Banks agree to stop charging N100 for Inter-Bank ATM withdrawals

Banker’s Committee on Tuesday in Abuja agreed to stop the interbank ATM charge
of N100.
While 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.”
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.
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