The
Central Bank of Nigeria (CBN) said that Automated Teller Machines (ATM)
withdrawals would attract N65 per transaction to cover remuneration for the
switches from Sept. 1
This
is contained in a circular signed by Dipo Fatokun, Director Banking and Payment
System Department, in Abuja on Thursday.
“The
reintroduction of “Remote-On-Us’’ ATM cash withdrawal transactions fee, which
will be now N65 per transaction to cover the remuneration of the switches, ATM
monitoring and fit-notes processing by acquiring banks.
“The new charge shall apply as from fourth “Remote-on-us’’ withdrawal in a month by a card holder, thereby making the first three `remote on us’ transactions free for the card holders, but to be paid for by the issuing bank,’’ it said.
According
to the circular, Sept. 1, 2014 shall be the effective date for the
implementation of the new fee. It stated that banks were expected to conduct
adequate awareness of their customers on the introduction of the new fee. Additionally,
the circular stated that all ATM cash withdrawal on the ATM of issuing banks
should be at no cost to the card holder.
It
would be recalled that CBN in collaboration with the Bankers Committee had in
December 2012 transferred the payment of N100 fee on Remote-on-us ATM cash
withdrawal transactions to issuing banks.
“This
fee was shared between the acquirers, issuers and switches. On the commencement
of the arrangement in December 2012, banks decided to waive the issuer fee
(N35) which should have ordinarily been an income to them.
“Consequently banks only
bore the cost of N65 each time their customers use another banks’ ATM,’’ it
said. (NAN)
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