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House of Reps to Investigate N65 ATM Charges By Banks

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house-of-repsThe House of Representatives on Thursday resolved to investigate the N65 being charged customers by commercial banks for Automated Transaction Machine (ATM).

The house directed its Committee on Banking and Currency to investigate the charge and other related rates paid by banks’ customers.

The resolution followed a motion under Matters of Urgent Public Importance moved by Hon. Tajudeen Yusuf (PDP-Kogi), which was unanimously adopted by members through a voice vote.

The News Agency of Nigeria (NAN) reports that Nigerian banks charge N65 extra on other banks ATM different from the holders’ bank after each third transaction.

Moving the motion, Yusuf expressed concern that banks across the country had been extorting N65 from customers from every bank transaction while the Central Bank of Nigeria (CBN) failed to act.

He said that recently, banks in the UK were asked to pay customers monies collected from them in the name of bank charges.

Also contributing on the matter, Hon. Aminu Suleiman (APC-Kano) accused the CBN of not doing its job as a regulatory agency.

The house referred the matter to the Banking and Currency committee and was directed to report back in four weeks for further legislative action.

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

4 Comments

  1. lauraxxx

    October 6, 2016 at 9:14 pm

    It’s really annoying and should be properly investigated!! This country though!

  2. Ona

    October 6, 2016 at 9:30 pm

    It’s a sensitive issue, and honestly if you think of the cost of maintenance of the machines and charges to the switch companies,it’s not as easy as they want it to go. Everyone is in business to make money,I will rather they take away the stamp duty charge that is really no value( I may be ignorant on that) to account holders. My two cents before y’all come for me?

  3. yemite

    October 7, 2016 at 10:33 am

    Yes. Thanks to the House Rep that raised this vital issue, Please the House should go ahead with the investigation and bring them to the book of record. Because is so annoying, at time when I complained to my Bank about this charges, all I will be told, is the new CBN policy in fact that is act of fraudulent by the Banking sector and CBN. Even if other machine retained an ATM card it will be perforated without proper due process, mean while #1050 as been deducted.

  4. Susu

    October 10, 2016 at 10:40 am

    Some banks have reduced the amount of money that comes out of the atm, so you are forced to withdraw more and you get charged more. I had to withdraw 50k from an atm that only allowed 10k dispensed at a time. N65x5 = N325. Multiply that by many people that are taking out money and you see how much these banks steal.

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