Banks To Start Charging #50 For ATM Card Maintenance

Banks To Start Charging #50 For ATM Card Maintenance Goodluck 5 of 5

It well known that hundreds and thousands of people operates the bank using ATM card as it is very easy and fast it's save time, just...

It well known that hundreds and thousands of people operates the bank using ATM card as it is very easy and fast it's save time, just few days it was announced that commercial banks in the country will start charging ₦50 per month as Naira ATM card maintenance fee starting end of this month.

However, to what many bank customers think, that the charges are uncalled for and consider it a way of tapping money from their customers.

Don't be surprise that prior to now and according to standard, banks have always charged annual ATM card maintenance fee even to the tune of ₦1,000 annually but many are oblivious of these charges, probably because it is being accumulated and deducted once annually.

For this reason, customers are also unaware that the new card maintenance fee imposed is actually a slash down from the previous fee being deducted annually since banks will now charge ₦50 per month, now entailing annual accumulation of ₦600 per month as against ₦1,000.

Although the little difference now is that customers might now notice monthly deduction of this ₦50 card maintenance fee as against previous years when it was accumulated and deducted once annually.

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Never the less foreign currency dominated ATM card maintenance fee will still be charged annually at about $20.

So you don't have to panic, when you start noticing such deductions monthly, you should not be surprise as it is the standard and the new directives issued to commercial banks by CBN. As said.

What do you think about the fee?