With effect from January 1, 2020, customers at the bank will pay less charges for the use of the Automated Teller Machine, ATM.
These directives are coming at the backdrop of complaints by customers over excessive bank charges.
The Central Bank of Nigeria made this disclosure on Sunday adding that the withdrawal fee charged for the use of other bank’s ATM has been reduced from N65 to N35. Even this, the apex bank claims could only be charged to a customer after the third consecutive withdrawal in a month.
The new directive replaces the old guide to charges by banks and other financial institutions issued in 2017. A policy which the CBN promises will be constantly reviewed in line with the prevailing business environment.
The CBN instructed bank to among other things reduce the maintenance fees for cards linked with savings account from N50 monthly charge to N50 quarterly. Also the CBN has stopped all charges associated with the closure of accounts whether savings, current or domiciliary.
Also, current Nigeria Instant Payments charges for the use of Unstructured Supplementary Service Data will attract a charge of N100 per N20, 000 subject to cumulative N60, 000 daily withdrawal.
Further more, the status enquiry at the request of the customer such as confirmation letter, letter of non-indebtedness and reference letter would now attract a fee of N500 per request.
On current account maintenance fee, the guideline expressly stated that this would be applicable only to current accounts in respect of customer-induced debit transactions to third parties and debit transfers/lodgements to the customer’s account in another ban
CBN Director, Corporate Communications Department, Mr Isaac Okorafor, said the apex bank carried out the review for banks, Other Financial Institutions and non-bank financial institutions, in order to align with market developments.