By Bukola Olasanmi
The Central Bank of Nigeria (CBN) on Sunday reduced the withdrawal fee charged for the use of other banks’ Automated Teller Machines (ATM) from N65 to N35.
The N35 ATM fee according to the CBN should be imposed on customers after the third withdrawal within one month.
The new directive is part of the major highlights of the new Guide to Bank Charges released by the CBN on Sunday.
According to the banking sector regular, financial institutions are to note that any breach of the provisions of this Guide carries a penalty per infraction or as may be determined by the CBN from time to time.
“Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.
“Banks are required to log every complaint received from their customers into the Consumer Complaints Management System (CCMS) and must generate a unique reference code for each complaint lodged, which must be given to the customer.
“Failure to log and provide the code to the customer amounts to a breach and is sanctionable with a penalty of N1,000,000 per breach,” the guide read in part.