Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,206,173 members, 7,994,980 topics. Date: Wednesday, 06 November 2024 at 06:27 AM

We’ve Not Reintroduced ATM Charges —CBN - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / We’ve Not Reintroduced ATM Charges —CBN (33442 Views)

We’ve Not Reintroduced ATM Charges —CBN / Banks To Start Zero ATM Charges On Dec 17. / Banks And Interswitch To Increase ATM Charges (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (8) (Reply) (Go Down)

Re: We’ve Not Reintroduced ATM Charges —CBN by lat4real: 9:04am On Aug 15, 2014
unmask: where did the three times a month come in?
I guess I misunderstood the message...I have modified my post.
Re: We’ve Not Reintroduced ATM Charges —CBN by dejt4u(m): 9:05am On Aug 15, 2014
Onwe101: “So that is why we said, you can go to an ATM other than your bank
ATM to withdraw up to three times and no charges would be imposed
on you, but it is when you make the fourth withdrawal that you will
pay the N65
@the d bolded..
Is it 3times in a day, week or month..m confused

1 Like

Re: We’ve Not Reintroduced ATM Charges —CBN by Tundenoni(m): 9:05am On Aug 15, 2014
excuse not genuine enough


..think of some other things to tell us
Re: We’ve Not Reintroduced ATM Charges —CBN by Prettyvita(f): 9:06am On Aug 15, 2014
You can withdraw freely 3ice, but charged on ur fourth withdrawal.
Mtcheww! Sily excuse.
Re: We’ve Not Reintroduced ATM Charges —CBN by lekeey: 9:07am On Aug 15, 2014
This is quite unfunny;u asked the people to use ATM,they didn't complain, even they have to queue endlessly. Sooner now, the issuing bank will also complain people withdraw N500 and N1000 ,and will also introduce charges.
Mr CBN governor, how much comes indirectly to ur organization?
Re: We’ve Not Reintroduced ATM Charges —CBN by reliableme: 9:07am On Aug 15, 2014
Una go soon appreciate sanusi
Re: We’ve Not Reintroduced ATM Charges —CBN by Ahmeduana(m): 9:10am On Aug 15, 2014
KingAdeOluomo1: What Eva
CONFIRMED "EWU"
Re: We’ve Not Reintroduced ATM Charges —CBN by cdsloane(m): 9:10am On Aug 15, 2014
koboko69:
Who discovered this blantant lie? Who likes going through the stress of going to an ATM even once? Lets assume thia is correct, what % of Nigerians does that. Majority of Nigerians even have to drive, or use other means of transport to get to an ATM point. What is wrong in withdrawing 500 or 1000? Does one have to withdraw more than he needs? This banks are making a whole lot money from depositors money why cant they pay for switches. They post huge profits at the end of every year, whilst paying the switches so what burden are we talking about here. As a matter of fact, the money still goes round the banks, because the same way onr uses a GTB atm in Zenith, is the same way someone is using Zenith's ATM in GTB, meaning as GTB is paying Zenith and the switch network, Zenith is also paying GTB and the switch network in another terminal.

Indeed the cluelessness of this administration is as infectious as EBOLA, Sanusi only had natural immunity and was sacked cos of that.[/b]


Well said koboko...succinct yet germane.

2 Likes

Re: We’ve Not Reintroduced ATM Charges —CBN by Bigcake: 9:11am On Aug 15, 2014
holluwai: This man has just said nothing but nonsense!!! I don't get any explaination from this.
Then you have a low mentality.
Re: We’ve Not Reintroduced ATM Charges —CBN by vivaciousvivi(f): 9:13am On Aug 15, 2014
Bunch of confusionists! angry
Re: We’ve Not Reintroduced ATM Charges —CBN by Bigcake: 9:14am On Aug 15, 2014
greall1: it was discovered that people have actually turned ATMs into their
personal purses because nothing is charged. Somebody needs N500, or
N1000, he will go to ATM and withdraw, he needs N2000, he will go to
ATM and withdraw, so that in a day some people can patronise ATM
for up to four or ten times. That has created a huge cost burden for the
banks that issue the cards. It was becoming discouraging to them.




