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The N65 ATM Withdrawal Charge

The tide has changed and free withdrawals from ATMs have been given a threshold.

For those of us whose hearts soared on the announcement of the removal of the erstwhile N100.00 charge while using ATMs of other banks, the chickens may have come home to roost.  We enjoyed this period for a whopping 22 months, but from 1 September 2014, the tide has changed and free withdrawals from ATMs have been given a threshold. Now here is how it works:

Three strikes and you are out for the month! You have 3 chances in every month to withdraw from another ATM. Once you exhaust those 3 chances, the N65 kicks in for any more withdrawals on other banks’ ATMS. So why N65.00?

Okay let’s say you bank with GTBank and make a withdrawal from Zenith Bank using your GTBank Naira MasterCard. GTBank has to pay InterSwitch N10.00 to make the ‘Switch’ for your withdrawal from GTBank to ZenithBank. Then Zenith Bank would take the N55.00 for their service charge and the total of N65.00 is passed onto you and I.

So that’s the breakdown of the charges which make up the N65.00. So what’s the catch? Well this is more stick than carrot but the aim might be to incentivise the public to adopt other channels of payment that are non-cash based and further promote CBN’s drive to make Nigeria cashless. The only challenge for someone like me is: my guard takes cash, my mechanic takes cash, the bar next to my house takes cash; the laundry lady takes cash; Lekki toll takes cash too. So I need cash. So what’s the way forward?

Well for now it seems, the only way forward is to have an active bank account with the bank which has the most ATMs around you and which also has a reliable network.

Click for a list of GTBank ATMs around your area.

 

Author: Atiku Audu