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Nairaland Forum / Nairaland / General / Business / We’ve Not Reintroduced ATM Charges —CBN (33378 Views)
We’ve Not Reintroduced ATM Charges —CBN / Banks To Start Zero ATM Charges On Dec 17. / Banks And Interswitch To Increase ATM Charges (2) (3) (4)
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We’ve Not Reintroduced ATM Charges —CBN by Onwe101(m): 6:58am On Aug 15, 2014 |
LAGOS—The Central Bank of Nigeria, CBN, yesterday said it has not reintroduced charges on the use of Automated Teller Machines, ATMs as being speculated. The Director, Banking & Payments System Department of CBN, Mr. Dipo Fatokun, who explained this to Vanguard after his remarks at the meeting held by Nigeria Electronic Fraud Forum in Lagos, said: “It is not a reintroduction per se . You have to agree with me that when the amendment was made in November 2012, it used to be a N100 for any remote-on-us withdrawal that you did. And you know that the remote- on-us is when you as a card holder goes to the ATM of a bank other than your bank to withdraw cash. It was removed then so that people would be encouraged to go to other ATMs without paying for it. But the truth is that as we said in the circular on the Introduction of Fees on Remote-On-Us ATM Withdrawal Transactions recently, that N100 included the N35 that goes to the issuing bank, which has now been completely waived. The issuing bank does not make any thing, but in going to other ATMs to make withdrawal , your bank, that is, the acquirer bank incurs cost of N65 which they pay to the switches and the owner of the ATM that you are using. Continuing, he said: ”Between 2012 and recently when the review was done, it was discovered that people have actually turned ATMs into their personal purses because nothing is charged. Somebody needs N500, or N1000, he will go to ATM and withdraw, he needs N2000, he will go to ATM and withdraw, so that in a day some people can patronise ATM for up to four or ten times. That has created a huge cost burden for the banks that issue the cards. It was becoming discouraging to them. “So that is why we said, you can go to an ATM other than your bank ATM to withdraw up to three times and no charges would be imposed on you, but it is when you make the fourth withdrawal that you will pay the N65 that ordinarily your bank would have paid on your behalf. But of course if you go to your bank’s ATM, the issuer, for withdrawal you can withdraw as many times as you like without being charged. So, it does not discourage financial inclusion. You should bear in mind that when you talk of cashless regime, you are encouraging people to do their transactions electronically other than the use of cash. So it is a motivation for people to patromise the ATM. “ source http:// http://www.vanguardngr.com/2014/08/weve-reintroduced-atm-charges-cbn/#sthash.vMZRrOVF.dpuf 11 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by MANGAM(m): 7:00am On Aug 15, 2014 |
Which one are we going to bliv? 4 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by Gboliwe: 7:06am On Aug 15, 2014 |
Why is this one (Mr Dipo) playing with words? Mcheeeeeew. BTW, I am for this introduction of the charges. I have always wondered how FCMB (the ATM I use always) gain from my regular use. I rarely use my bank's ATM. Well, since it doesn't charge on POS, the cashless policy is still being encouraged. 6 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by Nobody: 7:14am On Aug 15, 2014 |
I hope that's true cuz bank queues these days are a nightmare. 1 Like |
Re: We’ve Not Reintroduced ATM Charges —CBN by Nobody: 7:15am On Aug 15, 2014 |
Admist of all the crisis in the country, this is what cbn has to contribute, charging 65N. 30 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by lat4real: 7:45am On Aug 15, 2014 |
CBN is still saying the same thing but with better explanation this time. You can withdraw thrice in a day without being charged, but your subsequent withdrawals will attract N65 charges. 17 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by Elmickzy(m): 8:04am On Aug 15, 2014 |
Good Move 1 Like |
Re: We’ve Not Reintroduced ATM Charges —CBN by holluwai(m): 8:06am On Aug 15, 2014 |
This man has just said nothing but nonsense!!! I don't get any explaination from this. 24 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by KingAdeOluomo1(m): 8:07am On Aug 15, 2014 |
Onwe101: LAGOS—The Central Bank of Nigeria, CBN, yesterday said it has notWhat Eva |
Re: We’ve Not Reintroduced ATM Charges —CBN by unmask: 8:07am On Aug 15, 2014 |
lat4real: CBN is still saying the same thing but with better explanation this time. You can withdraw thrice in a month without being charged, but your subsequent withdrawal will attract N65 charges.where did the three times a month come in? 33 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by simplemyk: 8:08am On Aug 15, 2014 |