It is logic.
I don't believe the story. If I use ATM as a purse is my money. The charges is too much why not 20 to 30 naira.
It's like you weren't able to comprehend what the op wrote.

1 Like

Re: We’ve Not Reintroduced ATM Charges —CBN by Igholize(m): 9:18am On Aug 15, 2014
femcruz:
and yov mean to tell me that you also went to school with this your shitty english.
...... Bro I suprise on dat ooo, som1 dey refer 2 only 1person' n utilized heads ! Realy amusing ooo
Re: We’ve Not Reintroduced ATM Charges —CBN by olaeffect(m): 9:20am On Aug 15, 2014
holluwai: This man has just said nothing but nonsense!!! I don't get any explaination from this.

Let me try and explain. The ATM charge was never removed in the 1st place I.e CBN just instructed banks not to charge customers.

Your bank actually has always been charged N65 on each withdrawal you make on another bank ATM all this while, be it N40k, N20k or even N1k your bank has been paying on your behalf.

C.O.T is now N2.00 and will be N1.00 by 2015 and N0.00 by 2016 and most other charges have been strictly regulated, I wonder if the banking sector won't go into extinction if some business sence decision are not taken.

Considering that apart from paying huge taxes (local, state and federal) banks still provide everything for themselves; electricity, water, security e.t.c

I most a times wonder where banks make their huge so called profits from, (downsizing every day and making almost all staff contract). Consider also that the state and the real sector is running at loss.

3 Likes

Re: We’ve Not Reintroduced ATM Charges —CBN by LaconicINC: 9:20am On Aug 15, 2014
lilprinze: So i cnt withdraw more dan 3tymZ frm another bank in a day if nt i pay N65 diz guyz r always looking 4 1 wy or d oder to make money. As fr as i cn withdraw as many tymz as i want frm my bank'z ATM no wahala

What is one saying.dude please speak English
Re: We’ve Not Reintroduced ATM Charges —CBN by armadeo(m): 9:24am On Aug 15, 2014
Greyworld: Well I don't tink its totally a bad move.

Min while as 4 bein '' personal purse'' 9jarians sure knw hw 2 abuse tins wif reckles abandon.


I don't do it. I withdraw all I need for awhile at once. The queues at some atms are terrifying not to add women people who apparently aren't sure of how much they want to collect and start dittering at the machine. That being said

i still don't get what the problem is or why you call it abuse. Its my money you shouldn't tell me how to collect it. This policy stinks.
Re: We’ve Not Reintroduced ATM Charges —CBN by basille(m): 9:29am On Aug 15, 2014
Incoherent Explanation
Re: We’ve Not Reintroduced ATM Charges —CBN by Noneroone(m): 9:44am On Aug 15, 2014
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 sensitisation of their
customers on the introduction of the new
fee.
The circular stated that all ATM cash
withdrawal on the ATM of issuing banks
should be at no cost to the card holder.
It 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)
I got this from Guardians.
Re: We’ve Not Reintroduced ATM Charges —CBN by omokoladele(m): 9:49am On Aug 15, 2014
What if i withdraw in 4 different banks, will i still be charge N65?

1 Like

Re: We’ve Not Reintroduced ATM Charges —CBN by meforyou1(m): 9:50am On Aug 15, 2014
lilprinze: So i cnt withdraw more dan 3tymZ frm another bank in a day if nt i pay N65 diz guyz r always looking 4 1 wy or d oder to make money. As fr as i cn withdraw as many tymz as i want frm my bank'z ATM no wahala
not a day, a month
Re: We’ve Not Reintroduced ATM Charges —CBN by Chibokgame: 9:55am On Aug 15, 2014
I think this is well said , .
See how people were Shouting BringBackSanusi ..:........

