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Nairaland Forum / Nairaland / General / Business / Banks To Charge N50 Monthly From ATM Card Users From May 1 (2196 Views)
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Banks To Charge N50 Monthly From ATM Card Users From May 1 by dipoolowoo: 8:07pm On Apr 21, 2017 |
By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has disclosed that from May 1, 2017, banks operating in the country can now charge N50 monthly from customers using the Naira debit/credit cards as maintenance fee. The CBN made this disclosure in a circular titled ‘Guide to Charges by Banks and Other Financial Institutions in Nigeria 2017’ with reference number FPR/DIR/GEN/CIR/06/017. In the circular released on Friday and signed by its Director of Financial Policy & Regulation Department, Mr Kevin Amugo, the banking industry regulator said banks can also charge $20 or its equivalent for similar service on foreign currency denominated debit/credit cards. Mr Amugo, in the circular obtained by Business Post, explained that the Guide to Bank Charges issued in 2013 sought to reflect developments in the financial market, provide clarity on the banking terms, and reduce ambiguity in loan transactions. However, he said the need to address the absence of a tariff regime for other financial institutions in Nigeria, enhance transparency in the operations of the guide, and align the provisions to current realities, have necessitated further review of the guide as clamoured by a broad spectrum of stakeholders. “The review was expanded to incorporate the concerns of both operators and users of financial services in Nigeria. “The reviewed guide provides for charges on various products and services than banks, other financial institutions and mobile payment operators offer to their customers. “Banks, other financial institutions and mobile payments operators are required to present any other product, service and/or charge not covered by the guide to the Central Bank of Nigeria (CBN) for prior written approval. “The guide to is hereby issued and takes from May 1, 2017. It replaces Guide to Bank Charges that came into effect on April 2013,” Mr Amugo said. He said for electronic funds transfer, the CBN has approved N50 fee for transaction below N10 million, same with transactions above N10 million. The apex bank also retained the N65 for ATM transactions after the third withdrawal within the same month on other banks’ ATM. It also said banks should not charge more than N1000 (one-off) for ATM debit/credit card issuance, same rate for replacement and renewal. Concerning transaction alerts, banks should not charge “not more than N4/SMS. (Fees on alerts are restricted to only customer-induced transactions),” warning that “all associated notifications relating to a particular transaction should be consolidated into a single SMS alert.” It explained that “where a customer opts not to receive SMS alert, the customer should issue an indemnity (for losses that may arise as a result) to the bank.” The CBN said for Current Account Maintenance Fee (CAMF), such can be “negotiable subject to a maximum of N1 per mille.” It explained that this is applicable to current accounts ONLY in respect of customer-induced debit transactions to third parties and debit transfers/lodgements to the customer’s account in another bank. However, the CAMF is not applicable to Savings Accounts. The circular said for Savings Account, the interest rate would be a minimum of 30 percent (MPR p.a.), but not applicable if a customer makes more than four withdrawals in a month. For the full guideline, read http://www.businesspost.ng/2017/04/21/banks-charge-n50-monthly-atm-card-users-may-1/
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Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by EbukaHades10(m): 8:12pm On Apr 21, 2017 |
Card maintenance?,for card wey dey my hand? Just anoda way to spoil d 1k wey dey ma account. Smd 1 Like |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by SuperSuave(m): 8:13pm On Apr 21, 2017 |
![]() Is like these people are mad sha!! Which mumu card are they maintaining? You charge for SMS and now for using the ATM, why? ![]()
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Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by ElmaSpeed(f): 8:14pm On Apr 21, 2017 |
Here we go again ![]() |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by Sunnymatey(m): 8:15pm On Apr 21, 2017 |
Might resort to traditional system of savings |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by Heavance(m): 8:15pm On Apr 21, 2017 |
It looks small, but when you multiply it by the number of people banking with them, you will see the extortion. After deducting #100 from everyone for card maintenance, then this? |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by DBright123(m): 8:19pm On Apr 21, 2017 |
Hmmm, this is serious |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by LionDeLeo: 8:24pm On Apr 21, 2017 |
