Reps to investigate reports on ATM withdrawal charges by banks

The House of Representatives has mandated its committee on Banking and Currency to investigate the reports on alleged indiscriminate ATM withdrawal charges by banks on their customers.

This decision followed a motion moved by Hon. Tajudeen Yusuf, PDP Kogi, representing Kabba/Bunu/Ijumu Federal Constituency on the matter.

In his submissions on the floor of the house, Hon Yusuf noted that it was observed that the banks are not complying with the directives of the Central Bank of Nigeria on ATM withdrawals.

According to him, “The House observed that the commercial banks charge the customers N65 for every single cash withdrawal made on Automated Teller Machines domiciled in other banks”.

“We also observed that these illegal charges from every cash withdrawal is an indirect measure applied by banks to shortchange customers who use other bank’s Automated Teller Machines”. He added.

He further described the act as a flagrant abuse of the CBN directives that N65 deductions starts to apply from the fourth withdrawal transaction on other bank’s ATM in a month.

The Lawmaker also lamented that the CBN has not taken any actions against any of the defaulting banks.

“We are disturbed that the CBN being the regulatory body of the banks has not taken any reasonable and policy measure to sanction banks engaged in this sharp and illegal practice of N65 deductions from customer”.

“We are alarmed that the docile approach of CBN to its regulatory responsibility if allowed to continue, may give birth to impetus for banks to embark on other spurious charges which will grossly affect the customers”. He submitted.