The Central Bank of Nigeria (CBN) warned it would approve limiting automatic teller machine (ATM) withdrawals to banks with less than N20,000 per transaction. The directive follows customer concerns raised by customers regarding the recently reviewed ATM withdrawal fees.
Earlier this week, CBN announced an increase in ATM withdrawal fees, noting that starting March 1, bank clients will be required to pay N100 fees from another bank’s on-site ATMs for every 20,000 n20,000 n20,000. The new policy stipulates that withdrawals from on-site ATMs will be subject to a surcharge of up to N500 per transaction, which will be disclosed to the customer at the time of withdrawal.
Apex Bank clarifies the policy in a document that addresses the FAQ, noting: “The fees are based on allowing customers to withdraw up to 20,000 n20,000 per transaction. Any client that forces customers to have enough funds in their account has fewer per transaction. Banks at N20,000, in order to resist customers’ desire for higher funds, will violate the spirit of the regulations and be properly recognized.”
CBN further urges customers to report any violations, noting that “refusal to withdraw consumers who use CBN for complaints using CBN [email protected]. ”
The regulator also stressed that banks “cannot charge more fees for the fees specified in the circular.” However, it noted: “Banks can be flexible in charging lower fees, depending on their cost structure and driving forces for their business development. ”
To avoid ATM transaction fees, CBN advises customers that “you should withdraw funds from the bank’s ATM (ON-US transaction) to avoid transaction fees. In addition, it is recommended to limit the use of on-site ATMs to minimize surcharges. In addition, Consumers can explore other payment channels, such as mobile apps, POS payment devices, etc..”
