The Central Bank of Nigeria – CBN has reduced the withdrawal fee charged for the use of other banks’ Automated Teller Machines from 65naira to 35 naira.
The 35 naira ATM fee according to the CBN should be imposed on customers after the third withdrawal within one month. The new directive is part of the major highlights of the new Guide to Bank Charges released by the CBN today.
It also removed Card Maintenance Fee on all cards linked to current accounts, and also asked banks to charge a maximum of 1naira per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other bank on current accounts only.
The guidelines also pegged the Advance Payment Guarantee to a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.
The CBN warned banks to ensure full compliance to the new guidelines adding that any bank that violates the provisions of the guidelines would be sanctioned.
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