Banks to stop N100 ATM charge

Users of Automated Teller Machines will no longer pay N100 on withdrawals whenever they use banks other than theirs, the Central Bank of Nigeria said on Tuesday. The decision was taken at the end of a meeting in Abuja between the CBN and the Bankers Committee. Managing directors of some banks also attended the meeting. The Group Managing Director, First Bank Plc, Mr. Bisi Onasanya, told newsmen that the charge as well as others associated with the use of ATMs would be scrapped soon. He said it was meant to encourage the use of ATMs. Onasanya said the decision would help to increase the patronage of ATMs, thus deepening the financial inclusionstrategy of the apex bank. He said the modalities for the stoppage is being worked out adding that within the shortest time possible, the adjustments would be reflected in all the ATMs. “When you use the ATM of a bank other than your bank, there is a charge of N100 which is borne by the account holder. “We have decided that we will work out the modality and ensure that with immediate effect we would pass on this cost to the respective banks which bear the cost of providingservices. “No matter where you are withdrawing your money from, you will not be subjected to any charge for using the ATM,” he explained. According to him, the new policy does not cover withdrawals inside the banking hall when the ATMs are off. “But for transaction on what wecall ‘not on us,’ when you are an FBN customer and you use the ATM of a GTB bank, it is free and it will no longer bear any cost,” he added. Source: Punch