First Bank introduces ATM charge of N100 per month

First Bank of Nigeria has introduced a monthly charge of N100 for cash withdrawals by its customers. The monthly fee, which becomes effective from this month, the bank explained would be for what it termed “card maintenance fee.”

Which card, the one with me?

A notice for the new charge titled: ‘Card Maintenance Fee’, was displayed on some ATMs around the city.
The notice reads: “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.”

But i recall there was an agreement agreed on by the Bankers’ Committee on the removal of charges on ATM transactions.

“What the banks agreed on was the removal of N100 charge on third party transactions. So if First Bank decides to charge its customers N100, the bank would have its reason for that. It is now between the bank and its customers,” Okoroafor, Director, Corporate Communications, Central Bank of Nigeria said.

Chai, my precious 100 bucks!

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