GTBank Begins Full Implementation of Cashless Policy Charges on Daily Excess Withdrawal
GTBank has
started implementing the full cashless policy of charges on daily excess withdrawal
on all types of account.
According to
GTBank, this was a directive from
the Central Bank and they have been carrying it out only on 5 states of the
federation including the Federal Capital Territory, but starting this month of
July 2015 they have extended the charges to all the remaining 30 States.
What that
entails is that when you withdraw in excess of the daily allowable limit
regardless of the medium of withdrawal, you will be charged certain percentages
from the excess withdrawal.
The charges
on excess withdrawal for individual and corporate accounts holders are as
follows;
For individual accounts, daily withdrawal
limit is N500,000 and the charges on
excess withdrawal is 3%.
Then for
Corporate account holders, daily withdrawal limit is pegged at N3,000,000 and charges of 5% is applicable to withdrawal in
excess of that.
For example,
as an individual account holder, if you withdraw N600,000 in a day on a single or combined medium of withdrawal, you
will be charged 3% from the N100,000 that is in excess of the
N500,000 daily limit, and it is in similar manner for those that operates
corporate accounts.
Exemptions have however been granted on lodgements
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).
GTBank Begins Full Implementation of Cashless Policy Charges on Daily Excess Withdrawal
Reviewed by Edwin Akwudolu
on
5:58:00 PM
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