The Central Bank yesterday directed hat all deposit money banks reintroduce a charge when a customer withdraws from a bank's ATM using another bank's debit card.
The charge as directed by the CBN will be N65 and will commence operations by deposit money banks from the 1st of September 2014.
"The new charge shall apply as from the fourth remote-on-us withdrawal (in a month) by a card holder, thereby making the first three remote-on-us transactions free for card holders, but to be paid for by the issuing bank." "September 1, 2014 shall be the effective date for the implementation of the new fee," it added. To this end, it urged banks to conduct adequate sensitization of their customers on the policy." "All ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the cardholder," it explained.
The charge was removed by the CBN in December 2012 and N35 waived so that N65 was borne by the issuing bank. According to the CBN, the reintroduction of the cost was to cover compensation of the switches, ATM monitoring and fit-notes processing by acquiring banks.
