Speechless tho! Buh That's Big Bullshit !!!

Hmmmmm are they running short off cash? or they will remove it in 2015 completely after election.

Ok... Shey na 3times and d fourth withdrawal will attract #65 charge? No wahala na coz my #65 will not be deducted, #team1kperday#

The policy is ok* it's just that hope ATM's will be good. I can count how many time i went to ma bank(fidelity)close to my house to withdraw money. That's because their ATM is never working or they are having network issues.

holluwai: This man has just said nothing but nonsense!!! I don't get any explaination from this.

Then go back to primary school maybe u wil understand after dat

olaeffect:

Let me try and explain. The ATM charge was never removed in the 1st place I.e CBN just instructed banks not to charge customers.

Your bank actually has always been charged N65 on each withdrawal you make on another bank ATM all this while, be it N40k, N20k or even N1k your bank has been paying on your behalf.

C.O.T is now N2.00 and will be N1.00 by 2015 and N0.00 by 2016 and most other charges have been strictly regulated, I wonder if the banking sector won't go into extinction if some business sence decision are not taken.

Considering that apart from paying huge taxes (local, state and federal) banks still provide everything for themselves; electricity, water, security e.t.c

I most a times wonder where banks make their huge so called profits from, (downsizing every day and making almost all staff contract). Consider also that the state and the real sector is running at loss.

.

God bless you!!! Your explaination seem to be even more resound than that of the man itself and as for all those fools saying I should go back to school, send me your CV and if it's worth it I'll gladly employ you and pay you reasonably.

muchyblink: Then go back to primary school maybe u wil understand after dat

Did you even attend school at all?

Siddye:
You nid to go back to sch....

No! You need to mind your business.

Bigcake: Then you have a low mentality.

Lol, you have none at all in whatsoever area of life!!!

Decryptor:



The school fees paid on your heads was nothing but a total waste!

You should've simply explained from whatever your understanding is of what he said since the money spent on you wasn't a waste... Nitwit!

UchihaMadara: Why is this even an issue? It's remote ATMs Y'all!!!!

Not everything in this life can be free. You can still withdraw FREE from your banks ATM.

Why do you think in developed countries, banks with the most ATMs use that as a selling point(BOA comes to mind)?

Now it's up to us, the customers, to choose good banks, with multiple ATMs that we can access, not a bank with only one ATM that is 50km away.

Thank you!

I don't know why comprehension is so difficult for some people

holluwai: This man has just said nothing but nonsense!!! I don't get any explaination from this.

You want explanation? Then, withdraw 5 times from another bank's atm and get the explanation in full details.

femcruz:
hahahaha, na iketepene high for our backyard he go .

.... Hahahahahahaha, oh mine mine 9ja , every1 claiming rite. It is well

unmask: where did the three times a month come in?

if u make 3 atm withdrawals on another bank atm apart from ur bank ,you will not be charge ,your bank will pay the 65 naira charge on ur behalf to both inter switch and the atm owner. But if u make any withdrawal after that on another bank atm _u will be charged 65 naira . So in essence u have 3 free withdrawals on any bank atm monthly, so the fourth withdrawal will be charged but if it is ur bank atm ,YOU cAN WITHDRAW AS MANY TIMES AS YOU LIKE AT NO COST

lat4real: 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 withdrawal will attract N65 charges.

Misinformation...they didn't say in a day.

You have three oppourtunities to use remote-on-us ATM without charges. your forth and subsequent withdrawals for the rest of the month will be chared N65/withdrawal.

sirwilly1:
You want explanation? Then, withdraw 5 times from another bank's atm and get the explanation in full details.

Funny!

abhosts: If you must use another bank's ATM, do not use it more that 3 times in a day to avoid the extra charge. Nice explanation!

where did you see "in a day"?

holluwai: .

God bless you!!! Your explaination seem to be even more resound than that of the man itself and as for all those fools saying I should go back to school, send me your CV and if it's worth it I'll gladly employ you and pay you reasonably.

you still need to go back to school 'cause one cant explain to you all the time...

iswallker:

you still need to go back to school 'cause one cant explain to you all the time...

Hahaha.... Nice one man!

Dat cbn director has yet to detail abt d feasibility study dey carry out bf implementin d so call policy,cos for an atm machine issue a maximum of #20000 n u nid #100000,its u wil b charge for withdrawin d fourth tym,of which #100000 is d maximum withdrawn in a day

Let me remind you that it is not just going to the
ATM once in a day that matters or they are
talking about, but how many withdrawals you make.
for instance, assuming you organize yourself
properly like you said and decided that you need
N100,000. Tell me is there any ATM machine that
will allow you to withdraw N100,000 at once? the
answer is NO, you will need to make at least 5
withdrawals (on average) which counts or translate
to using the ATM FIVE TIMES ( a limitation on how
many withdrawal we can make) so why say people
make multiple withdrawal when u don't allow them
to withdraw N100,000 at once. greed at its peek!

wow

This is fair enough. Nobody should turn ATM to their personal purse.

sharks776: Let me remind you that it is not just going to the
ATM once in a day that matters or they are
talking about, but how many withdrawals you make.
for instance, assuming you organize yourself
properly like you said and decided that you need
N100,000. Tell me is there any ATM machine that
will allow you to withdraw N100,000 at once? the
answer is NO, you will need to make at least 5
withdrawals (on average) which counts or translate
to using the ATM FIVE TIMES ( a limitation on how
many withdrawal we can make) so why say people
make multiple withdrawal when u don't allow them
to withdraw N100,000 at once. greed at its peek!

