The Automated Teller Machine (ATM) cash withdrawal transaction fee of N65 re-introduced by the Central Bank of
Consequently, any bank customer who use another banks' ATM more than three times in a month will be charged N65 per for the fourth transaction beginning from this month. The first three withdrawals from another banks' ATM are free for the card holder, but the fee will be paid by the issuing bank.
Although the re-introduction of ATM cash withdrawal transaction fee had generated lots of controversies among the teeming populace, the CBN has also justified that charging of fee on interbank networks is a widely acceptable practice globally.
The banks have also been advising their customers through Short Message Service (SMS) to always withdraw cash from their own banks' ATM to avoid the charge.
While the ATM withdrawal fee of N100 was suspended by the CBN in
In a statement signed by Director,
"The N100 was never removed. It was only transferred to customer's banks to pay and this was intended to encourage/ promote the use of ATMs nationwide," the CBN stated.
The apex bank maintained that it would never encourage any anti-customer policy.
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