" ITREALMS: CBN reduces bank charges on ATM - ITREALMS

Sunday, December 22, 2019

CBN reduces bank charges on ATM - ITREALMS

Apex bank, the Central Bank of Nigeria (CBN) has reduced the service charge on withdrawals especially using the Automated Teller Machines (ATMs) from current N65 to N35, reports ITREALMS.

CBN in a press statement available to ITREALMS on Sunday, said the reduction has become imperative to cushion effects of economic hardship on Nigerians and bank customers in the country.

ITREALMS recalls that banks in Nigeria before now, charge withdrawal fee on ATM useage more so if on third-party facilities other than that of the issuing bank’s ATM.

The N35 ATM fee according to the CBN should be imposed on customers after the third withdrawal within one month.

Latest directive, ITREALMS reports, is part of the major highlights of the new Guide to Bank Charges.

In addition, 
ITREALMS reports that CBN removed Card Maintenance Fee on all cards linked to current accounts, and also asked banks to charge a maximum of N1 per million for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other bank on current accounts only.

The apex bank further warned banks to ensure full compliance to the new guidelines effective January 1, 2020, stressing that any bank that violates the provisions of the guidelines would be sanctioned as economic saboteur.

Chuks Egbuna/Editor

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