CBN re-introduces ATM charges, bank customers to now pay N65 | Welcome to Linda Ikeji's Blog

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Thursday 14 August 2014

CBN re-introduces ATM charges, bank customers to now pay N65

The Central Bank of Nigeria has re-introduced ATM charges for cash withdrawals made on other banks’ Automated Teller Machines. In a circular dated August 13rd 2014 and signed by the Director, Banking and Payment Systems Department, CBN, Mr. Dipo Fatokun , the re-introduced ATM deduction pegged at N65 per withdraw would take effect from September 1st 2014.

The circular states that the first three withdrawals in the month of September on other banks ATM would be free but the charges would start counting from the fourth withdrawal. Read parts of the circular after the cut...
"The CBN hereby issues the following directives: The re-introduction of ‘Remote-on-us’ ATM cash withdrawal transaction fee, which will now be N65 per transaction, to cover the remuneration of switches, ATM monitoring and fit-notes processing by acquiring banks; the new charge shall apply as from the fourth ‘Remote-on-us’ withdrawal (in a month) by a cardholder, thereby making the first three ‘Remote on us’ transaction free for the cardholder, but to the paid by the issuing bank. September 1, 2014 shall be the effective date for the implementation of the new charge; banks are expected to conduct adequate sensitisation to the customers on the introduction of the new fee; all ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the cardholder.”  it read
This reintroduction of ATM withdrawal charges comes almost 2 years after the CBN and the Deposit Money Banks cancelled the N100 ATM charges in December 2012.

107 comments:

Ceeflo said...

This is rubbish! Do they consider the common man when they come up with these new policies ?? Its very difficult for a cbn governor with his six figure salary to understand that 65 naira matters to a lot of Nigerians....its hard to fathom...buh its true

Anonymous said...

Rubbish. (Linda's Man)

Anonymous said...

Rubbish. (Linda's Man)

Anonymous said...

for what na!

Bishop Dammy said...

Haba! This is serious ..why re-introducing again now..whatsoever the reason(s) might be. Phil 4:19. BishopDammy#

Anonymous said...

SHIT!! Nigeria which way nao! When av being enjoying this now. This is really fucked mehn

Unknown said...

we take one step forward but 150 steps backwards, y isn't any policy stable in dis country? dis pple shud understand dat its not dier personal property, dis is rubbish ! d 3 free times sef wunt work! cos sum banks will charge d 65 naira knwin fully well nobody will fight for 65naira,

Unknown said...

we take one step forward but 150 steps backwards, y isn't any policy stable in dis country? dis pple shud understand dat its not dier personal property, dis is rubbish ! d 3 free times sef wunt work! cos sum banks will charge d 65 naira knwin fully well nobody will fight for 65naira,

Unknown said...

a.k.a EDWIN CHINEDU AZUBUKO said...
.
Me and ATM no get business for nw, ebola is real
.
.
***CURRENTLY IN JUPITER***

Steveosky 4 Real. said...
This comment has been removed by the author.
ary said...

chai

Unknown said...

They should also work on Atm machines debiting people without given the their Cash,before taking weeks to return the money when you transact with another bank's Atm.....For your Current News on Football visit The Newest Blog in Town,Inspired By Linda's story and Libers www.thegoalmac.blogspot.com
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Anonymous said...

This is absurd, simply a one step forward, two steps back policy.

Unknown said...

Thieves... i'll uses that #65 nd take taxi to my bank, to nd fro. A n'ako Ebola a n'ako ego ha ga eri.

queenreigneth@gmail.com

Anonymous said...

Haaba! Haabatically!

Bonita Bislam said...

What rubbish! Sanusi left and everything he's achieved is beginning to crumble.This current CBN governor had better tighten his seat belt.We've become too comfortable with the no charges that I've failed to see the wisdom behind the re-introduction.

Anonymous said...

One step forward, .... Steps backward I guess

obietrezy said...

I knew that this charges would come back. There was no way they could just let it go but its okay sha...

Anonymous said...

It was good while it lasted. lol

APPLE said...

Haba! What is going on?

