Thursday, 15 November 2012

No More N100 Inter-Bank ATM Charge

The Banker’s Committee on Tuesday in Abuja unanimously agreed to stop interbank ATM charge of N100.
Briefing journalists at the end of their meeting in Abuja, the Managing Director of First Bank, Mr Bisi Onasanya, said the decision was in line with “popular trends’’ in other parts of the world.

This implies that unlike the current practice whereby customers are charged N100 for inter-bank ATM withdrawals, the new trend now will mean that if for instance, you have a GTBank ATM Card, you can withdraw from an Ecobank ATM, free-of-charge, as the respective banks will now bear the costs of such inter-bank transactions......hurrayyyyy!!!

However, please note that according to Mr Onasanya, 'the new policy does not cover withdrawals inside the banking hall when the ATMs are off'.

Culled from Nigerian Trends.

A very welcome development, I must say.

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