Avoiding the N65 ATM Charge: Sticking with your Bank ATM

As the N65 charge on the use of other banks’ Automated Teller Machines, ATMs commenced last week, as announced by the Central Bank of Nigeria, CBN, customers have been cautious on its usage as most customers used their banks’ATMs - A visit to some of the banks last week showed that about 95 per cent of the people seen withdrawing money from the ATMs was customers of their respective banks. When asked why they prefered to remain in queue instead of utilising other banks’ ATMs where there were fewer queues, the customers said that they were avoiding the N65 extra charges as announced by the CBN. The CBN had explained that the introduction of fees on Remote –On-Us ATMs was a result of the abuse in the use of ATMs , which provided additional costs to the banks. Therefore, with the introduction of N65 charge on Remote-On-Us ATMs, customers would be very careful in using the ATMs of other banks other than theirs, since it attracts a little fee on the fourth time usage in a month. However, some people have argued that the introduction of N65 fees on Remote – On –Us will frustrate cashless policy of the apex bank. - Vanguard News