The regime which begins today September 1st 2014, Customer will be debited N65 after three withdrawals from other banks ATM.
The news charges have attracted criticism, but the apex bank and the Bankers Committee said the decision is in the economic interest of the country.
They said the removal of the charges had a negative effect on the cashless policy adding that today’s takeoff of the N65 fee would create competition among banks and lead to improvement of services to customers.
“The wear and tear as well as the frequency of servicing the ATMs has increased significantly. Indeed, some customers were beginning to abuse the use of ATMs through countless withdrawals. This development has led to increase in cash transactions, which negates the bank’s cashless policy”, the CBN said in a statement.
According to the CBN if a part of this cost goes unabated, the banks may be forced to reject transactions coming from their customers at other banks’ ATMs, thereby frustrating the inter-operability of payment systems.
mine opinion. .except delays and long lines at the cash point.
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