CBN Reduces Electronic Funds Transfer: ATM Expenses.
CBN reduces electronic funds transfer, that’s good enough to make your Christmas great right?
The Central Bank of Nigeria (CBN) has been looking into the down payment of electronic payments and ATM fees, as well as card maintenance costs.
The new allegations are contained in the latest Guide to the bank and other financial institutions that have been issued by CBN.
Here’s good news on reduction of electronic funds transfer
According to Bank Central, bank customers will now pay N10 for electronic transfers below N5,000 and N25 for electronic transfers between N5,000 and N50,000. Only electronic transfers above N50,000 will attract N50.
Previously, bank customers paid N50 to wire transfer below N500,000.
In addition, the CBN in the new Bank Fees Guide set the bank’s withdrawal fee to bank more “N35 after withdrawing three times in the same month” than “N65 after withdrawing three times in the same month.”
CBN also removes the Card Maintenance Payment (CAMF) on all cards associated with checking accounts, up to one Naira per thousand for customer-preferred debit transactions to third parties and transfers or accommodation to customer accounts at other banks in checking accounts only.
Commenting on the new allegations, CBN’s Director of Corporate Communications Isaac Okorafor pointed out that while the current NIP charge for using the Unstructured Additional Services Data (USSD), repurchase would have cost N100 to N20, 000 subject to a daily total of N60 , 000.
In addition, with the card associated with a savings account, the maintenance fee is reduced to a maximum of N50 per quarter from N50 per month, which is only N200 per year instead of N600.
In addition, there will be no reimbursement for reactivation or closure accounts, such as savings accounts, checks and domiciliary accounts, when consulting countries with client requests (such as confirmation letters, non-debt letters and referrals) Now attracting a fee of N500 each request.
At the Current Account Maintenance Level (CAMF), the Guide clearly states that this applies only to current accounts regarding debit transactions caused by customers to third parties and the transfer / deposit of debits to customer accounts. At another bank. He asserted that CAMF does not apply to savings accounts.
According to the Director, the CBN is revising the Guide, which also provides for allowances for financial institutions and non-bank financial institutions, to be in line with market development.
To protect against excessive, unauthorized or arbitrary charges by banks and other financial institutions, the Guide imposes a fine of N2,000,000 for breaches or as determined by the CBN over time for financial institutions that violate the provisions of the guide. The guide also asserted that the bank’s failure to comply with CBN’s guidance on any breach would result in an additional fine of N2,000,000 per day until the CBN complied with the order or as determined by the CBN over time.
As a result, the CBN asked banks to list each complaint they received from their customers in the Customer Complaints Management System (CCMS), in addition to generating a unique reference code for each complaint they had to submit to their customers. Failure to register and pass the code to the customer, he added, for infringement and was fined N1,000,000 per violation.
The position given in this Guide can be achieved after further consultation with interested parties and may enhance the flexibility, transparency and competition in the Nigerian banking industry.
This guide, which replaces Bank Food Guide and other Financial Institutions issued in 2017, is effective as of January 1, 2020 and may be amended from time to time to reflect changes in the business environment.
Inform your bank immeditely. Call the customer service department of your bank and give details of the ATM or place where the card has got stuck. Then you have two choices; to block the card, or get it retrieved.
These daily limits could prevent you from withdrawing more than a few hundred dollars in any 24-hour period—with $300 to $500 being the most common limit.
The Central Bank of Nigeria (CBN) has introduced a new policy on cash-based transactions which stipulates a �cash handling charge� on daily cash withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies.
The Law Behind Bank Deposits Over $10,000
It states that banks must report any deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service
If you deposit more than $10,000 in your bank account, your bank has to report the deposit to the Internal Revenue Service by filing the IRS Form 8300.
Banks and credit unions are required to report a cash deposit of $10,000 or larger. In addition, if two transactions within a 12-month period seem related and their total exceeds $10,000 they must be reported.