Holiday spending: Customers' recount benefits, flaws of ATMs

A trip round bank premises during the Eid-el Kabir holidays revealed very busy banking premises despite that the doors were closed to the public such that a member of the public, who seemed not to know about ATMs had to inquire whether the banks did not observe the holidays. Though long queues were seen at virtually all bank premises visited, customers waited patiently for their turns.

Mercy Anyanwu, a bank customer was highly elated at the development, describing it as one of the best innovations that the banking system introduced.

She said that but for the ATMs, she would be strand as she would have had no money to meet her family expenditure for the holidays as she had forgotten to go to the bank to collect money before the commencement of the holidays. "I am happy for the opportunity ATM has given to withdraw money from my account. I don't know how I would have coped without it because I forgot to go to the bank before the holidays.

On the long queues, she said, "I don't want to think about the alternative to the queue, which is staying at home without money, because as I speak, there is no food at home and I don't have any money."

Anyanwu was not the only one who had that view, many other customers spoken to shared the same.

The benefits of the ATMs are multiple folds, the major one being that it offers services for 24 hours a day, seven days a week and 365 days a year.

It enables customers to withdraw cash and do a host of other banking activities round the clock- by simply pushing a few buttons. All you have to do is simply insert your card in the slot, type in your PIN and let the ATM screen guide you through the services.

The ATM card is an innovation that allows easy access to cash by depositors through the ATM machines. Withdrawal on the machines is allowed only when a secret Personal Identification Number (PIN) is entered.

Currently, banks are making the initial issuance of ATM cards free for customers. This is intended to attract as many customers patronage to the use of the cards. And this is valid for two years, after which the depositor has to pay a certain amount of money to get a new one. The maximum amount that can be withdrawn with the card at a time is N60, 000.

While enumerating the benefits of the use of ATM card customers also underlined the problems encountered in its use. Enechi Okwara, admitted that with the ATM, one can have access to cash even during an industrial action and after banking hours.

Also, the advent of ATM cards has reduced queues within banking halls, thereby saving customers the time and energy that would have been expended in waiting to get paid at the counter, it is still suffering from 'teething' problems.

For one, the number of ATM machines deployed by banks are still very few compared to the country's population. As a result, there are long queues at each ATM point particularly during festive seasons, when the banking halls, which would have served as back-up, or vise-versa, are not available.

Another major challenge, he pointed out, are the volume of cash that can be loaded on the machines. "At a time like this when all customers are depending on the ATM for cash, there may be a shortfall because the banks are not open to reload the machines when the cash in it is exhausted, he stated.

Despite the success stories, Michael Daniel, a businessmen, who spoke to Business Day was very disappointed after an unsuccessful attempt to withdraw money from his account using the ATM.

Michael disclosed that he encountered such difficulty only when he wants to withdraw money in bank other than where his card was issued. He added that the problem is particularly noticeable when he attempted a withdrawal through Intercontinental Bank.

He however, noted that the machine sometimes malfunctions. At such times the customer might find it hard to access cash due to a network failure or non-availability of staff to man the system. A number of people who tried to collect money with their ATM cards complained that they could not access cash as the machines failed to work.

Another problem is the deduction of N100 monthly charges even for months when the customer had no money in the account.

Another customer, who simply identified himself as Iwu said power failure and technical faults were still associated with the ATMs.

Despite these problems bank customers still believe that the gains of the card far outnumber its difficulties. A major benefit of ATMs cards is that it offers services for 24 hours a day, seven days a week and 365 days a year.

The ATM card is an innovation that allows easy access to cash by depositors through the ATM machine. Withdrawal on the machine is allowed only when a secret Personal Identification Number (PIN) is entered.

Currently, banks are making the initial issuance of ATM cards free for customers. This is intended to attract as many customers patronage to the use of the cards. And this is valid for two years, after which the depositor has to pay an amount of money to get a new one. The maximum amount that can be withdrawn with the card at a time is N60, 000.

The ATM enables customer to withdraw cash and do a host of other banking activities round the clock- by simply pushing a few buttons. All you have to do is simply insert your card in the slot, type in your PIN and let the ATM screen guide you through the services.