Standard Chartered Bank pegs daily ATM withdrawal at N70,000

…As lenders implement new charges March 1

Standard Chartered Bank (SCB) has pegged the daily cash withdrawal from Automated Teller Machine (ATM) at N70,000, in response to the new charges directed by the Central Bank of Nigeria (CBN).

In a notice to its customers, the bank said the weekly cash withdrawal limit remains N500,000 for individuals and N5 million for corporate organisations.

According to the bank, withdrawals exceeding these weekly limits across all channels will attract a cash processing fee of 3 percent for individuals and 5 percent for corporate organizations, along with the necessary regulatory documentation.

The notice from the bank reads: “Please be informed that, effective March 1, 2025, the Central Bank of Nigeria (CBN) has directed a revision of ATM transaction fees applicable to the use of Standard Chartered VISA Debit/Credit cards. The updated fees are as follows:”

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According to the notice, withdrawals made at Standard Chartered ATMs will remain free of charge. However, customers using other banks’ ATMs will face a fee structure based on the location of the machine. Withdrawals conducted at ATMs located within bank premises will now attract a charge of N100 per N20,000 transaction, with the same fee applying to withdrawals below N20,000.

For withdrawals at ATMs located outside bank premises, a N100 charge per N20,000 will still apply, but an additional surcharge capped at N500 per N20,000 withdrawal may also be imposed. Meanwhile, customers making withdrawals from international ATMs will be charged according to the exact fees set by the foreign ATM acquirer.

“To avoid additional charges, we encourage you to use Standard Chartered Bank ATMs for cash withdrawals or explore our digital banking channels for more cost-effective and convenient transactions,” the bank said.

The CBN on February 10, 2025 raised the withdrawal fee for customers using ATMs of other banks from N35 to N100 per N20,000 withdrawn.

In addition to the fee hike, the apex bank has also eliminated the three free monthly withdrawals previously allowed for customers using ATMs outside their bank’s network. The policy change was outlined in Section 19.6.2 of the Guide to Bank Charges.

The new directive was communicated in a circular dated February 10, 2025, and signed by John S. Onojah, acting director of the CBN’s financial policy and regulation department.

The move is expected to impact bank customers who frequently use ATMs of other banks for cash withdrawals.