" ITREALMS: GTBank begins charges on cashless policy

Monday, July 13, 2015

GTBank begins charges on cashless policy

The GTBank has commenced charging on withdrawals based on the cashless policy in line with the Central Bank of Nigeria (CBN), reports ITRealms.

GTBank in a public statement made available to ITRealms said that CBN cashless policy and the previous communication deferring charges on cash withdrawals above the daily limits, in 30 states of Nigeria till July 1, 2015.

According to the bank official, the modalities currently operational in Lagos, Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers States will now be effective nationwide, including the previously exempted 30 states of Nigeria.

ITRealms gathered that for individual account holders, charges will apply when daily cumulative withdrawals are in excess of N500,000 for 3 per cent.

For the corporate account holders, GTBank said it would charge daily cumulative withdrawals in excess of N3,000,000 for 5 per cent.

The cashless policy, GTBank said applies to all accounts including collection accounts, that is, all sub-accounts linked to the same account holder would be treated as one account for both corporate and individual accounts.

They noted that the above limits apply so far as it involves cash, irrespective of channel namely over the counter, ATM, 3rd party cheques cashed over the counter among others.

They also cited that if an individual withdraws N450,000 over the counter, and N150,000 from the ATM on the same day, the total amount withdrawn by the customer is N600,000, and the service charge will apply on N100,000; the amount above the daily free limit of N500,000

Exemptions, ITRealms gathered have however been granted on withdrawals for accounts operated by embassies, diplomatic missions, multilateral agencies, aid donor agencies, ministries, departments and agencies of government include revenue collections only, as well as Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs).

To ensure a seamless transition to a cashless economy, GTBank said, it has made several safe and convenient alternative channels available for personal and business banking.

+ITRealms DSA 

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