Anyone who uses his/her ATM card on a machine belonging to another bank would now pay N65 monthly, the Central Bank of
The CBN, in a new circular on Wednesday to all banks on the introduction of fees on remote-on-us ATM withdrawal transactions, said on the commencement of the new guideline, banks would no longer bear the N65 charge whenever their customers make withdrawals using other banks' ATMs.
Following the introduction of ATM services in
The payment of the fees was shared between the customers, the banks and the ATM switch terminal operating companies. While banks paid N65 each time their customers used other banks' ATMs, about N35, which should have been part of their income, was waived for the customers.
However, the CBN, in the latest guidelines issued by the Director,
Consequently, the CBN said, starting
The charge, the CBN said, would cover the remuneration of the switch terminal operators, ATM monitoring and fit-notes processing charges by acquiring banks.
"The new charge shall apply as from the 4th 'Remote-on-us' withdrawals (in a month) by a card holder, thereby making the first three 'Remote-on-us' transactions free for the card holder, but to be paid for by the issuing bank," the circular said.
The CBN stressed the need for banks to ensure that their customers were adequately sensitised on the revised fee structure, pointing out that all cash withdrawals on the ATM of issuing banks would continue to be at no cost to the card holder.
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 31, 2014
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