Okechukwu Solomon June 01, 2017 Technology
The commercial banks in the country will start charging N50 per month as Naira ATM card maintenance fee starting this month. This is what Recession is all about. Unnecessary charges everywhere.
But contrary to what many bank customers think that the charges are uncalled for and consider it a way of extorting money from their customers, it might surprise you that prior to now and according to standard, banks have always charged annual ATM card maintenance fee even to the tune of N1,000 annually but many are oblivious of these charges, probably because it is being accumulated and deducted once annually.
And not only that, customers are also unaware that the new card maintenance fee imposed is actually a slash down from the previous fee being deducted annually since banks will now charge N50 per month, now entailing annual accumulation of N600 per month as against N1,000.
But the little difference now is that customers might now notice monthly deduction of this N50 card maintenance fee as against previous years when it was accumulated and deducted once annually.
Foreign currency dominated ATM card maintenance fee will still be charged annually at about $20
Finally, when you start noticing such deductions monthly, it should not come as surprise as it is the standard and the new directives issued to commercial banks by CBN
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