Home Finance & Economy ATM charges: Banks customers frown over noncompliance with CBN’s guidelines

ATM charges: Banks customers frown over noncompliance with CBN’s guidelines


Some bank customers have frowned at their banks for not complying with the new guidelines for charges on automated teller machine, released by the Central Bank of Nigeria.

Some of the customers who spoke in Abuja regretted that banks had now devised a means of deducting ATM charges without sending the alert to their customers.

CBN had on Dec. 22, 2019, released new guidelines for banks, other financial and non-bank financial institutions, to take effect from Jan 1.

The guidelines involved reduction in the amount payable for cash withdrawals from other banks’ ATMs as Remote-on-Us transactions.

The reduction is from N65 to N35 after the third withdrawal within one month.

Tony Iruu, a customer with one of the old generation banks said that the bank had refused to adhere to the CBN guidelines.

Iruu appealed to the apex bank to take decisive action against any bank that was found wanting.

“When I heard about the new CBN guidelines, I was impressed because my bank charges me for virtually everything I do, but I have noticed that most times, banks do not adhere to some guidelines, except the ones that favour them”, he said.

Joy Akpakuma, a customer with one of the new generation banks said that though her bank did not send a debit alert for the ATM charge, it had, however, reflected in her account.

“I withdrew money from an ATM that is not my bank on Jan. 1, but they only sent me alert of the money I withdrew without the charges.

“I was happy thinking that they have complied with the guidelines, but when I checked my balance, I knew that there was something wrong.“I had about N194, 000 in my account, I withdrew N5, 000 but I did the withdrawal three times to see if they will remove N35 at the third withdrawal.

“When the alert came, my money was remaining N188, 263. It means that the bank charged me about N800 for the transaction.”


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