According to the Bankers Committee said hat users of ATMs will no longer pay N100 on
withdrawals whenever they use banks other than theirs. The MD of First Bank, Bisi Onsanya told journalists that the decision
was in line with 'popular trends' in other parts of the world.
“Presently 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. But for transaction on what we call
“not on us”, when you are an FBN customer and you use the ATM of a GTB
bank, it is free and it will no longer bear any cost,’’ he said
The free inter-bank
ATM regime would become effective immediately after banks agree on the modalities for the
implementation of the new decision.
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