BONARIO NNAGS said...

A reason to remember Sanusi Lamido Sanusi.
What a considerate government we have.

~BONARIO~says so via NOKIA LUMIA

Anonymous said...

Seriously?

Unknown said...

Ooooooh....this is going to be more stressful for me. Okay,thanks for the info.

Unknown said...

Why will they do that again

Oluwasegun O. said...

One of the reasons why you hate Sanusi Lamido Sanusi who removed the 100 Naira charges right? Solid thieves!

When you have someone at the top that really fight for the pocket of few, this is what happens.

Can you then ensure that all ATMS can dispense 200 Naira so that people can be able to withdraw any amount while paying their charges.

chrisernboms said...

They have come again,!!!!!!!!!!

Free designer perfume samples when you place order for your colognes. Www.chrisernboms.com 228D1c88.

Anonymous said...

After all is said and done, Nigeria still seeks loan from foreign countries. So, what's the aim? Pfft! MB.C. DORIS

Unknown said...

Bad news!!!

Anonymous said...

Not good. There will now be queue in ATM centres especially UBA, GTB & others. Banks should better build more ATM centres.

Anonymous said...

why na.... aint fair o

Anonymous said...

Stealing from mid and low class.fela nah prophet ooo.

Ruru

Anonymous said...

Some pple now go dey say sanusi na bad man nd a traitor.. Etii madment.
Is it give away monday yet? :D
OlaTijani

Anonymous said...

Dis country is just going for d worse...Oga ooo..mtscheew

Dee Tee said...

Hmmmm my Emefiele we see you ooo. Hmm anyways . ... The fear of Ebola is the beginning of proper hygiene which also reduces the transmission of other communicable diseases..

Unknown said...

This is absurd, if you are trying to introduce a cash less society, and charging heavily for over the counter deductions, why try to discourage ATM withdrawals by putting charges, whether is 1st or 4th withdrawal it makes no sense, what's the benefit of the cash less policy if the CBN is charging heavily on both sides.. It makes no sense to me, just my opinion though.

Unknown said...

fools!

Israel A said...

Na dem sa bi,all we need is quality service

MK said...

This is one of the achievements of Sanusi being taking away over night. The bank chiefs have beenable to romance the new governor to do their wish.

Unknown said...

This will affect the populace of the rural environ where there are few banks


###################GOD punish###########devil

Anonymous said...

this people are so confused

Unknown said...

Na to drop atm card B dah #dip hands inside pocket#

I'm Ejeh said...

This ain't cool. Sounds Like a repackaged fraud to me. Just saying.

Unknown said...

na there cup of tea be that jor

Unknown said...

This is absolute rubbish

I'm Ejeh said...

This ain't cool. Sounds like a repackaged fraud line to me.

katrina said...

This is not fair @ all,na wa. For. Naija sha

SUPERVISOR said...

AND SOME PEOPLE CANT APPLAUD LAMIDO SANISI LAMIDO WHO MADE IT FREE FOR US ALL. ITS A QUESTION OF TIME - THE FEE WILL INCREASE!

mamalette said...

Charges here and there, why did this new cbn governor not leave it like he met it? Must nigerians pay 4 everything? Let's learn from the developed countries.

DIARY OF A TEENAGER said...

Chai, the removal of that N100 atm charge was such a relief to me ehnnn. Now thats gone! Well God ll bring more money, so I wont av to worry about the N65

Unknown said...

Some 'back n forth policies' we do witness atimes in this country leaves me bewildered...This interbank surcharge was removed initially after it was deemed unnecessary and the cost passed on to the respective banks which bear the cost of providing services,some banks then introduced the 100 naira monthly charges for having an ATM card. What is the reason for its re-introduction (regardless of the amount) and will the 100 naira monthly charge be stopped? There has to be a way to checkmate these 'thoughtless' policies otherwise we are going to wake up someday to discover that our thinking and freedom of expression,has been mortgaged by these 'sightless' decision makers!

Unknown said...

Hmmm.... We will survive.

Anonymous said...

ma country is bcomin a real mess

Anonymous said...

