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 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.

“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.

Adding that 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.’’