Following the scrapping of the N100 withdrawal charges on Automated Teller Machines by the Bankers Committee, some banks are planning to introduce monthly maintenance fee on ATM cards.

Investigations by our correspondent revealed that, though only one of the banks had announced the introduction of the fee from this month, others were in the process of finalising their plans.

Some of the banks, according to findings, are introducing the fee in exchange for the scrapped N100 withdrawal fee customers paid when using other banks’ ATMs.

Already, First Bank of Nigeria Limited has informed its customers that with effect from March 2013, they (customers) would pay a monthly maintenance fee on their card.

The notice by the bank read, “Dear valued customer, in order to serve you better, from March 2013, a monthly N100 card maintenance fee will be charged for all cash withdrawals within the month.’’

Bank customers, who spoke to our correspondent on Wednesday, were displeased with the development.

The Bankers’ Committee, during a meeting in November 2012, had scrapped the N100 interbank charge on the use of ATM cards.

The Governor, CBN, Mr. Lamido Sanusi, had said customers would no longer pay N100 on withdrawals on ATM whenever they used banks other than theirs starting from December 17, 2012.

Sanusi had said, “We have agreed on a final date of Monday 17 December, 2012 for the kick-off, which every bank will take-off the charges. We allowed some time for banks that have not configured their IT to do so and stop charging and hopefully by 17th of December, you are not going to have any customer paying additional charges.”

The Managing Director, First Bank, Mr. Bisi Onasanya, also said that the decision to stop the charge would help to increase the patronage of ATMs, thus deepening the financial inclusion strategy of the central bank.

Onasanya had said, “We have decided to stop forthwith charges for usage of ATMs. Currently, when you use the ATM for 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 modalities that will ensure that with immediate effect, we will pass on these costs to the respective banks; we will bear the cost of providing these services so that no matter where you are drawing your money, you will not be subjected to any charge for using the ATM.”

Source: Punch (By Ademola Alawiye)