Banks to stop charging N100 for inter-bank ATM withdrawals | Welcome to Linda Ikeji's Blog

LI_Mobile_Leaderboard_1

Wednesday 14 November 2012

Banks to stop charging N100 for inter-bank ATM withdrawals

The Bankers Committee said yesterday that users of ATMs will no longer pay N100 on withdrawals whenever they use banks other than theirs. The MD of First Bank, Bisi Onsanya told journalists that the decision was in line with 'popular trends' in other parts of the world.
“Presently 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 providing services. No matter where you are withdrawing your money from, you will not be subjected to any charge for using the ATM. But for transaction on what we call “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.’’
The free inter-bank ATM regime would become effective immediately after banks agree on the modalities for the implementation of the new decision.

72 comments:

  1. Replies
    1. Well, it Ȋ̝̊̅§ a good idea....but †he problem that might result will b †he difficulty of using oda bank"s ATM..
      It might result to difficulties in using oda ATM since D̶̲̥̅̊ε̲̣̣̣̥γ̲̣̣̥ won't longa charge...

      Delete
  2. Looks like sanusi got a new adviser cus after islamic banking *#5000 naira note. The former just got served

    ReplyDelete
  3. CBN please tell them, and tell them to stop deduction from over the counter withdrawal. its absurd!

    ReplyDelete
    Replies
    1. yea...y wld in God's name wnts 2 witdraw money on d counter and still deduct from d sum again,4 heavens sake d bank is meant 2 kip our money and some unneccessary charges its kinda bad students ar d one's sufferrn dis things more pls cbn do something abt it o

      Delete
  4. Thank God der beta beta changes nw....

    ReplyDelete
  5. AMEN, AMEN and AMEN , can't come too soon

    ReplyDelete
  6. L.A.S.T.M.A KIlla14 November 2012 at 10:49

    fantastic development...i can only imagine the commotion this would have caused within the rank and file of the banking industry cos that 100bucks totalling annual billions is some Mafians daily bread. Its about time somebody crushed the shylocks

    ReplyDelete
  7. I would really welcome the idea too.. The one wey we don dey pay since sef done reach na! Nigerians have tried o! Let the banks to see it has giving back to the populace!!
    Way to go FBN.... Squeeze their necks till they gree o!

    ReplyDelete
  8. wow! Dats a welcomed development,I pray dey don't start swallowing our cards in protest.

    ~BONARIO~says so via NOKIA3310

    ReplyDelete
    Replies
    1. Hehehehehehehehhheehhhehe
      Lmao @swallowing our cards in protest...chai!
      Bona ooooooooooo
      Na their banking halls go dey flooded with angry customers nau

      Delete
  9. Yeah! dats nice. cos i cant imagine wanting 2 withdraw 60k and i av to b charge 300h cos each withdrwal has to b less than 20k. oh plsssss.

    ReplyDelete
    Replies
    1. 60k? Hmmm your case is better. Imagine my frustration when out of 2k, 100box was taken from my accout n I could withdraw only 1k. Mayne thank God for the development oo

      Delete
    2. Lmao anon 4 17. I like u. So real

      Delete
  10. CBN please tell them to stop charging when u dnt go with ur withdrawal booklet eg, FIRST BANK. ancient and modern bank.also tell them to stop deduction from over the counter that is a subtle way of stealing.cooperate thieves!!!!!!!!!

    ReplyDelete
  11. Before nko??? I have been expecting them to stop that rubbish for long. How can interswitch/verve/mastercard be charging me for using their card on machines because they are owned by other banks. To me that was fraud. It is like MTN charging for using their sim on a samsung/nokia/iphone. But our govt hardly closes a revenue gate no matter how illegal it is

    ReplyDelete
  12. Nice developement...

    ReplyDelete
  13. I'm jealous...popular trend around the world?? which popular trend???...i just withdrew money from a bank's ATM that wasn't mine here in Canada, and I got charged $3...i was sooo mad! never again!!!!
    Z

    ReplyDelete
    Replies
    1. Sorry o- $3 aint small money.

      Delete
  14. This money will be collected from us one way or another trust me.

    ReplyDelete
    Replies
    1. Yes we know but applaud them first *rme*

      Delete
  15. HMMMM Nigeria system of money management ooooo.. Get latest gist and celebrity gist and news here at www.gistyinka.com

    ReplyDelete
  16. This is a good development. I think we are getting saner

    ReplyDelete
  17. nice development,bt jst hope ATM wil nt alwyz b out of service

    ReplyDelete
  18. a welcome development along side a stop put to gsm service promos. Good week for nigerians . At least at all at all ,na hin worse pass

    ReplyDelete
  19. This is a welcome development, that #100 can be a pain in d butt, but now some ATM machines are gonna stop working very soon bcos
    dtz d reason why so many function.

