Deposit money banks in the country have commenced implementation of charges on cash withdrawal in excess of the stated limit.
This is following the end of the suspension of
charges on withdrawals for both individual and corporate account holders
in 30 states of the federation till July 1, 2015.
The Central
Bank of Nigeria had in June 2014 explained that the waiver was to give
banks time to deploy adequate infrastructure needed to support the and
sensitisation of bank customers on the importance of the policy.
Consequently,
messages have been flying from the banks reminding their customers of
the nationwide implementation of charges on excess withdraws.
A
statement from Guarantee Trust Bank (GTB) to it numerous customers reads
(We refer to the Central Bank of Nigeria’s (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.
"Please be informed that the following modalities which are 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”.
Cashless-NigeriaThe bank explained that for individual
account holders, charges will apply when daily cumulative withdrawals
and deposits are in excess of N500,000. For corporate account holders,
charges will apply when daily cumulative withdrawals are in excess of
N3,000,000
The Cashless policy applies to all accounts including
Collection accounts that all sub-accounts linked to the same account
holder would be treated as one account for both corporate and individual
accounts.
“Kindly note that the above limits apply so far as it involves cash,
irrespective of channel i.e. over the counter, ATM, 3rd party cheques
cashed over the counter etc. For example, 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the total amount withdrawn by the customer is N600,000, and the service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 have however been granted on lodgments and withdrawals for
accounts operated by Embassies, Diplomatic Missions, Multilateral
Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of
Government (revenue collections only), Microfinance Banks (MFBs) and
Primary Mortgage Institutions (PMIs).