Monday, 23 December 2019

CBN Reduces ATM, Electronic Transfer ,Card Maintenance Charges

The Central Bank of Nigeria (CBN) has reduced cash withdrawal charges from other banks’ Automated Teller Machines ATM from N65 to N35 after the third withdrawal within a month.

The apex bank in a revised Guide to Bank Charges has mandated banks to charge customers N35 for cash withdrawals.

The new guideline signed by Chibuzo Efobi for CBN Director, Financial Policy and Regulation Department, showed a downward review for electronic banking transaction charges to align with market developments.

The new directive is set to take effect on January 1, 2020, in furtherance of CBN’s quest to make financial services more accessible and affordable to various stakeholders in the economy.

Summary of CBN Revised Bank Charges

*A. Electronic transfers:*

1. N10 for interbank trans less than N5000
2. N25 for interbank trans btwn N5,001 - 50,000
3. N50 for interbank trans above N50,000

*B. ATM Withdrawal*

N35 (previously 65) after 3rd withdrawal in a month, on another banks ATM.

*C. Card Maintenance Charge*

1. N50 every 3 months for Savings ( Now quarterly as against the current monthly charge)
2. Zero for Current

*D. Account Maintenance Charge*

1. Zero for Current
2. Applicable to current accounts only on customer

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