N65.00 fee will be charged on ATM from 1st Sept., 2014

 

The Central Bank of Nigeria has recently announced changes to ATM withdrawal fees paid by the cardholder for use of ATMs other than that of the cardholder’s issuing bank.
Starting from the 1st of September, 2014, a N65.00 fee will be charged to the cardholder from the 4th time a cardholder makes a withdrawal on anothe bank's ATM in a month. Please note that the first 3 withdrawals monthly are FREE.

The Central Bank in making these changes has taken into consideration the success of cashless as well as the real cost to the bank in deploying and maintaining an ATM. The N65 fee is paid to the acquiring bank (the bank which owns the ATM), and the switching company and is used to cover the costs of the switching, ATM monitoring and fit notes processing by the acquiring bank.

 

Remember, all withdrawals on the ATM of the cardholder’s issuing bank remains FREE.

 

Illustration

 

• As a Guaranty Trust Bank Cardholder, it is free every time you withdraw on a

  GTBank ATM.

• If you withdraw on another bank’s ATM it is free the first 3 times every month.

• From the 4th time in a month you withdraw from another bank’s ATM, there

   is a N65.00 fee.

  

Hope this info helps ?
Your comments pls!!!!