Really huh I don't get what the money is meant for anyway,for the past few months that the fee wasn't deducted was anything affected? 65 is even annoying that 100naira,dem go just dey spoil money for person,this is why I don't use ATM! Lauhrex

Anonymous said...

Really huh I don't get what the money is meant for anyway,for the past few months that the fee wasn't deducted was anything affected? 65 is even annoying than 100naira,dem go just dey spoil money for person,this is why I don't use ATM! Lauhrex

Anonymous said...

Jonathan's government is the government against the masses and poor people. They just don't care

Unknown said...

CBN thunder fire ol yo!

SlimVee said...

haba no naaaa

6tin said...

This is totally lugrubious, total rubbish, haa are we going foward or backward? wat nonsense is this, a new avenue to embezle funds. Let them have concience oo becos THEREEE ISS GOD OO chai !!! i pray God will arrest that man.

Anonymous said...

I can't find a reason for the charges. Mtcheeew I now see reasons why some people hate banking. Can't something be free forever in Nigeria?







TQueen

Unknown said...

I don't really know what is wrong with this new CBN Governor, he's making thgs difficult for people. We can't even see dollar to buy for biz, and the price is so high.

Yetinde said...

And they said Sanusi Lamido was a thief,we know better nw.

Anonymous said...

Awon people yi wicked gan sha...Do they know that some people actually withdraws 100-200 naira when they're broke? Na wa oo...

31 Principles for Eternal Significance said...

CBN thief thief thief people

AY said...

rrrrrrrrubishh.

Anonymous said...

Hmm.. Emefiele's new legacy is at work.

Anonymous said...

Hmmmm Nigeria my country i tire

Modupe say so

Anonymous said...

Iranu

6 reasons our prayer failed said...

This new boss is a criminal, why will he bring back what SLS trashed?

Unknown said...

Nonsense.. Cbn lack ideas. Community banks get ideas pass una.

Anonymous said...

as sanusi don commot now

Anonymous said...

This is bad! Sanusi who stopped it wasn't stupid! The man wants to make money for his bank(zenith)! When are we going to behave properly in this country?

Anonymous said...

God will punish you ppl.bastard ppl lookn for money. Kmft

Anonymous said...

This is all you have to get when you employ a capitalist as your central bank Governor. Lack of continuity of policy has been bedeviling Nigeria for long. instead of progressing we are retrogressing. Do Sanusi owe anybody explanation? absolutely NO. Emefiele is just a stooge coming to destroy.

Anonymous said...

Ndigbos! Does it mean mallam beta pass una! Abi werrin b dis! #IboThingsWithMoney.

Anonymous said...

this bank people are usless

Anonymous said...

thats what you get when you put a selfish person with personal interests into such positions. Remember the new CBN governor was the boss of a commercial bank before he was appointed so therefore he will do what he can to increase income for commercial banks at the expense of the population

Anonymous said...

If sanusi didn't work at all,at least this one thing alone is worth commending him for...Scrapping out ATMs charges has been a wonder step in d right direction..Bringing it back would only compound the problem of bad network we've been battling with whenever we go to withdraw money...Mr sunny

Anonymous said...

why the reintroduction for God's sake


flexycouture@yahoo.com

Anonymous said...

Wetin u dey talk oga *what a considerate gini?

Cutiepretti said...

Stupid Cbn governor....why bring back what's been taken away for the past 2yrs again. 65naira may be small to him but that's something for one that's finding it hard to feed himself and families. Are we moving forward in this country or going backward cos I really don't get some kinda things happening.

Cheezy said...

Just few days I was wondering how these banks make money from Atm's since any card can be used on any atm. I guess my question has been answered.

Michael Bash said...

Three steps forward, two steps backward. They said it's from the fourth withdrawal from a different bank that its going to be taking effect each month. My question is; Is it the banks that charges directly or Interswitch?
If it's the bank that deduct the charges, then no cause for too much alarm na....Just limit your withdrawal from any particular bank to three in a month, the move to the next available one......LOL

Michael Bash said...

