CBN announces new bank charges for ATM, transfers

CBN announces new bank charges for ATM, transfers


Central Bank of Nigeria has announced a new regime of charges banks can levy on their customers, including on Automated Teller Machine transactions.

In a move that will boost the Christmas spirit of bank customers, the CBN slashed ATM charges after third withdrawal from from N65 to N35.

There were other reductions, according to the new Guide to Charges by Banks, other Financial and Non-Financial institutions, released on Sunday.

The new rates will be effective from 1 January 2020, said Chibuzor Efeobi, Director Financial Policy and Regulation Department.

Under the new rules, Card Maintenance Fee on all cards linked to current accounts have been eliminated.

Banks will also now charge a maximum of N1 per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other banks 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.

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