Wednesday 16 March 2016

Banks’ ATM Maintenance Fee Rises By 500%

Bank customers may have to pay up to N600 per annum for debit card maintenance fee as against the current N100 that customers are charged annually by banks.

This is according to the exposure draft of the revised Guide to Bank Charges that was released by the Central Bank of Nigeria (CBN) at the weekend.
The 2013 edition of the guide had stipulated a N100 annual charge but the revised version stipulates a monthly charge of N50.
Commenting on the draft, the founder of Consumer Advocacy Foundation of Nigeria (CAFON) which had called for the No Banking Day early this month, Sola Salako, said that the foundation would be making its position known to the apex bank on the charges.


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