(By Ndubuisi Orji; Kemi Yesufu – ABUJA)
The House of Representatives has mandated its committee on Banking and Currency to investigate the N65 currently charge by commercial banks in the country for every transaction made in Automated Teller Machines (ATM) domiciled in other banks. The committee is report back to the house in two weeks.
The House, which stated that the charges is an indirect means by banks to shortchange customers who use other banks ATM machines, made the resolution following an order of urgent public importance raised by Hon Yusuf Tajudeen on “Illegal and Indiscriminate ATM charges by Commercial Banks.”
It noted with dismay that the charges is a contravention of the directive of the Central Bank of Nigeria (CBN) that such deductions should commence from the fourth withdrawal at other bank’s ATM in a month.
According to the House, commercial banks in the country have refused to comply with the CBN directive in respect to the first three withdrawals in other bank’s ATM, stating that as a result of poor networking facility “driving the transmission backbone of ATM data which leads to constant system glitches, ” it had become inevitable for customers to do withdrawals belonging to other banks.
It added that it is worrisome that the CBN, which regulates the operations of commercial banks, has not taken any reasonable and punitive measure to sanction the banks engaged in what has been called the “illegal practice of N65 deduction from customers.”