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.