTheBrink#
Speak for yourself young lady. You are one person who posts comments on a web forum.

You are not "Nigerians".

You = 1 person.

"Nigerians" = 177 million people.

Kajiko?
Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by 360command: 11:28pm On Aug 13, 2014
Front page, give me like.
Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by otokx(m): 11:33pm On Aug 13, 2014
It was bound to happen.
Re: CBN To Reintroduce Fee On Remote-on-us ATM Withdrawal by addictiv(m): 11:34pm On Aug 13, 2014
i have been looking forward to this as dis would actually make banks install more atms. imagine the biggest atm gallery i have seen so far in port harcourt is that of zenith bank at aba road with not more than 14 atms in their gallery. imagine you walking into a bank and you see two out of six atms functioning at times none will be paying. most atms located at hotels, eateries and big stores where all closed because the 100 ngn charge was scrapped. Unfortunately the banks saw no need to continue keeping such atms points.this has lead to crazy queues at atm points. the stress after standing in these queues at times causes headache which ll cost nothing less than 20 naira paraceptamol or panadol plus the stress the body has already undergone. If this policy will cause banks to open more atm point at strategic locations then its actually commendable. how can you run a cashless policy when there are few atms for people to use. Come to GTB at mgbuoba and you must meet a minimum of 10 people whenever you go there.

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