 |
| ATM machine at a bank branch loaded with cash |
In a bid to help their customers, banks are loading ATMs with extra cash. The move comes after a new fee plan was set. The change took effect on March 1.
The Central Bank sent a notice on February 10, 2025. The notice set new rules for ATM fees. Customers using their own bank’s ATMs will not pay any fee for withdrawals. This rule keeps basic banking smooth.
Fee Details for Other Banks
If you use an ATM from another bank, you will pay a fee. A charge of N100 applies to withdrawals of N20,000 or less. This fee applies to on-site ATMs. These machines are found at bank branches or are closely linked to a branch.
For off-site ATMs, the fee is higher. Off-site machines are in malls, fuel stops, and other public spots. These transactions may attract an extra fee of up to N500. The fee is added to the basic charge.
International ATM withdrawals are treated differently. For these, fees match the cost set by the international acquirer. This means you pay the fee as set by the foreign bank.
Why Are Banks Stocking ATMs?
Banks have taken extra steps. They are loading ATMs with cash at branches. This step may help reduce extra fees. It also makes sure customers use their own bank machines. Doing so can save them money. The extra cash stock makes it less likely for a customer to seek another bank’s ATM.
In Lagos, observers noted this move. On a recent Sunday afternoon, many banks were seen filling their ATMs with cash. This act seems planned. Banks want customers to use their own ATMs. They hope to reduce fees from extra charges. For example, at one branch, ATMs warned cardholders from other banks. These users were told they would face a fee of N107.50 extra on top of the withdrawal amount.
How Does This Affect You?
If you have a bank card, check which ATM you use. Using your own bank’s machine is free. It keeps your withdrawal cost low. If you must use another bank’s ATM, be aware of the fee. Plan your cash needs ahead. Small withdrawals can add up if you pay fees repeatedly.
The change might cause some confusion. Many customers are still getting used to the new plan. Banks urge users to read fee notices on their machines. This way, you know the cost before you withdraw money.
Customer Thoughts and Balanced Views
Many people have shared their views on the fee change. Some say the fee is fair. They feel it helps recover costs. Others worry that extra fees might hurt low-income users. The policy has both supporters and critics.
It is important to discuss these changes. Constructive talks can lead to better ways to serve customers. Forums and community groups are sharing tips. Many users suggest checking fees online before using an ATM. Some even plan to visit their bank branches for withdrawals.
A balanced view helps everyone understand. Banks want to cover costs. They also aim to offer free service on their own machines. As customers, it is wise to compare fees and use your own bank’s ATM when possible.
Expert Opinions and Future Steps
Local experts say the move is meant to encourage smart banking. They stress that the change is not a hidden cost. The fee for other banks is visible on the ATM screen. This clear display helps users make informed choices.
Some experts predict banks may adjust the fee plan later. They expect banks and the Central Bank to talk more. Future updates may address customer feedback. The goal is to keep banking fair for all.
Others believe the fee could lead to more bank visits. This might help banks build a
stronger link with customers. In the long run, it could spur improvements in ATM services. For now, the change stands as a test for the new plan.
What Should You Do?
What Should You Do?
Check Your Bank’s Policy: Confirm if your bank offers free withdrawals.
Plan Withdrawals: Group your cash needs to avoid small, repeated fees.
Be Informed: Read all fee notices on ATM screens.
This update is a big change. It is meant to protect customers from hidden costs. But it also challenges some users to change their habits. Stay informed and make choices that save you money.
Plan Withdrawals: Group your cash needs to avoid small, repeated fees.
Be Informed: Read all fee notices on ATM screens.
This update is a big change. It is meant to protect customers from hidden costs. But it also challenges some users to change their habits. Stay informed and make choices that save you money.
Join the Discussion: Share your thoughts with others in your community.