7 Things You Need to Know About N65 ATM Charge

Divergent views greeted the recent re-introduction of a charge of N65 per transaction on remote-on-us Automated Teller Machines (ATMs) cash withdrawals by the Central Bank of Nigeria (CBN).

In a circular posted on its website titled: “Circular on the Introduction of Fees on Remote-on-Us ATM Withdrawal Transactions,” signed by Mr. Dipo Fatokun, director, Banking and Payment System Department, CBN, said that in collaboration with the Bankers’ Committee had in December 2012 transferred the payment of N100 remote-on-us ATM cash withdrawal transactions to issuing banks.

Probably, the expressions of bitterness and grieves against the turnout of events might have spurred CBN which circulated on its social media platforms seven basic information on the re-introduced charge.

They are as follows: 

1. Cash withdrawal at the ATMs of a customer’s bank is free

2. The first three transactions in a month by the customer of another bank are FREE for the card holder but PAID FOR by the issuing bank;

3. The N65 charge only applies when a customer withdraws cash from another bank’s ATM. The N65 starts to apply from the 4th transaction at another banks’ ATM in a month;

4. The ATM charge is not intended to discourage financial inclusion;

5. Charging of fees on interbank networks is a widely acceptable practice globally;

6. The CBN will not endorse any anti-customer policy and

7. ATMs are deployed to ensure that customers enjoy banking convenience.

CBN also encouraged bank customers and the general public to visit its site:
www.cbn.gov.ng or follow us on twitter @cenbank or send your complaints to: [email protected]