Friday, August 15, 2014

CBN Re-Introduces Bank Charges For ATM Withdrawals

In the directive, CBN stated that the first 3 withdrawals in a month
on other bank ATMswill be free but subsequent ones will be charged at
N65 per transaction.It will be recalled that banks were charging N100
per transaction on ATM machines before the Central Bank cancelled it
Under Sanusi Lamido Sanusi's watch in December 2012 and made it free.
Now it's back with a reduction of N35.When it was cancelled, the banks
still paid each other when the transaction was made without passing on
the costs to the customers, This made many of the banks ensure that
their ATMs were always working to prevent their customers from going
to other banks.

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