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Bank customers to pay less as CBN reduces charges for ATM use

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Bank customers to pay less as CBN reduces charges for ATM use

Bank customers across the country will from now be charged N35 per withdrawal from other banks’ Automated Teller Machines (ATM) instead of the former N65, the Central Bank of Nigeria (CBN), has ordered.

The N35 ATM fee will however become chargeable after the third withdrawal in a month, the apex bank said.

The new directive is part of the major highlights of the new Guide to Bank Charges released by the CBN on Sunday.

The new guidelines also removed Card Maintenance Fee on all cards linked to current accounts, and also asked banks to charge a maximum of N1 per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other bank on current accounts only.

The Advance Payment Guarantee has also been pegged to a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.

Read also: Banks credit to economy hits N22.61tn

The CBN, in the guidelines also warned banks to ensure full compliance, adding that any bank that violate the provisions of the guidelines would be sanctioned.

It reads in part: “Financial Institutions are to note that any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time.

”Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.”

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