CBN lied: Banks still charge N100 for ATM Withdrawals from Other banks.

Filed under: National Issues |

On the 13th of November, the Central Bank of Nigeria had a meeting with the Bankers Committee on the issue of Automated Teller Machines (ATM) interoperability, where they decided that banks will no longer have to charge the usual N100 from customers of other banks. The news went wide, on the newspapers, the television and on cyberspace. Commendations poured in from different angles, in fact, some individuals felt a part of their democratic dividend has finally started coming in.

The Group Managing Director of First Bank Plc, Mr Bisi Onasanya after the meeting announced to the press saying, “We have decided that we will work out the modality and ensure that with immediate effect we would pass on this cost to the respective banks which bear the cost of providing services. No matter where you are withdrawing your money from, you will not be subjected to any charge for using the ATM.”

If really the above statement is true and CBN’s motive is genuine, how come banks still charge N100. Some people complained to me about the CBN’s deception, in fact, some saw it as an untrue bribery by the CBN for Nigerians to accept the introduction of 5000 Naira notes and Coins. So yesterday, i decided to practically verify for myself the trueness of their claim, i went to one of Access Bank branches to use an ATM card from another bank, but was immediately warned by the regular auto-generated message that says i will be charged N100 otherwise i should press “No” and seek a more charitable bank (my bank). I felt probably they have not yet cleared their system cache and replace the message with something more appropriate, i proceeded to withdraw but was stunned by surprise when i received an alert of N100 debit from my account.

Does it mean that the banks in line with the CBN’s instruction, has not yet effected the change or as usual the CBN Governor brought up another policy that will never survive?

Comments

comments

  • project Nigeria

    Hi publisher, I got the news myself on the same day but unfortunately U misread the news. The statement did no say ‘we have’ but ‘WE WILL’. It is a policy statement that will be implemented in future when the details have been worked out. IT HAS NEVER BEEN A DIRECTIVE FROM CBN BUT A VOLUNTARY ONE BY BANKERS’COMMITTEE. Pls Mr publisher read between the lines.

    • Jeff OKoroafor

      I humbly disgree with your assessment Mr. Two days before the announcement, CBN sent out a memo to all bank chief executives, notifying them of the prospective meeting and the agenda. And after the meeting the Managing Director of First Bank Plc stated that they were proceeding to effect the change with immediate effect…so how exactly do you expect Nigerians to interpret that?

      • project Nigeria

        it is like the words ‘will’, ‘have’, ‘shall’ means nothing to u or are not in your dictionary. If somebody says ‘I will see u tomorrow immediately I return’ does it mean he has seen u today already because of the word “immediately”. Look at your write-up ‘ We have decided that we WILL work out the modality and that with immediate effect…………….’ Note that he did not say we HAVE worked out….. The ‘immediate effect’ applies after the modality has been worked out. I E if the modality is completed say 3 weeks , the ATM charge will be suspended immediately afterwards. IT IS A PITY I AM GIVING U A FREE ENGLISH TUTORIAL. I WEEP FOR MY COUNTRY

        • Ochendu1

          I don’t know how the site administration did it, anytime you comment i get an alart, and whenever i check it out, its always disappointing. Your analysis here is just a mere waste of my time and i you have to find a way to give me back the few seconds i spent reading this comment of yours. You are backing a government that constantly play on your intelligence, thats if you’ve got any. The simple question you’ve failed to ask yourself is how long has it been since that statement was publicised and what is holding them from implementing what the general public has already given them kudos on?

          My friend you beta wake up to the reality of the deception in your country before it swallows you. You only weep for your so-called country but you do nothing to save it, NONSENSE!!!

          • project Nigeria

            I now realised that the entity called Nigeria is full of failed leadership, failed system and worse still misinformed, failed followership. I WEEP FOR MY COUNTRY.

        • Jeff OKoroafor

          Giving me a free English Language tutorial? Thats terrific, maybe you should ask if i wonna learn…well my friend, government and its institution comes up with too many things and barely half of them are successfully executed, we can’t just continue to live like that. Its better we keep talking until change is effected than be quiet and do nothing except complain inside our houses.

          • project Nigeria

            Hi Mr publisher, I insist like I said before that u did not seem to understand the lingo of the press conference following the Bankers Committee meeting.I am concerned that if people like u were present at the conference and u were given the opportunity to say something U will simply eulogise them because U did not spot this futuristic statement hidden in the speech. But I would have asked him when it will come into effect since I spotted the loophole in the communique. The answer would have been 17th December 2012. Go to your ATM on that date and prove me wrong. I WEEP FOR MY COUNTRY.

          • Jeff Okoroafor

            If you had actually researched more on this issue before now, your comment would have been in consonance with that of the publisher. This date you quoted is an extention to the previously stated time frame. Have you cared to ask why they immediately setup a “center” for complaint as regards banks that still charge N100…listen, i think is time you acclimatize yourself with the hankypanky constantly played by the Nigerian government.

            If you will take my advise, don’t fight this further, wait and see what happens after the stated date.

          • project Nigeria

            hi, how far? Have u tried ur ATM card today? No more NGN100 charge for ATM withdrawal from other banks; at least I know of Lagos. It is important that people like u understand exactly what our policy makers say to us so that we can ask them tasking questions and not sit down to speculate