Banks Reconfigured ATM to Dispense Less Cash – Customers

ATM machine
  • Banks Reconfigured ATM to Dispense Less Cash – Customers

Banks’ customers across the country are complaining of banks’ new modus operandi of reconfiguring Automated Teller Machines (ATM) to despense less cash in an effort to profit from multiple charges.

Customers who spoke with Punch said they now preferred to enter banking hall for withdrawals as banks had reconfigured their ATMs to dispense smaller amounts since Central Bank of Nigeria slashed ATM withdrawal fees from N65 to N35.

James Moneme, one of the bank customers, said, “I went to a Polaris Bank ATM to withdraw N150,000 with my GTBank card but the ATM had been configured to dispense only N10,000 at once.

“I withdrew N10, 000 up to 10 times before I could withdraw N100, 000 after which the ATM stopped dispensing cash. It was time wasting.

“I had to go and look for a GTbank and entered the banking hall and used my ATM card to withdraw the remaining N50, 000 from the PoS over the counter.

“If I knew I would still have to go the bank, I would not have wasted time withdrawing 10 times from the ATM machine.”

Another customer, Fatima Wasiu, said, “If you are not patient, you cannot be waiting at the ATM because you have to stay longer on queues at the ATM to withdraw cash. You will just be watching those in front of you withdrawing several times before it gets to your turn.

“Yet, the banks will still charge you more for withdrawing many times from the ATM after they reconfigured their ATMs to dispense less cash. Now, I prefer to enter the bank and withdraw my cash from the counter.”

Dr Sam Nzekwe, a former President, Association of National Accountants of Nigeria, said this would make people go back to banking hall transaction if the apex bank failed to check banks’ activities concern ATM.

He said “it was cogent for the CBN to monitor banks’ activities properly because they had the tendency to make money for the customers at every slight opportunity by slamming charges on them.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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