First City Monument Bank introduces Instant Funds Transfer via its Electronic Channels
An Automated Teller Machine is an electronic banking outlet which allows customers of various banking institutions complete basic transactions without the aid of a bank representative, teller or without being physically present in the bank.
There are two primary types of ATM’s. The basic one allows the customer to withdraw cash, receive a report of the accounts balance and also produce a bank statement; while the more complex machines accepts deposits and also report account information.
The First Bank Cash Deposit ATM is a verve card based transaction and allows cash lodgments (deposits) into a customers’ account and this hits the selected account immediately (Real-time). There are no doubts, no reservations and the worries of depositor error are long gone as the ATM will return your cash whenever there is network fluctuation.
The FirstBank cash deposit ATM like other ATM’s are user friendly and easy to comprehend. To use the cash deposit ATM, a customer will have to visit any FirstBank branch in Marina, Yaba, Ikeja, Calabar (new locations are added daily) where these ATMs are located. Insert his or her verve card in the machine and add your PIN. Select the option ‘Make a Deposit’ and choose the account you want to make the deposits into which can be either a checking or savings account.
The cash deposit ATM recognizes the Nigerian currency, and accepts all currency ranging from N100, N200, N500 and N1, 000 denominations of the naira notes. The cash deposit ATM receives a maximum of 50 notes per deposit, inserted in no particular order into the machine.
The customer confirms his cash details and the customer’s account will be accredited immediately.” The bank is expected to build up on the deployment of cash deposit ATMs in the three locations, with massive rollout in its branches in major commercial centers in the country, and given its large following of retail customers; public acceptance and patronage of cash ATMs is expected to leap frog and possibly compete with the basic, cash withdrawal ATMs.
Are you having issues with online / ATM usage of your Nigerian issued Visa Card or MasterCard?
Let us have your say; stating the problem(s) you encounter, if possible, also kindly state the name of the receiving agent or website where you experienced the issues. Also, do not forget to state which Nigerian Bank issued the card to you.
I am here to assist you with any issues especially when it requires a technical solution!
I had to bring up this topic with regards to the charges I get to pay whenever I make an ATM withdrawal using my dollar denominated Visa Card in Nigeria.
I use Intercontinental Bank’s dollar denominated VISA Debit Card and whenever I use the automated teller machine (ATM), I get automatically debited to the tune of US$2 per transaction, plus additional 1% of the total withdrawal per transaction.
Intercontinental Bank allows a maximum withdrawal of N20,000 per transaction, therefore if you want to withdraw the naira equivalent of N60,000 (Sixty Thousand Naira) from your dollar Visa Card; that means you would have to make 3 (three) withdrawals of N20,000 each and you would be charged US$2 + 1% of each N20,000 Meaning, if withdrawing the max of N20,000 per transaction, you would also be debited an equivalent of N516 (Five Hundred and Sixteen Naira) for each transaction as bank charges.
Lets know what your bank charges for withdrawing using your dollar denominated VISA Card on naira-based Automated Teller Machines (ATMs).
CHECK DIGIT ALGORITHM
The approved NUBAN format ABC-DEFGHIJKL-M
where ABC is the 3-digit bank code assigned by the CBN
DEFGHIJKL is the NUBAN Account serial number
M is the NUBAN Check Digit, required for account number
We hereby recommend the following as the Check Digit Algorithm
Step 1. Calculate A*3+B*7+C*3+D*3+E*7+F*3+G*3+H*7+I*3+J*3+K*7+L*3
Step 2. Calculate Modulo 10 of your result i.e. the remainder after dividing by 10
Step 3. Subtract your result from 10 to get the Check Digit
Step 4. If your result is 10, then use 0 as your check digit
The Table below shows the 3-digit codes of all banks.
The NUBAN code of a typical customer bank account in First Bank of Nigeria Plc would be derived as
The 3-digit code assigned to First Bank in the Bankers Clearing System is 011
Assume a NUBAN serial number of 000001457
The check digit would be computed as follows:
Step 1. 0*3+1*7+1*3+0*3+0*7+0*3+0*3+0*7+1*3+4*3+5*7+7*3 = 81
Step 2. Module 10 of 81 is 1 i.e. 1 is the remainder when you divide 81 by 10
Step3. Subtract 1 from 10 to get Check Digit 9
Therefore the NUBAN code for this example account is 0000014579
Assume a NUBAN serial number of 000000022 in First Bank
The check digit would be computed as follows:
Step 1. 0*3+1*7+1*3+0*3+0*7+0*3+0*3+0*7+0*3+0*3+2*7+2*3, 10=30
Step 2. Module 10 of 30 is 0 i.e. 0 is the remainder when you divide 30 by 10
Step 3. Subtract 0 from 10 to get 0
Step 4. So the check digit is 0
Therefore, the NUBAN code for this example account is 0000000220