Banks Start to Charge Customers N100 Annual Card Maintenance Fee; Were You Caught Unawares?

I had read something a while ago that hinted of an impending N100 charge for ATMs issued by Nigerian banks. I didn’t attach much importance to it; maybe saw it as
another worthless rumour of changes introuced by the CBN in the banking sector.

However I woke sometime earlier this December to see a debit alert of N100 for ATM card maintenance. I quickly went online and started seeing tweets that confirmed many others were experiencing the same deductions. It appeared banks like Guaranty Trust Bank Plc were among the first to start implementing the deductions for ATM maintenance.

It was an unfunny Christmas gift from my bank and the Central Bank.

What is the Actual Cost of your ATM Card?

From the little I know a few banks charge like N1,050 for card issuing. Then add N100 annually (maintenance charge) for the usual four years validity of your card and you have a total cost of N1,450. That, is the actual cost of getting and using an ATM card.