Customers Will Start Paying N65 Fee For ATM Withdrawals - CBN

 CBN introduces N65 Fee for ATM Withdrawals. From the 1st
of September 2014, bank customers will pay a token for cash
withdrawals made on other banks’ Automated Teller Machines
(ATM).
TheCentral Bank of Nigeria announced this on Wednesday. If
you recall, customers used to pay N100 if they used other
banks’ ATM, but it was cancelled by the CBN and Deposit
Money Banks in December 2012.
Now the current fee is N65, that is N35 less than the former fee.
The Central Bank agreed to re-introduce the charges because
the cost of transaction was becoming too burdensome for the
banks to continue to bear.
Director of Banking and Payment Systems Department of CBN
Dipo Fatokunsaid the first three withdrawals on other banks’
ATM will be free but it would become effective on the fourth
withdrawal in a month.
The statement posted on the official website reads:
“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.”