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N65 charge reintroduced on cash withdrawals on other banks’ ATMs

14 August 2014, 11:44

Lagos -  Banks customers in the country will from September 1, 2014  now pay N65 on cash withdrawals made on other banks’ Automated Teller Machines (ATMs).

The Central Bank of Nigeria (CBN) in the circular on Wednesday said the charge would become effective on the fourth ATM withdrawal in a month, thus making the first three withdrawals on other banks’ ATMs within the month free, reports ThisDay.

The bank said it took the latest decision as a result of the unintended consequences on banks.

The re-introduction of the fee according to the bank was to cover the remuneration of the switches, ATM monitoring and fit-notes processing by acquiring banks.

The re-introduction of the ATM charges came almost two years after the CBN and the Deposit Money Banks cancelled the N100 ATM charge in December 2012.

Read more at ThisDay.

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