… Access Bank, Fidelity, FCMB Top List Of Defaulting Banking Institutions

Investigations carried out by THEWILL between last Tuesday and today (Sunday) have shown that some Nigerian banks are yet to implement the new Central Bank of Nigeria (CBN) directive that scrapped the N100 ATM fees which banks usually charge bankcard holders for withdrawals at ATM machines operated by financial institutions where their accounts are not domiciled.
 
The CBN issued the directive on Tuesday, November 13, 2012, after a meeting in Abuja between the apex bank and the Bankers Committee, directing its implementation with immediate effect, according to First Bank’s Managing Director, Mr. Bisi Onasanya, who briefed journalists.
 
“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 would pass on this cost to the respective banks, which bear the cost of providing services. No matter where you are withdrawing your money from, you will not be subjected to any charge for using the ATM,” Bisi Onasanya told business journalists.
 
Top on the list of defaulting banks are Access Bank Plc, Fidelity Bank Plc, Sterling Bank, and First City Monument Bank (FCMB) amongst others. As at Sunday night their ATMs were still charging the now illegal fee.
 
Painstaking trips by THEWILL since Tuesday to various Automated Teller Machines (ATM) operated by local banks showed that First Bank Plc was first to comply with the directive. THEWILL had on same Tuesday withdrawn funds at an ATM operated by First Bank Plc, using a card not issued by the bank, and was not charged the N100 fee.
 
Other banks that have thus far implemented the directive are Keystone Bank Limited, United Bank For Africa (UBA), Diamond Bank Plc, Stanbic IBTC Plc, EcoBank Plc, Standard Chartered Bank Limited, and Skye Bank Plc.
 
After two withdrawals at two different Access Bank’s ATMs in Victoria Island and Ikoyi, we contacted the bank’s media affairs department to find out why it was stalling on the directive. Access Bank’s Ms. Aiki Odiawa told THEWILL she would return our call but hasn’t as at the time of filing this report. Calls to FCMB and Fidelity Bank’s media personnel were not acknowledge.
 
Several disappointed card users have expressed frustrations with the defaulting banks’ refusal to implement the directive.
 
Analysts estimate that local banks have raked in millions of naira from customers courtesy of the fee.
 
THEWILL promises to stay on this report and keep local banks honest on this issue.
 
The concluding part of this report will be published on Tuesday, November 20, 2012.

Source: The Will