The Senate has urged the Central Bank of Nigeria (CBN) to look into the suspension of the Automated Teller Machine (ATM) maintenance and withdrawal charges by banks.

This was after a motion on "illicit and excessive charges by Nigerian banks in customers accounts" was raised by Senator Gbenga Ashafa during the plenary session on Wednesday.

Deputy Senate President Ike Ekweremadu seconded the motion, saying: "The ATM charge is not the only charge we get from the bank, there are VAT charges and so on; this is unacceptable. We have the Customer Protection Agency in Nigeria, but they are not living up to expectations."

The issue generated much debate on the floor of the Senate and after much deliberations, a few resolutions were made.

The Senate directed the committees on banking insurance and other financial institutions and finance to conduct an investigation into the propriety of ATM card maintenance charges in comparison with international best practices and report back to the Senate.

It also mandated the committees on banking, insurance and other financial institutions and finance to invite the CBN Governor to appear before the body in order to explain why the official charges as approved by the CBN are skewed in favour of the banking institutions as against the ordinary customers of the banks.

The lawmakers urged CBN to suspend the ATM card maintenance charges being deducted from customers accounts, just as they called on the CBN to instruct the commercial banks to configure their machines to extend to N40,000 per withdrawal, pending the outcome of the investigation by the committees.

The Consumer Protection Council was called upon to be up and doing in taking up the plight of ordinary Nigerians by looking into the various complaints of excess and unnecessary charges by Nigerian banks.

http://saharareporters.com/2018/10/17/breaking-senate-asks-cbn-suspend-atm-card-maintenance-charges

Good. Let me see how all these Banks would be declaring bogus profits. What are they maintaining? UBA even charged me ATM maintenance charge when I do not have an active ATM. Crooks.

good...most active senate ever.

FTC

Good one

Even person wey no get ATM dey pay ATM charges. Saving money in the bank is a necessary evil.

Unemployment looming in the banking sector

Way forward, NASS
the banking sector is the most fraudulent institute in nigeria. The incessant extortion of monies from customers is really mind boggling. The con3 sef tire me!

Let’s wait and see

Nice

Good for them

Those people ehn

Skyepolaris own worst pass the moment 500h is remaining in my account the way it burns down to 50naira I don't know

Chai

ATM withdrawal 10k per withdrawal nonsense

And they should activate my first bank account o.... I no fit stress myself

Yes,,, I've been meaning to ask,, how is my bank helping me to maintain my ATM card that's resting in my wallet

And again,, how come I'm the one that pays for SMS being sent to me. How can recipients be charged for messages being sent to them . Access bank deducts money for everything, they'll send you a birthday message and still deduct money for SMS

Bankers!!! Over to you.

Modified - back in the days, when you keep your money with the banks,, it increases,, but these days, deposit 10k in your account, bank will destroy the money.
SMS charges
Card maintenance
Using another ATM
etc
Before you know it,, 10k has turned to#8,980. Rendering the money almost useless for the intended purpose.

2mercy:



The Senate has urged the Central Bank of Nigeria (CBN) to look into the suspension of the Automated Teller Machine (ATM) maintenance and withdrawal charges by banks.

This was after a motion on "illicit and excessive charges by Nigerian banks in customers accounts" was raised by Senator Gbenga Ashafa during the plenary session on Wednesday.

Deputy Senate President Ike Ekweremadu seconded the motion, saying: "The ATM charge is not the only charge we get from the bank, there are VAT charges and so on; this is unacceptable. We have the Customer Protection Agency in Nigeria, but they are not living up to expectations."

The issue generated much debate on the floor of the Senate and after much deliberations, a few resolutions were made.

The Senate directed the committees on banking insurance and other financial institutions and finance to conduct an investigation into the propriety of ATM card maintenance charges in comparison with international best practices and report back to the Senate.

It also mandated the committees on banking, insurance and other financial institutions and finance to invite the CBN Governor to appear before the body in order to explain why the official charges as approved by the CBN are skewed in favour of the banking institutions as against the ordinary customers of the banks.

The lawmakers urged CBN to suspend the ATM card maintenance charges being deducted from customers accounts, just as they called on the CBN to instruct the commercial banks to configure their machines to extend to N40,000 per withdrawal, pending the outcome of the investigation by the committees.

The Consumer Protection Council was called upon to be up and doing in taking up the plight of ordinary Nigerians by looking into the various complaints of excess and unnecessary charges by Nigerian banks.

http://saharareporters.com/2018/10/17/breaking-senate-asks-cbn-suspend-atm-card-maintenance-charges

Only in nigger area
Cc immhotep justiceleague1 sarrkimyruv Roger3D Gmbuharii onyeoga

that's good.... Waiting for implementation to take place

ATM card maintenance charge is one of the biggest scams by Nigerian banks.

Good move by the Senate. The rip off is too much

Yes oo CBN oya let's go there...

The bank charges is getting crazy good move

Good move at least I see one better tin this Bleep up govt do...

Kli don't know the card they are maintaining





Are they the one keeping my card for me




Awon Olosi dede

Good one. It's so annoying that u can't withdraw more than 10k from some atm and they will still charge you 65 naira after ur third withdrawal if it's not ur bank.

This is the best thing this govt HV said

LZAA:

Only in nigger area
Cc immhotep justiceleague1 sarrkimyruv Roger3D Gmbuharii onyeoga

When finance minister dodged nysc and proceeded to forge certificates.

SMH

I'll be very happy

This is long overdue. Na now day just break for their eyes? Though better late than never.

Can dey do i

Misplaced priorities. Of all the issues in Nigeria and the recent killings of kidnapped victims, this was all the useless senate committee could could deliberate on.

Nice move... But is it gonna work? The way Firstbank and uba is deducting my money...i am tired....

UNION BANK OWN PLENTY

Yea... Especially Eco bank they make their 10k per withdrawal. About 650 on hundred thousand.