Machines in a bid to avoid paying the newly introduced N65 ATM fee,
which became effective that day.
The Central Bank of Nigeria, in collaboration with the Bankers'
Committee, had on August 13, 2014 announced the introduction of the
N65 service fee on cash withdrawals from other banks' ATMs.
The re-introduction of the fee came almost two years after the CBN and
the Deposit Money Banks cancelled the N100 ATM charge in December
2012.
The Director, Banking and Payment Systems Department, CBN, Mr. Dipo
Fatokun, had said the central bank and the DMBs agreed to re-introduce
the ATM charge because the cost of transaction was becoming too
burdensome for the banks to continue to bear.
Fatokun also said the charge would become effective on the fourth ATM
withdrawal in a month, thus making the first three withdrawals on
other banks' ATMs within the month free.
"September 1, 2014 shall be the effective date for the implementation
of the new charge; banks are expected to conduct adequate
sensitisation of the customers to the introduction of the new fee; all
ATM cash withdrawals on the ATM of issuing banks shall be at no cost
to the cardholder," a circular issued by the CBN on the new policy had
stated.
However, visits to several ATM points across Lagos on Monday revealed
that banks' customers had started avoiding the use of other banks'
ATMs.
Some customers on ATM queues in Ojodu area of Lagos told our
correspondent that they were using their bank's ATMs because they did
not want to pay the N65 fee.
A visit to Ecobank, Guaranty Trust Bank, First Bank of Nigeria,
Diamond Bank, Keystone Bank and Zenith Bank ATMs showed that over 90
per cent of customers on the various queues were making cash
withdrawals on their banks' ATMs.
The customers, however, noted that their action was based on the fact
that their banks were not too far from the points they needed the
money.
Some of the customers said if they found themselves in situations
where they could not find their banks' ATMs around, they would not
mind to pay the N65 in order to make use of other banks' ATMs.
"I think the fee is negligible but if I can avoid paying it, why not.
I will not want to make use of other banks' ATMs and pay N65 when I
can see my bank in the same vicinity. But if I can't see my bank
around, I will mind to pay," a customer, who identified himself as
Charles Sunday, said.
Meanwhile, banks on Monday failed to indicate on their ATMs that a N65
service fee was being charged for fourth remote-on-us transactions in
a month.
This is a departure from what obtained prior to December 2012 when the
ATMs indicated that a N100 fee would be charged for making withdrawals
on third party ATMs.
Rather than indicate on the ATMs during cash withdrawal, and thus give
an opportunity for the customer to accept or decline the fee, the
banks just sent text messages to the customers indicating that N65 had
been deducted for the transaction.
Some customers frowned on this development, saying the opportunity to
decline or accept the payment, which existed during the N100 fee era
should be re-introduced.
A bank customer, who spoke at an ATM point in Ikeja, said, "Some
customers don't know that a N65 fee has been introduced. Banks need to
indicate it on their machines during the withdrawal process. You don't
just send a text message later that N65 fee has been deducted. I think
the CBN needs to do something about this."
The Managing Director, Capital Investments and Securities, Mr. Uchenna
Ojiabor, accused the banks of not carrying out adequate sensitisation
of their customers to the N65 fee.
This, he said, was contrary to the CBN directive, recalling that the
central bank had directed the banks to carry out adequate
sensitisation before the commencement of the fee.
PUNCH
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