Ways to avoid ATM Charges in Nigeria Banks

The Central Bank of Nigeria (CBN) introduced a new policy on cash based transactions which stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for individuals and N3,000,000 for corporate bodies.

 The new policy of withdrawling cash  in banks, aims at reducing the amount of physical cash circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.) Therefore, banks have devised and evolved various means to make money. One of the important ways is underhand and secret Automobile Teller Machine (ATM) charge. 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. Here are some of the ways

1.       Always use the ATM machine of your banks

 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.

2.      Plan ahead

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.

3.      Pay with cash instead of POS
It is better for you to pay with cash after shopping instead of paying with POS. Before you shop, ensure you withdraw enough cash that will be enough for your needs.

4.      Take as much cash as you want
We in an era where technology has made transaction easy among business men . If you really want to avoid the ATM charges, you could just have a reasonable amount on you wherever you go so that you don’t just use ATM whenever you need money.

5.      Withdraw enough money

Always withdraw more than enough each time you use the ATM to avoid paying too many charges for withdrawal.

6        Forget about ATM

Though stressful, it is better to go to the bank to withdraw instead of using the ATM. That way, you won’t be charged monthly for using your ATM.