ATM: Banks to lose millions

BY UDEME CLEMENT

The commercial banks doing business in Nigeria  may lose  millions of naira to the new regime stopping them from charging customers N100 for using Automated Teller Machines (ATM) per transaction.

Under the outgoing regime, a customer using the ATM of another bank is charged N100 per transaction. The banks, under the Bankers Committee, after a meeting in Abuja, recently opted to stop the fee, saying it was a sacrifice they have to make to ease the pains of their customers.

The Group Managing Director, First Bank Plc, Mr. Bisi Onasanya, said the  decision will help to increase the patronage of ATMs in the country.

He said, “When you use the ATM of a bank other than your bank, there is a charge of N100, which is borne by the account holder. We have decided that we will work out the modality and ensure that with immediate effect we will pass on this cost to  respective banks to bear the cost of providing services.”

He added, “No matter where you are withdrawing your money from, you will not be subjected to any charge for using the ATM. The new policy does not cover withdrawals inside the banking hall when the ATMs are off. But for transaction on what we call ‘not on us,’ when you are a customer with  First bank, you can use the ATM of a GTB bank, it is free and you will no longer bear any cost”.