How to avoid paying interbank ATM withdrawal fees

Posted by Chidinma on Friday August 26, 2016 at 15:59:8:

Since September 1, Interbank ATM withdrawals do attract a fee of N65 for each transaction; this directive was issued by the Central Bank of Nigeria (CBN). That means that if you use a Zenith bank ATM debit card to withdraw from an Ecobank ATM your account will be surcharged for N65; this policy was made to encourage banks improve on their ATM transactions. This directive has negatively affected most people, especially people that make multiple ATM transactions weekly.

In this article, I will mention few tips on how to avoid paying the Interbank ATM withdrawal fees;

- Avoid using other bank's ATMs: Yes, it's simple. Just use your bank's ATM and you'd be able to avoid having to pay a fee for doing so. Some banks however allow people ot use theirs for free but subject to a maximum number of times. If you know the rules for avoiding fees, just follow it else only use that of your bank.

- Read your bill first: When using an ATM, you are normally asked to review your transaction before completing it. If there are any fees like a withdrawal fee, it would e indicated and so you should actually read the display containing your total transaction bill before approving the transaction.

- Plan Your Financial Transactions Each Month: Most people don’t plan their finances; they just go to the ATM and make a spur of the moment withdrawal. Try to plan your transactions at the beginning of the month; this will help curtail the number of times you make ATM withdrawals per month.

- Use Other Available Mode Of Payment: There are other means of making payments without necessarily withdrawing the money via ATM; you can use POS payments, Mobile Money payments, internet banking transfers and so on instead of always withdrawing the cash from an ATM.