Viewing it from another angle, these people are preaching cashless economy, they want us to carry less cash, i'm sure the average Nigerian would make sure he starts withdrawing cash in bulk, so as not to go back to the ATM frequently.

Anonymous said...

7 figure, u mean?

Scarlett said...

@ d 3 free times sef wunt work! cos sum banks will charge d 65 naira knwin fully well nobody will fight for 65naira.

I can see how dumb you are. Which bank will charge customers for such, when CBN's sanction on such Bank (offender) is in millions. Which Bank will do that and then pay a CBN sanction fee of millions of naira. Try and educate yourself in all sectors and not only reading gossips on blogs.

Unknown said...

U get into office as d Governor n d first tin u do is re-introduce ATM fee...wat a good start
Nigeria we hail thee, GEJ kip it up o,2015 is by d corner. All d 65naira I pay while withdrawing will vote for u. Foolish man, foolish advisers foolish policies

Anonymous said...

When sanusi was there people chased him away...now Jona's nominee is there we can all see...you made a cashless policy so that people can use pos / ATM...then abolish the ATM charges...the you do a u-turn and re-introduce those charges....na wa oooo.....banks make. Only off COT / SMS each time you transact...is that not enough?....even the gsm guys charge 5naira for text...but bank charges 10naira...na wa ooo

ebunny said...

it now dawns on me that it was a blank skulled being that was picked as cbn leader if it was this best he could come up with in his 1st few months in office then we should expect a ruin of the entire financial system.... just the dumbest thing have seen in a while..... if he lacked initiative, a tweet, fone call or text to Lamido would have just helped his cloudy confusion than create a mess of a developing running economy............... Crap in Bullshit

abey said...

I really like the policy simply because it will make some banks improve their ATM services.
When we have no ATM charges, we have bad ATM services in the country.

Faith Ogaga said...

Am sure Bonario meant "Inconsiderate"..take am easy...

ODOGWU said...

WHAT HAPPENS WHEN I USE MY CARD ABROAD?

Anonymous said...

Anony, it's called sarcasm. Google the word and thank me never

Anonymous said...

Una just start. I commented about this guy when he was appointed. We bank customers go hear am. This chap will do anything to please his bank owner boss.

Anonymous said...

wondering wat, whn most bank charge 100 for atm per month, i use 1stbank and dey charge me for atm monthly.

Omaa said...

Oh pls, what is unfair about this? Banking is business, people go into it to make money. If N65 is too much for the common man then he should withdraw from his own bank, it's really that simple.

Anonymous said...

D banks are losing from ATM withdrawals whn their customers use other banks. I think dis new decision will reduce d number of trapped cards kn d machine and having 2 pay 4 a new card. Use ur bank...

Anonymous said...

Why withdraw 200 naira n get a charge of 65 naira?

Information is power. Understand d way ATM transactions run and then u cn comment more intelligently

Anonymous said...

fuck u 4 not postin coment dat kick agaisnt d govt...PDP fool

Roymorgan said...

Rubbish what a fuck

Anonymous said...

Y remove it at all initially...nigeria different policies everyday. veno.brightheart@ymail.com

Anonymous said...

WHERE IS APC WHEN YOU NEED THEM....SMH

Anonymous said...

Stop the insults, since when ha the cbn sanctions stopped banks from acting crazy. You are the one that needs to be educated

Anonymous said...

Get ur facts right before sharing. Dey will only charge the 65N on ur fourth withdrawal for the day which isn't bad. Next time confirm before u update all these blind readers that comment like fools

Alamdreal1 said...

But Seriously, when are the YOUTH going to take over.... They don't know what we are facing, they judge the current economy by the 19's.

Alamdreal1 said...

But Seriously, when are the YOUTH going to take over.... They don't know what we are facing, they judge the current economy by the 19's.

Anonymous said...

Who pays inter switch and all other connectors? Banks are not charities and if they don't make money, shareholders, like you and I loose. We can always expect freebies in this country all the time.

mychael said...

When will you be doing another article on this subject?
Ppi Refund



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