CBN Bank Transfer Charges Reduction, ATM Withdrawal Fee Slashes Taking Effects From 1st Jan 2020

With effect from 1st January 2020 (today), there is an alteration in the schedule of charges applicable to Automated Teller Machines (ATM) cards and the fees for electronic financial transactions. As it was Earlier announced by the Central Bank of Nigeria.

The CBN late in December 2019 slashed ATM charges after the third withdrawal from N65 to N35.

There were other reductions, according to the new Guide to Charges by Banks, other Financial and Nonfinancial institutions.

Image Credit: The Cable Bank Charges

Under the new rules, Card Maintenance Fee on all cards linked to current accounts has been eliminated. 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.

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.

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.

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.

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.

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.