    ReplyDelete
  20. Diamond bank has been doing this for several months now. I must tell you that Diamond is the best bank in Nigeria

    ReplyDelete
  21. opeehhhhhhh ohhhhhhh, i don hama !! i can now withdraw for free at UNIBADAN GATE .... instead of the #40 t.fare to bodija

    ReplyDelete
  22. Dis is good news

    ReplyDelete
  23. Its a welcome development. This will really help the poor people out there.

    ReplyDelete
  24. mr canada when u go to a 7-11 ir some next private atm they charge u

    ReplyDelete
  25. Haha enough atm will be shut down just as fast as they were put up.

    ReplyDelete
  26. Fantastic dev, we ‎​J̶̲̥̅̊u̶̲̥̅̊ƨ̣̣̣̇̇̇̇τ̣̣̥ hope d decision ȋ̝̊̅ڪ implemented by all banks as soon as possible..

    ReplyDelete
  27. Replies
    1. This your name na wah o "wait a minute before you marry an igbo woman"...raised eye brow

      Delete
  28. Help me tell them o, Modality ko Modality ni. They should have worked out the Modality since jor. They will soon say above 5k no charges

    ReplyDelete
  29. @anon 11.12,in d UK it's only atm's in strategic quiet areas dat charge and they are quite few,otherwise it's free,so u might try using other general ones or maybe ur card is foreign e.g 4rom america

    ReplyDelete
  30. I laff tire,nigeria banks stop collecting money frm ur account via Atm usage.don't see that working in this Country!blcos our banks love maximasing profit at d detriment of their customers.they will still find a way of taking ur money.

    ReplyDelete
  31. no b naija again , dey wud remove d 100 naira or more 4rm anoda place , all dis hidden charges dat we neva hear off. even zenith has charged me 4 using zenith atm nd wen i asked dey say na becos it was outside state charge .

    ReplyDelete
  32. Tank God ohh,cos dat 100 kills me lik hell.lool

    ReplyDelete
  33. l wish dey can also stop d 100 charges normally collected wen one is to withdraw 4rm d same bank he/she is operating but bcos is anoda branch, d person will b charge 100.

    ReplyDelete
  34. Thanks Dear Linda, please help tell them to reduce the charges on customers abroad too o. For instance in GTB, for every transactions u made N1000 is being charged regardless of the amount. Please help us ooo. The charges are killing us.

    ReplyDelete
    Replies
    1. Gbam! Be it ATM withdrawal or swiping.

      Delete
    2. Gbam! Be it ATM withdrawal or swiping.

      Delete
  35. I am so happy by this development.. It been a long time coming its even more annoying when u can't get cash beyond a certain amount. Eg if I want 60K, I have to withdraw 3ce to get my money and pay #300.. What rubbish!! Oga Sanusi we thank thee!!

    ReplyDelete
  36. @ anon 11:22 AM, seriously i was thinking that too.

    ReplyDelete
  37. •̸Ϟε̲̣̣̣̥ likey

    ReplyDelete
  38. What of the 1000 they charge if you use atm out of nigeria?

    ReplyDelete
  39. Na 100 dey shock Una? U guys can't pay for services provided for or u think the acquisition of the asset (ATM machine) na free? Seriously guys, do u think banks are running on water? Plzzzzz

    ReplyDelete
  40. Abeg I used an ATM here in the US to withdraw from a bank that wasnt mine, or part of their network, and silly ATM charged me $3.50 and my bank charged me $1.
    Thats good for naija sha.

    ReplyDelete
  41. Nice step. They have to recoup the millions they spent on ATM infrastructure, but I expect that there is already a decline in such revenue, with customers only using their own bank ATM's

    ReplyDelete
  42. Thanks to whosoever brought abt this decision,I bank with gtbank and used UBA's atm to redraw 60k and I lost 300 naira to them,yipeeeeee,am happy.

    ReplyDelete
  43. There are serious costs involved in maintaining the ATM infrastructure and even with the 100 Naira it didn't add anything to the bank's profit as the money realised barely covers maintenance.

    Also it is a somewhat unfair position as a bank like Zenith that invested in more advanced ATMs to service its few customers excellently will now have to contend with the rabble from other banks using that infrastructure for free.

    I see a situation where the ATMs will be reprogrammed to only accept one bank's cards. So GTB cards will only work on GTB ATMs...and that is equivalent to taking many steps backwards, something Sanusi seems to have a gift for.

    ReplyDelete
  44. Doris like your work at least you are keeping us posted,
    like what banks are planning to do now let it not be delayed oooo

    ReplyDelete
  45. Even though this is good, however ,I'm sure that they'll use 200 to replace the 100. We shall see.

    ReplyDelete
  46. I pray oooooooooooooo

    ReplyDelete
  47. That is nice htttp://www.newswatch24.com for breaking news

    ReplyDelete

Disclaimer: Opinions expressed in comments are those of the comment writers alone and does not reflect or represent the views of Linda Ikeji.

Recent Posts