When you need to withdraw up to 60000 and above, go walk into the banking hall. You will have peace of mind.

The explanation is logical. People abuse the ATM to the detriment of banks. People should plan themselves properly, even though emergencies can't be foreseen.
If you are withdrawing large sums from another bank's ATM, then you should be happy to show the issuing bank some love.
I support this policy.

CBN explanations are understood but not acceptable due to d following pertinent concerns:

A. Why must N65 goes to Switch operator per transaction when most ATM can't dispense more than 20k @ ago?

B. Can CBN not compell d Switch to reduce N65 charges to reasonable amount that's "fair" accross the board?

C. Why has CBN failed to sanitize unexplainable charges by our banks rather than reintroduction of ATM fee?

D. Can CBN compell our banks to increase maximum dispensary per transaction to 70k? This 5will enable all salary earners below 200k to withdraw without d fe.

armadeo:


I don't do it. I withdraw all I need for awhile at once. The queues at some atms are terrifying not to add women people who apparently aren't sure of how much they want to collect and start dittering at the machine. That being said

i still don't get what the problem is or why you call it abuse. Its my money you shouldn't tell me how to collect it. This policy stinks.

Den u don't get d arguement... Yur bank pays 65 naira 4 dose transactions. So wen ppl freqently mak dose trasactions even wen not necessary its ''Abuse''

Its a good development, I love cos some people has actually turned ATM into their personal purse like he said

MANGAM: Which one are we going to bliv?

the one that sounds sweet to you...

Eyop:
Your location is Cameroon they will charge you na

Na you carry me go Cameroun abi?

holluwai: .
God bless you!!! Your explaination seem to be even more resound than that of the man itself and as for all those fools saying I should go back to school, send me your CV and if it's worth it I'll gladly employ you and pay you reasonably.

There is nothing explanatory about what the guy said. If you don't understand, quoted below is a robust analysis given by someone yesterday. Stay clam and enjoy the analysis. You'll find that our financial institutions are lazy and doesn't take the necessary risk that will create wealth for the SME, which will eventually rub off on the economy. Enjoy the analysis:-

""You are making point, but you must realize that in the world-over, COT is not part of a bank income. It is one of the crooked model that crept into our banking tradition and got cemented. Banking is all about financial intermediation. You mobilize funds from the surplus sector of the economy (through deposit mobilization) and move the funds to the deficit sector (Through loans and advances) to finance productive ideas that grow the real sector. The bulk of the income of a bank therefore should come from the differential between the Deposit rates and the Lending rates. Now, as a customer, I gave you my money as a bank to keep. You use the money for business and generate income and anytime I come to withdraw, you charge me COT. does it make any sense? When I deposit money with a Bank, the bank becomes automatically indebted to me. It becomes my debtor. And anytime I come to collect my money from my debtor, it still charges me. Does it make any sense?

The issue is that Nigeria Banks continually fail in their responsibility of financial intermediation. They are master at mobilizing deposits. If you have money, they will pursue you to synagogue and once the fund is mobilised, they will rather lend to the mighty and Invest the bulk of the money in 'gilt-edge security' and money market Instruments like Treasury Bills, Treasury certificates etc.

When Emefiele was appointed the CBN Governor, I already have a pre-knowledge of what he will do. He was the GMD of Zenith Bank. Zenith Bank has no business model when it comes to real banking. What they do is fund trading. Bank with them for donkey years and come with the most-productive ideas in the world and request for just a token to finance it, even when you pass all the 5cs of credit, you will be amazed at how they will turn you down, unless you are the Dangote and MTN of this world. They are master at mobilizing funds but they invest the money in Treasury bills because they do not want to take risk. They have the least risk-asset ratio in the banking industry because they don't lend. The problem with it is that they do not grow the economy. The profits they make from investment is enjoyed by Jim Ovia and the big boys in the bank. When Sanusi increased the Cash reserve ratio (CRR) on government funds from the original 12% to 50% and later to 75%, the bank's existence was under treat because 90% of the funds they invest in Treasury Bills come from government. So the model is just that they take funds from government at no cost and lend the same government's money to the same government at 30% through investment in Treasury bill. Sanusi saw this fraud and quickly moved against it. Save for t he appointment of Emefiele as CBN governor, the bank would have downsized some months ago.

Now that Emefiele is the CBN governor, his loyalty is more to Zenith Bank than to the people of Nigeria. This is evident in the way he approved the appointment of Jim Ovia as a working chairman of the board. All policies that were put in place by Sanusi that are pro-people and anti-capitalist banks will be reversed by Emefiele gradually. This is just the beginning. Before the end of his tenure, I see him reducing CRR on government Funds to as low as 10%. This of course will continue to destroy the economy.

To me, Emefiele was appointed because:

(a) He has a reputation for displaying unalloyed loyalty to his boss, even to the point of Death. He was DMD under Jim Ovia in Zenith Bank for ten years and even when Sanusi forced Ovia to resign and Emefiele took over, he was just a puppet as the bank was practically run by Jim Ovia from outside.

(b) Needs of GEJ to get a CBN governor he can control as there will be needs to finance the 2015 election


The problem is that when you have a clueless president and a CBN governor who does not have a mind of his own, you can not hide away from anti-people policies. Like I said, just expect more of this from CBN under Emefiele.""

KingAdeOluomo1: What Eva

. Chairman must u qoute d whole news. Jus coment ad pass. Pls tak note next tym.