Banks yet to start implementation of new guidelines on ATM charges, others

Commercial banks in the country are yet to start the implementation of the new Central Bank of Nigeria’s (CBN) review on charges on ATM withdrawals, card maintenance fee and several other charges as directed by the apex bank.

CBN had on Dec. 22, 2019, released new guidelines for banks, other financial and non-bank financial institutions, to take effect from Jan. 1. The guidelines involved a reduction in the amount payable for cash withdrawals from other banks’ ATMs as Remote-on-Us transactions.

The apex bank had instructed banks to slashed withdrawal fees usually charged after the third withdrawal from Automated Teller Machines (ATM) within the same month.

Meanwhile, many of the banks on Thursday still adhered to the old charges. According to a customer of one of the leading banks, Joy Akpakuma, the banks have now devised a means of deducting ATM charges without sending the alert to their customers.

She said though her bank did not send a debit alert for the ATM charge, it had however, reflected in her account.

“I withdrew money from an ATM that is not my bank on Jan. 1, but they only sent me alert of the money I withdrew without the charges. I was happy thinking that they have complied with the guidelines, but when I checked my balance, I knew that there was something wrong.”

Another customer with one of the generation bank, Tony Iruu, also confirmed the development, noting that the bank had refused to adhere to the CBN guidelines.

“When I heard about the new CBN guidelines, I was impressed because my bank charges me for virtually everything I do, but I have noticed that most times, banks do not adhere to some guidelines, except the ones that favour them,’’ he said.

On N50 stamp duty charged customers at filling stations, they appealed to CBN to also look into the issue with a view to forcing the merchants to adhere to its directive.

Mrs. Lilian Ukwu, a teacher, noted that though CBN had said that the N50 stamp duty charged customers for using PoS (Point of Sale), on goods and services was illegal, fuel stations had yet to comply with it.

CBN’s Director of Payment System Management, Mr. Musa Jimoh, said that the stamp duty circular issued to merchants was misinterpreted.

According to him, the circular that talks about merchants paying stamp duties according to the law, did not state that it should be paid by the consumers that is a misinterpretation of CBN’s directive.