At least
You will not have to take medicine for a side effects of another Drugs..

Now that the hidden charges had been Exposed,
it's better than MTN policy .

I have OpTions.
Re: We’ve Not Reintroduced ATM Charges —CBN by Emmy0203: 9:59am On Aug 15, 2014
All our leaders r cruless. despite all dat we r facing in d country, can som1 imagine wat our so call CBN has 2offer
Re: We’ve Not Reintroduced ATM Charges —CBN by Lathunjimi(m): 9:59am On Aug 15, 2014
Same old rubbish...
Re: We’ve Not Reintroduced ATM Charges —CBN by glosali(f): 9:59am On Aug 15, 2014
Not digging atal www.glowysofiscated..com the charges shuld be removed
Re: We’ve Not Reintroduced ATM Charges —CBN by Nobody: 10:01am On Aug 15, 2014
So because there are crisis in the country cbn should not perform its legal responsibility
femcruz: Admist of all the crisis in the country, this is what cbn has to contribute.
Re: We’ve Not Reintroduced ATM Charges —CBN by Nobody: 10:01am On Aug 15, 2014
Igholize: ...... Bro I suprise on dat ooo, som1 dey refer 2 only 1person' n utilized heads ! Realy amusing ooo
hahahaha, na iketepene high for our backyard he go cheesy .
Re: We’ve Not Reintroduced ATM Charges —CBN by Siddye(m): 10:03am On Aug 15, 2014
holluwai: This man has just said nothing but nonsense!!! I don't get any explaination from this.
You nid to go back to sch....
Re: We’ve Not Reintroduced ATM Charges —CBN by Nobody: 10:03am On Aug 15, 2014
successboss1: So because there are crisis in the country cbn should not perform its legal responsibility
By re-enstating 65N charge on use of anyother atm machine.
Re: We’ve Not Reintroduced ATM Charges —CBN by Justice629(m): 10:06am On Aug 15, 2014
lat4real: CBN is still saying the same thing but with better explanation this time. You can withdraw thrice in a day without being charged, but your subsequent withdrawal will attract N65 charges.
Its exceeding three times a day not per month
Re: We’ve Not Reintroduced ATM Charges —CBN by Mopolchi: 10:09am On Aug 15, 2014
This goes on to show that the aboki mallam wey de there before get sense pass this warfi nigga wey de now. Im wan make money wey im no make the time im de zenithbk.
Re: We’ve Not Reintroduced ATM Charges —CBN by Eyop: 10:09am On Aug 15, 2014
arsetalks: This is a big lie. I used ATM 7am this morning and I was charged and it was my first, very first transaction.
Your location is Cameroon they will charge you na undecided
Re: We’ve Not Reintroduced ATM Charges —CBN by ceasare: 10:11am On Aug 15, 2014
The CBN governor and his goon fatokun should tell us who own d switches company ? Its directors and beneficiaries before we can accept this change in policy.In nigeria the more you look the less you see.whe should criticise policy from the backend and analyze it if truelly such policies is actually in the interest of the public or not and who stand to gain more if such policy is effected?

1 Like

Re: We’ve Not Reintroduced ATM Charges —CBN by Nobody: 10:13am On Aug 15, 2014
Why is this even an issue? It's remote ATMs Y'all!!!!

Not everything in this life can be free. You can still withdraw FREE from your banks ATM.

Why do you think in developed countries, banks with the most ATMs use that as a selling point(BOA comes to mind)?

Now it's up to us, the customers, to choose good banks, with multiple ATMs that we can access, not a bank with only one ATM that is 50km away.

1 Like

(1) (2) (3) (4) (5) (6) (7) (8) (Reply)

Naira Redesign : CBN Deadline ; What's the situation in your area ? / Fire Guts Olowu Spare Parts Market In Lagos / Suggest A Name For My Baby Shop

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 38
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.