The Central Attic of Nigeria has threatened to penalise banks that compel shoppers to take out quantities not up to N20,000 in step with transaction from Computerized Teller Machines.
The apex store disclosed this in a ‘Question and Answer’ explainer discharged on Thursday in response to its contemporary evaluation of ATM withdrawal charges.
It wired that ATM fees for withdrawals constituted of alternative banks’ ATMs each on-site and off-site are in accordance with the expectancy that consumers can take out as much as N20,000 in step with transaction.
“Any bank that compels a customer with sufficient funds in their account to withdraw less than N20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately,” it said.
The CBN has directed affected shoppers to document such proceedings towards banks that impose needless restrictions.
“Consumers denied the right to withdraw up to N20,000 per transaction are encouraged to file a complaint with the CBN using [email protected].”
The apex store additionally clarified that banks will have to no longer price greater than the prescribed ATM charges, despite the fact that they may be able to price much less relying on their value construction and industry type.
“The charges and surcharges are capped, meaning banks and other financial institutions cannot charge more than the fees stated in the circular. However, a bank can charge a lower amount depending on its cost structure and business development drive.”
The CBN, then again, really helpful that consumers take out money from their very own store’s ATMs to restrain incurring supplementary charges.
It additionally recommended shoppers to believe alternative fee forms, together with cellular banking apps, POS terminals, and numerous virtual fee choices to shed ATM withdrawal prices.
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