Better explanation.. Noted. 2 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by RockMaxi: 8:08am On Aug 15, 2014 |
This now place a ceiling on using other Banks ATM but I can still use my Bank's ATM like my purse no wahala. 2 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by hazyfm: 8:10am On Aug 15, 2014 |
[size=18pt]CBN GOING BACK & FRONT SINCE 1965[/size] 48 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by Imeyo1(m): 8:10am On Aug 15, 2014 |
the explanation is much better...kudos bc d length on queeue dat kip kuming to withdraw 1k ll reduce.. nice policy...also am on front page 3 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by lilprinze: 8:10am On Aug 15, 2014 |
diz guyz r always looking 4 1 wy or d oder to make money. |
Re: We’ve Not Reintroduced ATM Charges —CBN by emmyclassic(m): 8:10am On Aug 15, 2014 |
People turning ATM to personal purse.. hmmmm.. 2 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by Opiosko: 8:11am On Aug 15, 2014 |
holluwai: This man has just said nothing but nonsense!!! I don't get any explaination from this.Ur blood dea hot mehn! Pls go back and read it again. 11 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by greall1: 8:11am On Aug 15, 2014 |
it was discovered that people have actually turned ATMs into their personal purses because nothing is charged. Somebody needs N500, or N1000, he will go to ATM and withdraw, he needs N2000, he will go to ATM and withdraw, so that in a day some people can patronise ATM for up to four or ten times. That has created a huge cost burden for the banks that issue the cards. It was becoming discouraging to them. It is logic. I don't believe the story. If I use ATM as a purse is my money. The charges is too much why not 20 to 30 naira. 7 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by treasuremi1(m): 8:11am On Aug 15, 2014 |
Hmmm. This our country sef Unfavourable policies everywhere 1 Like |
Re: We’ve Not Reintroduced ATM Charges —CBN by favoured247(m): 8:12am On Aug 15, 2014 |
lat4real: CBN is still saying the same thing but with better explanation this time. You can withdraw thrice in a month without being charged, but your subsequent withdrawal will attract N65 charges.I think they meant thrice in a day. not a month 13 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by Greyworld: 8:12am On Aug 15, 2014 |
Well I don't tink its totally a bad move. Min while as 4 bein '' personal purse'' 9jarians sure knw hw 2 abuse tins wif reckles abandon. 1 Like |
Re: We’ve Not Reintroduced ATM Charges —CBN by Ptoocool(m): 8:12am On Aug 15, 2014 |
OKKKKKKKKKKAAAAAAAAAY!!!! Now ah qerrit.. |
Re: We’ve Not Reintroduced ATM Charges —CBN by bknight: 8:13am On Aug 15, 2014 |
Emefilie's first strike. God help us during his reign! 3 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by omolizzy(f): 8:14am On Aug 15, 2014 |
In short,patronize ur bank. Don't av "insect eye" winks 1 Like |
Re: We’ve Not Reintroduced ATM Charges —CBN by korel9: 8:14am On Aug 15, 2014 |
I'm still sticking to my piggy bank like I said yesterday To go ATM na by force? |
Re: We’ve Not Reintroduced ATM Charges —CBN by igbsam(m): 8:14am On Aug 15, 2014 |
confused nation.... |
Re: We’ve Not Reintroduced ATM Charges —CBN by BrAkingNews: 8:14am On Aug 15, 2014 |
cfc |
Re: We’ve Not Reintroduced ATM Charges —CBN by jmoore(m): 8:15am On Aug 15, 2014 |
“So that is why we said, you can go to an ATM other than your bank 1 Like |
Re: We’ve Not Reintroduced ATM Charges —CBN by Dotunani(m): 8:16am On Aug 15, 2014 |
Another format of gathering money..una wicked oh |
Re: We’ve Not Reintroduced ATM Charges —CBN by publicenemy(m): 8:19am On Aug 15, 2014 |
Rubbish...i dont even have to read the write up .. There is no excuse for introducing the N65 charge except ofcourse greedy and uncustomer care friendly Nigerian institutions. 1 Like |
Re: We’ve Not Reintroduced ATM Charges —CBN by Decryptor(m): 8:20am On Aug 15, 2014 |
femcruz: Admist of all the crisis in the country, this is what cbn has to contribute. holluwai: This man has just said nothing but nonsense!!! I don't get any explaination from this. The school fees paid on your heads was nothing but a total waste! 15 Likes |
Re: We’ve Not Reintroduced ATM Charges —CBN by fennels007(m): 8:20am On Aug 15, 2014 |
lat4real: CBN is still saying the same thing but with better explanation this time. You can withdraw thrice in a month without being charged, but your subsequent withdrawal will attract N65 charges.pls not in one month but in a day. kindly read again 2 Likes |
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