CBN Slashes Bank & ATM Withdrawal Charges Starting From 1st Jan 2020

Nigerians have been relieved of great pain in the ass by the Central Bank of Nigeria; we all know that when it comes to the issue of unnecessary bank and ATM withdrawal charges been deducted when carrying out some transactions on your account (even on smaller transactions) Nigeria banks are professionals in carrying that out.

Late December 2019 CBN decided to slash the bank transfer charges and ATM withdrawal fee which should take effect from 01-01-2020.

Aside from these reductions, another important reduction was made in several sectors which will be discussed below; According to the new Charges by Banks, other Financial and Nonfinancial institution:

Image Credit: The Cable Bank Charges

Under the New Rules:

1. Card Maintenance Fee on all cards linked to current accounts has been removed. The maintenance fee for cards linked to savings accounts has been reduced to a maximum of N50 per quarter from N50 per month amounting to only N200 per annum instead of N600.

2. Banks will also now charge a maximum of N1 per mile for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account with other banks on current accounts only.

3. The new guide sets a debit card charge at a one-off charge of N1,000 for the issuance of cards, irrespective of card type regular or premium instead of the former N1,050 charge.

4. The same one-off charge of N1,000 applied for the replacement of debit cards at the customer’s instance for lost or damaged cards.

5. Upon expiry of existing cards, customers are to pay the same one-off charge of N1,000 irrespective of card type and no charge should be required for pre-paid card loading or unloading.

6. Lastly, there would be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts while status inquiry at the request of the customer like confirmation letter, letter of non-indebtedness and reference letter would now attract a fee of N500 per request.

7. There’s also a downward review of the fee attached to withdrawals through other bank’s ATMs after the third time, within the same month. The charges have been slashed from N65 to a maximum of N35.

In conclusion, I suggest this change is as a result of competition from fast-rising payment organizations like OPay and others who have already given customers a taste of what it is like to transfer to other banks at a very low cost.

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