the cancellation of the N100 monthly Automatic
Teller Machine card maintenance fee introduced by
some banks recently and which generated public
condemnation.
The CBN in a circular titled, 'Revised guide to bank
charges,' posted on its website, however, pegged the
maintenance fee at N100 annually.
Also affected is the mandatory cost of Short Message
Service alert which has been pegged at N4 subject to
the Nigerian Communication Commission's
directives.
The circular, which takes effect from April 1, read, "In
order to reflect current developments in the market
and provide clarity on banking terms, the CBN
recently conducted a review of the guide in
consultation with all the banks and discount houses,
Bankers' Committee, financial experts and also
considered inputs received from other stakeholders
to produce the revised guide to bank charges."
On electronic transfer, the bank said N70 would be
charged on transactions below N500,000 while N100
should be charged on transactions between
N500,000 and N1m. Transactions above N1m will
attract a charge of N500.
It said issuing fee of a debit card should exceed
N1,000, while international withdrawals per
transaction on debit cards should be charged at
N240 rather than N1,000 being currently charged by
almost all the banks.
The CBN pegged the interest on savings deposit
accounts at a minimum of 30 per cent of the
Monetary Policy Rate per annum.
It would be recalled that following the Bankers'
Committee meeting in November 2012 which
scrapped the N100 interbank charge on the use of
ATM cards, some banks went ahead to introduce the
N100 monthly maintenance fee on ATM cards.
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