ATM Starting Saturday, March 1st, 2025, Nigerian commercial banks will commence a new regime of charge on every ATM Withdrawal operation perform by the customers.
According to the new ATM Withdrawal Charges regime, the first three withdrawals at another bank's Automated Teller Machine (ATM) will no longer be free as it had been in the past.
Bank users who choose to withdrawal on ATM of another bank (on-premise) will be charged N100 on every N20,000 withdrawn through the machine.
Also, bank users who choose to withdraw on ATM of another bank (off-premise) will be charged N100 per every N20,000 withdrawn and additional Surcharge of N500 per transaction. The surcharge deduction is the income of the ATM deployer and will be displayed at the point of Withdrawal.
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This new ATM Withdrawal charges is strange and may possibly add to the economic challenges facing the masses, however, there are means to avoid the charges which includes:
1. Mobile Banking
If you are using an Android or iOS phone, it is better you approach your banks to configure your devise for Mobile Banking. With Mobile Banking, you can send money from your account to anyone with bank account without paying this heavy charges.
Considerably, any transaction that is worth N20,000 is not too small to warrant a necessary exchange of cash in hand. Such bills could be reliably settled with Mobile Banking.
Enter your banks, contact the Customer Service section, configure your mobile banking profile, download your bank's mobile banking app, and start enjoying digital banking without the need to be billed almost N600 on every N20,000 withdrawn from ATM.
2. Internet Banking
If you are one of those who have fears for mobile banking because of intruders or you are one of those who transact huge sum of money daily, Internet Banking is another option for you to avoid serial deductions of N600 per every N20,000 withdrawn through ATM by you.
Setting up your Internet Banking profile is as simple as stated under the guide to set up mobile banking.
All you will have to do are: Contact the customer service section of your bank, set up your Internet Banking profile with them; get the Internet Banking mobile app or the website link of the bank. You can ask the customer care officer to help you create Shortcut of the Internet Banking website on your phone, login to the dashboard and start settling your bills without the burden of paying between N100 and N600 per every N20,000 withdrawn from the ATM.
Fortunately, Internet Banking can be accessed on any device that can connect to the Internet through the browser; be mobile phone, desktop, laptop, tablet or even wearable that can browse the Internet.
3. USSD
Although USSD is gradually becoming obsolete, it is another means to settle your bills even if you don't have a browsing phone or computer.
With USSD, you can actually bypass the border of paying between N100 and N600 for withdrawing N20,000 even though USSD may cost about N6.00 per transaction it is still far better than the newly introduced regime of charges on the ATM.
4. POS
With your ATM, you can use Point of Sales (POS) machines to settles your bills at the shops rather than withdrawing from ATM with such a huge charge.
POS is not charging you any extra deduction except you are collecting cash from ATM operators.
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Please note, it is being speculated that the newly introduced regime of charges on ATM will apply to the POS operations too, it is a lie and misinformation as this could be capitalised upon by some POS operators to be exploiting their clients.
Category: World-News
Tag: How To Avoid Newly Introduced Extra Charge on ATM Withdrawal
Written by Author (author)
Published 2/28/2025 11:56:00 PM