I don't understand that $20 part oh! As in they will charge me $20 monthly in a foreign denominated account for what exactly? Are they stupid? Abeg who understands the oyibo wey dem dey try speak there. I know dey form say I sabi English for money matter oh! If na wetin I understand, na to rush go carry am come put under my mattress b4 May, e no kuku plenty reach whistle blowing level. Twenty dollars ko twenty dollars ni, just like that? 1 Like |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by GogetterMD(m): 8:29pm On Apr 21, 2017 |
LionDeLeo:Maybe na 20 cents dem wan talk ![]() 1 Like |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by JeffreyJamez(m): 8:33pm On Apr 21, 2017 |
Be like na to dey keep money for kom kom go sure pass now o |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by LionDeLeo: 8:36pm On Apr 21, 2017 |
GogetterMD: I hope so. |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by JAMO4REAL1(m): 8:37pm On Apr 21, 2017 |
nonsense policy |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by bqlekan(m): 8:47pm On Apr 21, 2017 |
JeffreyJamez: Which one is kom kom self..? Anyways, keep keeping your money there, I will come and blow your whistle after 2 years ![]() |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by oloriooko(m): 8:48pm On Apr 21, 2017 |
Buhari should have mentioned this during his campaign na |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by olayinks007(m): 8:57pm On Apr 21, 2017 |
Which kind tin b dis again nw. Nd if care is nt taken people no go wan dey patrnise bank oo na 2 dey put money 4 house bdat. |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by Nobody: 8:58pm On Apr 21, 2017 |
EbukaHades10:I tire. They will soon start charging for staying under the ATM canopy. ![]() |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by Temptee101(m): 9:05pm On Apr 21, 2017 |
They are all MAD....the CBN, banks, Fed govt, our clueless old president, past and present leaders, APC, PDP, all naija polithievesians, lord lugard etc...they are all MAD. In fact they are all ambassadors of MADNESS |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by JeffreyJamez(m): 9:08pm On Apr 21, 2017 |
bqlekan: Lol Interesting |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by vayne(m): 9:14pm On Apr 21, 2017 |
The Central Bank of Nigeria (CBN) has disclosed that from May 1, 2017, banks operating in the country can now charge N50 monthly from customers using the Naira debit/credit cards as maintenance fee.Meaning wether you can also be charged for using it for online transactions,not only ATM ![]() Bloody disaster of a policy ![]() |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by itiswellandwell: 9:16pm On Apr 21, 2017 |
Smh... |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by ExchangerPLUS: 9:37pm On Apr 21, 2017 |
LionDeLeo: GogetterMD: The $20 is annually for Foreign Cards. Just to clear the air. And they've reduced transfer fees to N50 and Card Payment fees to 0.75%(N1,200 max.). Download and Read Section 10 of the Circular for more details HERE. 1 Like |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by LionDeLeo: 9:44pm On Apr 21, 2017 |
ExchangerPLUS: OK, thanks so much. |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by Biggty(m): 10:28pm On Apr 21, 2017 |
Are they crazy?? Are they maintaining the card for me, i think it high time i start keeping money at home. Oh, all this whistle blower wey dey now go just lead EFCC or Police to burst person |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by Cheriepet: 11:18pm On Apr 21, 2017 |
JeffreyJamez: Kom kom? No worry whistle just dey ready to blow |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by JeffreyJamez(m): 11:19pm On Apr 21, 2017 |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by Cheriepet: 11:35pm On Apr 21, 2017 |
JeffreyJamez:Hahaha just watch n see ![]() |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by juliebest(f): 1:57pm On Jun 05, 2017 |
Yes, they have started the robbery. They said its N50 + 5 % vat monthly amounting to almost 700 yearly. This is in addition to the annual card maintenance fee, getting a new card fee, monthly sms charges plus other hidden and visible charges. Should we allow them to continue to rob us like this? |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by DedeNkem: 10:13am On Apr 18, 2018 |
Nigerian banks are the worst in the world. What they do is to loot from their own customers and hardly operate or deliver good services like real banks. They do all these nonsense because Nigerians are too st*upid to fight for their rights and don't mind being raped financially!! |
Re: Banks To Charge N50 Monthly From ATM Card Users From May 1 by somtookeke(m): 4:28am On Dec 23, 2019 |
*CBN reduces ATM withdrawal, electronic transfer charges, warns banks* https://speakersden2..com/2019/12/cbn-reduces-atm-withdrawal-electronic.html 1 Share
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