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the same day, the total amount withdrawn by the customer is N600,000, and the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.
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