The implementation of a N65 charge on remote-on-us ATM withdrawals recently announced by the Central Bank of Nigeria (CBN) will commence today. Remote-on-us are transactions done by a card holder on another bank’s ATM. Although some bank customers have expressed displeasure over the policy, the central bank had explained that it would, engender competition among banks. According to the central bank, the new charge shall apply as from the fourth remote-on-us withdrawal (in a month) by a cardholder, thereby making the first three transactions free for the cardholder.

Prior to the amendments in December 2012, the charge used to be N100 on any remote-on-us withdrawal. But the N100 was removed then so that people would be encouraged to use ATMs, it had explained. The CBN also stated that the policy would ensure that customers get better services from banks. According to the central bank, transaction volumes at other banks’ ATMs increased astronomically due to the free cash withdrawal at ATMs. “The wear and tear as well as the frequency of servicing the ATMs has increased significantly. Indeed, some customers were beginning to abuse the use of ATMs through countless withdrawals.

“This development has led to increase in cash transactions, which negates the bank’s cashless policy,” the CBN argued. Furthermore, the banking sector regulator argued that maintaining ATMs is expensive as it requires economic incentive for owners to deploy and maintain the facility. To the Deputy Managing Director, Diamond Bank Plc, Mr. Uzoma Dozie, the fee introduced would encourage people to conduct banking transactions through other channels, such as mobile money and point of sale terminals (PoS).

According to Dozie, the decision was taken because it was discovered that as a result of the removal of the charges on withdrawals from other banks’ ATMs in 2012, a lot of pressure was being put on the ATMs mostly by customers withdrawing very little amount of money.
“The justification for the policy is to drive people to use other channels such as mobile money, internet banking and PoS,” he added.

On his part, the Managing Director, Financial Derivatives Company Limited, Mr. Bismark Rewane, said the ATM charge was appropriate.

http://www.cebih.org/n65-charge-on-third-party-atm-withdrawals-takes-effect-today/

Banks..............Defrauding Nigerians since 1914. Who cares what they charge

NIGERIA BANKS EHNALL THEY KNOW IS HOW TO SCAM THE POOR CITIZENSINSTEAD OF THINKING ON HOW TO IMPROVE THEIR SERVICES



HMMMNNNNNNN TODAY IS MY BIRTHDAY PLS BE KIND ENOUGH TO CONGRATULATE ME

Really? But three days ago, the last #1, 000 I had in my Access Bank Account was shortened by almost #100 and no reason was stated for the shortage and no SMS sent to me.

Hmm.... I smell fraud!!

God dey O

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Is that why Ecobank wants to drain my battery with this information ? They've been sending me text messages everyday 5 times per day reminding me of this. Seems they really need the N65 badly.

Moreover they need to allow 100k per withdraw then. Instead of this yeye N20,000.

N65 is bad as a surcharge o

So if I withdraw with my firstbank atm from zenith bank, they will remove N65?

Diaris God o

With their whack customer service

Am ready....I have activated my Gtbank Uba and first bank Cards

NLFreak:

igbsam: d

Oguntimmy: God dey o

Neduzze5: T

dhammyg:

spacebookers ; D

In olamide's voice....."its notin"

bamoza:





spacebookers ; D

You sef dey use style book space

Withdraw only thrice a month.

I no dey kuku withdraw pass once a month before.... na dem sabi.

This surely won't be good for us students.

bamoza:
spacebookers ; D

I tire for them......Happy New Month

All CBN's policies are all for my good! Thank you Jesus.

dhammyg: NIGERIA BANKS EHNALL THEY KNOW IS HOW TO SCAM THE POOR CITIZENSINSTEAD OF THINKING ON HOW TO IMPROVE THEIR SERVICES



HMMMNNNNNNN TODAY IS MY BIRTHDAY PLS BE KIND ENOUGH TO CONGRATULATE ME

Happy birthday dhammyg wishing you all the good things you wish for.

Enjoy your day.

Time to start our Assembly in front of atms. Sorry to those whom our poor network service will stress. Pity First Bank and GT Bank customers. Suffer in Naija continues.

bring back our sanusi

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http:///Gxzp

First page noni, better days ahead ahead

65naira?well dia ris god ooo.

hmmmm....9ja!!! my country

dhammyg: NIGERIA BANKS EHNALL THEY KNOW IS HOW TO SCAM THE POOR CITIZENSINSTEAD OF THINKING ON HOW TO IMPROVE THEIR SERVICES



HMMMNNNNNNN TODAY IS MY BIRTHDAY PLS BE KIND ENOUGH TO CONGRATULATE ME

Happy birthday.More great years ahead.Enjoy your day.

This new development has always been a miss and will continue to be
this is a anti cashless policy
especially with the facts that other alternatives to ATM are not functionally efficiently to satisfy Nigeria, Infact no a wrens about the other alternatives
a supermarket in my area that uses POS told me that her POS only worked for a month after she got it, after that na soso network wahala, or errors in money deduction
if CBN doesn't want people to go to ATM again
then 1st provide alternatives

ever since this new CBN gov has taken over, I knew it will be payback time for Nigeria, everything Sanusi stopped, will be reversed and bank will make more money from us
Thus is an era for the banks, by the banks, to the banks
Shikena!
:PThis new development has always been a miss and will continue to be
this is a anti cashless policy
especially with the facts that other alternatives to ATM are not functioning efficiently to satisfy Nigeria, Infact no awareness about the other alternatives,
a supermarket in my area that uses POS told me that her POS only worked for a month after she got it, after that na soso network wahala, or errors in money deduction
if CBN doesn't want people to go to ATM again
then 1st provide alternatives

ever since this new CBN gov has taken over, I knew it will be payback time for Nigeria, everything Sanusi stopped, will be reversed and bank will make more money from us
Thus is an era for the banks, by the banks, to the banks
Shikena!

dhammyg: NIGERIA BANKS EHNALL THEY KNOW IS HOW TO SCAM THE POOR CITIZENSINSTEAD OF THINKING ON HOW TO IMPROVE THEIR SERVICES



HMMMNNNNNNN TODAY IS MY BIRTHDAY PLS BE KIND ENOUGH TO CONGRATULATE ME

Happy Birthday. Wishing you more fulfilling years ahead.

please abeg abeg, why are you reminder us na? *thinking* 50 naila bled, 10 naila glandnut, 5naila chingum.. chai!

Na wa ooooo

tokaiki:

Happy Birthday. Wishing you more fulfilling years ahead.

THANK U VERY MUCH

mcfarlin:

Happy birthday dhammyg wishing you all the good things you wish for.

Enjoy your day.

THANK U VERY MUCH