Banks to stop charging N100 for Inter-bank ATM withdrawals

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

“Presently when you use the ATM of a bank other than your bank, there is a charge of N100 which is borne by the account holder. “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. According to him, the new policy does not cover withdrawals inside the banking hall when the ATMs are off. “But for transaction on what we call “not on us”, when you are an FBN customer and you use the ATM of a GTB bank, it is free and it will no longer bear any cost.’’ Agnes Olatokunbo, Director of Banking Services at the Central Bank, said the apex bank and the Securities and Exchange Commission (SEC) would conduct a joint examination of stockbroking firms to ensure financial stability. “Presently, the CBN supervises the bank but in the interest of financial stability, we will be working jointly with SEC to supervise stockbroking firms, especially those owned by holding companies under the new banking reforms.’’ Mortgage for Civil servants Also speaking, the Group Managing Director of Union Bank, Emeka Enuwa, said the banks had also decided to support mortgage liquidity facility for civil servants and private sector employees. Mr Enuwa expressed the committee’s support for the Federal Government’s ongoing efforts to provide more affordable housing to civil servants and the middle class. “The cost of acquiring a house for an individual, as a civil servant, is quite difficult and getting a mortgage over a long period of time had not been that easy. “What this programme intends to achieve is to make it much easier for civil servants and private sector employees to assess financing to acquire homes for themselves at an acceptable duration and reasonable interest rate.’’ Speaking on the modalities for assessing the credit facility, Mr Enuwa said the details would be provided subsequently as the framework had just been agreed on. On other decisions reached at the meeting, Shehu Mohammed, acting Managing Director of Keystone Bank, said the committee also agreed to make “significant donation” to flood victims across the country. Mr Mohammed said the meeting considered the issue of the recent flood in the country and decided that respective banks should make donations through the Federal Government fund-raising committee. Watch video below...