All you need to know about CBN Revised Bank Charges

All you need to know about CBN Revised Bank Charges – The Central Bank of Nigeria (CBN) on Sunday released revised Guide to Bank Charges mandating banks to charge customers N35 for cash withdrawals from other banks’ Automated Teller Machines (ATMs). The charge, which was reduced from previous N65 fee, applies after the third withdrawal within one month.

The new guideline signed by Chibuzo Efobi for CBN Director, Financial Policy and Regulation Department, showed a downward review for electronic banking transaction charges to align with market developments and inclusion of new sections on accountability and sanctions for defaulting banks.

Below are Summary Of CBN Revised Bank Charges:

1. Electronic transfers:
2. N10 for interbank transfer less than N5000
3. N25 for interbank trans between N5,001 – 50,000
4. N50 for interbank trans above N50,000
5. ATM Withdrawal

N35 (previously 65) after 3rd withdrawal in a month, on another bank’s ATM

1. Card Maintenance Charge
2. N50 every 3 months for Savings ( Now quarterly as against the current monthly charge)
3. Zero for Current
4. Account Maintenance Charge
5. Zero for Current
6. Applicable to current accounts only on customer induced transactions