What you Need to Know About the N65 ATM charge

 

Don’t be alarmed out of ignorance.

Here are all you need to know about the N65 charge introduced by the Central Bank of Nigeria for ATM users.

1. Cash withdrawal at the ATMs of a customer’s bank is free 

2. The first three transactions in a month by the customer of another bank are FREE for the card holder but PAID FOR by the issuing bank

3. The N65 charge only applies when a customer withdraws cash from another bank’s ATM. The N65 starts to apply from the 4th transaction at another banks’ ATM in a month.

4. The ATM charge is not intended to discourage financial inclusion

5. Charging of fees on interbank networks is a widely acceptable practice globally

6. The CBN will not endorse any anti-customer policy

7. ATMs are deployed to ensure that customers enjoy banking convenience.

Visit CBN at:
www.cbn.gov.ng or follow them on twitter @cenbank

Knowledge is power...