Reduced Bank Charges: Don Wants CBN To Ensure Enforcement

Prof. Sherifdeen Tella, a Senior Economist at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, on Sunday called on the Central Bank of Nigeria (CBN) to enforce its new guidelines on ATM/electronic transfer charges.

Tella told News Agency of Nigeria (NAN) on Sunday in Lagos that appropriate enlightenment campaign should also be carried out to inform bank customers of their rights.

NAN reports that the CBN on Sunday released new guidelines on bank charges.

The guideline reviewed downward electronic transfer and ATM charges as well as card maintenance fees.

According to the CBN, bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge.

Previously, bank customers pay N50 charge for electronic transfers below N500,000.

The guide also slashed charges for cash withdrawal via Other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from “N65 after the third withdrawal within the same month”.

The CBN also removed Card Maintenance Fee (CAMF) on all cards linked to current accounts, a maximum of one Naira 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 don noted that the development was a positive one as some commercial banks were in the habit of charging N65 even at a single transaction.

According to him, the previous charges by banks have discouraged many customers from opening a current account or using the ATMs of other Banks.

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