Automobile Teller Machine (ATM) charges a.k.a. ATM charges are the new way Nigerian banks are using to make money from unsuspecting customers. With the introduction of a new policy on cash-based transactions from the Central Bank of Nigeria (CBN) recently, Nigerian banks now impose cash handling charge on daily cash withdrawals that exceed N500,000 for individuals and N3,000,000 for corporate bodies.
The new policy on cash-based transactions (withdrawals) in banks, aims at reducing the amount of physical cash (coins and notes) circulating in the economy and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.).
You will realize that whenever you use your ATM card, aside from the amount paid, you will get alert for charges. Sometimes, you will be surprised by these extra charges which are deducted without being warned beforehand. This is outside the #1,050 deducted from your account for issuing you the ATM card.
RUBIZTECH.COM shares some ideas on how to reduce or avoid these ATM charges.
How to Avoid ATM Charges
Planning your itinerary is essential to avoid ATM charges which are the easiest way to avoid these fees. You can do this by developing a budget and be certain about the cash you want.
Always Use the ATM machine of your bank
There are so many banking regulations that are alien to everyday bank customers. One ATM rule is that you can withdraw from other ATMs thrice a month afterwards you will be charged N65. So, always use the ATM of your bank. For example, if you own a GT bank ATM, always use a GT ATM.
Pay cash instead of using POS
It is very easy to shop for groceries and pay for it via POS. if you do, you will receive a fee alert. But before you shop, you should withdraw enough money from the ATM of your bank rather than pay with the POS.
Take as much cash as you want
Carrying large amounts of cash is not advisable. But if you really want to avoid the charges, have a reasonable amount on you wherever you go so that you don’t just use any ATM whenever you need money!
Go to the bank to withdraw money
Many people prefer to either use ATM or Mobile banking. It is easier. But this is a sure way for bank fees. You can simply go old school by going to the bank to withdraw money especially when the ATM of your bank is out of cash!
‘For this Buhari time?’ Who ATM epp? Why would banks be collecting your money from you without due explanation? With the above 5 tips, you will surely put an end to ATM charges from banks in Nigeria.