CBN reintroduces charges on ATM withdrawals Godwin Emefiele’s is determined to go hard on habitual bank debtors and making it difficult for them to access credit anywhere in the system. The Central Bank of Nigeria (CBN) on Wednesday reintroduced the fees which banks charge on Automated Teller Machine (ATM) withdrawals. Effective September 1, bank customers are to pay N65 per ATM withdrawal, however, after three transactions from an ATM not belonging to an issuer bank. This was contained in a circular signed by Dipo Fatokun, CBN director, banking and payments system department and made available to BusinessDay in Abuja. In the new directive, the CBN said the reintroduction of “remote-on-us” cash withdrawal transactions fee, “which will now be N65 per transaction is to cover the remuneration of the switches, ATM monitoring and fit-notes processing by acquiring banks.” The new charge, it noted, “shall apply as from the 4th “remote-on-us” withdrawal (in a month) by a card holder, thereby making the first three transactions free for the card holder, but to be paid for by the issuing bank.” “All ATM cash withdrawals on the ATM issuing banks shall be at no cost to the card holder,” the apex bank also noted.It would be recalled that the CBN, in collaboration with the Bankers’ Committee had in December 2012 abolished the N100 fee on “remote-on-us” ATM cash withdrawal transactions, transferring such costs to issuing banks. This fee is shared between the acquirers, issuers, and arms switches. On commencement of the arrangement, in 2012, banks, according to the CBN, decided to wave the issuer fee (N35), which should have ordinarily been an income to them.Consequently, banks only bore the cost of N65 each time their customers use another bank’s ATM.
Posted on: Fri, 15 Aug 2014 10:05:16 +0000
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