The Central Bank of Nigeria said it will sanction banks that are limiting withdrawals from their Automated Teller Machines (ATM) below N20,000 per transaction......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The apex bank disclosed this in view of the recent N100 fee imposed on every N20,000 withdrawal from ATM of other banks and N100 fee plus N500 surcharge on off-site ATMs.
CBN said banks imposing a withdrawal limit below N20,000 are operating in contravention of the CBN regulation.
The CBN said, “Any bank that compels a customer with sufficient funds in their account to withdraw less than N20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately.
“Consumers denied the right to withdraw up to N20,000 per transaction are encouraged to file a complaint with the CBN using [email protected].”
The CBN warned banks against charging above the N100 fee and N500 surcharge, adding that banks are free to charge less than the stipulated amount.
CBN said, “The charges and surcharges are capped, meaning banks and other financial institutions cannot charge more than the fees stated in the circular.
“However, a bank can charge a lower amount depending on its cost structure and business development drive.”
The CBN also urged customers to use other payment methods such as mobile banking, POS terminals and digital platforms to avoid the new fees.