CBN cuts banks’ transfer, ATM withdrawal fee to N35

CBN cuts banks’ transfer, ATM withdrawal fee to N35

The Central Bank of Nigeria on Sunday cut the withdrawal fee charged for the use of other banks’ Automated Teller Machines from N65 to N35. The CBN had imposed N35 ATM fee on customers after the third withdrawal within one month. The new directive is part of the major highlights of the new Guide to Bank

The Central Bank of Nigeria on Sunday cut the withdrawal fee charged for the use of other banks’ Automated Teller Machines from N65 to N35.

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BANK CUSTOMERS QUEUE UP ST ATM GALLERY

The CBN had imposed N35 ATM fee on customers after the third withdrawal within one month.

The new directive is part of the major highlights of the new Guide to Bank Charges released by the CBN on Sunday.

It also removed Card Maintenance Fee on all cards linked to current accounts.

It also asked banks to charge a maximum of N1 per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other bank on current accounts only.

The guidelines also pegged the Advance Payment Guarantee to a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.

The CBN warned banks to ensure full compliance to the new guidelines adding that any bank that violate the provisions of the guidelines would be sanctioned.

The “Financial Institutions are to note that any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time.

“Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.”

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