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Banks Start Penalizing Customers Who Withdraw "Excess" Cash - Business (3) - Nairaland

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Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by bennieman: 5:48am On Jul 15, 2015
deltateam:


You are dumb. So people don't buy cars, build houses etc again. I see you must be a teenager.

Your comment shows your level of maturity and lack of information. Who says you need cash to do all that you mentioned? What you really need is money( value) and not necessarily cash.

For instance, I paid N2mm for the last car I bought and the seller was a hausa dealer. Did I withdraw cash? No. Rather, he gave me his account number and I did a transfer into his account there and then.

There are many risks and disadvantages associated with handling excess cash from both the view of the banks and customers alike viz theft, cost of processing cash, cost of moving cash etc.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by lastpage: 5:50am On Jul 15, 2015
Thats why it is good to spread you rmoney around in at least five banks.

#500,000 x 5 in aday is #2.5Million, enough to settle my wahala on a daily basis.

Banks nor get sense, dem just dey form smart! undecided undecided


Lastpage!
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by gabbytabby: 6:39am On Jul 15, 2015
While this is understandable for withdrawals it makes no sense for deposits.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by Eyop: 6:40am On Jul 15, 2015
lastpage:
Thats why it is good to spread you rmoney around in at least five banks.

#500,000 x 5 in aday is #2.5Million, enough to settle my wahala on a daily basis.

Banks nor get sense, dem just dey form smart! undecided undecided


Lastpage!

And if you get 5 corporate accounts, #3,000,000 x 5 in a day is #15,000,000. Enough to over settle your wahala on a daily basis. Them no get sense @ all oh cheesy cheesy grin
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by Eyop: 6:41am On Jul 15, 2015
gabbytabby:
While this is understandable for withdrawals it makes no sense for deposits.


No one is charging for deposits.

1 Like

Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by creepsyme(f): 6:48am On Jul 15, 2015
Adesiji77:
Banks Implement Charges On Cash Withdrawals Nationwide (Cashless Policy)



http://businessdayonline.com/2015/07/cashless-policy-banks-implement-charges-on-cash-withdrawals-nationwide/
but dis has been on since. only charges on cash deposit was lifted. every cash withdral in excess of 500 2% charges is taken for the excess.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by juliustip(m): 6:49am On Jul 15, 2015
ZUBY77:
That's right...
N520,000 withdrawal attracted N600 charge on my Diamond Bank account two weeks ago.

So it didn't start today.

Not that it was much but No black man likes to pay for what he didn't use.


You mean 20,000 on top attracted N600 charges and you think it's not much? That's 3% man.
N'na that is capitaLLL (in Igbo man voice)

Instead I will utilize my internet banking or the smart trick to escape the charges. Only the smart will know what I mean. That's if its a must you collect cash.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by gabbytabby: 6:50am On Jul 15, 2015
deltateam:


You are dumb. So people don't buy cars, build houses etc again. I see you must be a teenager.
You can pay into the peoples bank account even omonile gets paid through their bank account.

Its the deposit bit that I do not understand. It leads to u necessary repeated visits to the bank.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by Josco24685(m): 7:08am On Jul 15, 2015
It now time where i will do like d dem politicians who keep cash in their houses. To hell with cbn for dat nonsense. I trust nigerians we always no our way out of rubbish.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by SegunAdewole: 7:24am On Jul 15, 2015
This will discourage many unbanked Nigerians. Since i will have to pay more to take my own money then i say "to hell with Nigerian banks". I will close all my bank accounts, build an underground safe in my house and keep all my money.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by Adesiji77: 7:32am On Jul 15, 2015
creepsyme:
but dis has been on since. only charges on cash deposit was lifted. every cash withdral in excess of 500 2% charges is taken for the excess.

Only in 6 states and FCT. Implementation was deferred in 30 states until July 1 2015
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by gabbytabby: 7:37am On Jul 15, 2015
Eyop:


No one is charging for deposits.

I hope not just that the story says deposits were initially deferred but will now be affected.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by vickylinco(m): 7:49am On Jul 15, 2015
Neduzze5:
Let them not even play with the 50 billion naira change that I left in my account ooh unless the 70 trillion naira that I wanted to pay into my account, I'll change my mind and dig hole in my compound and bury it there! undecided
where is your house?
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by Neduzze5(m): 8:02am On Jul 15, 2015
vickylinco:
where is your house?


Even if ah tell you my house, you no go even get mind come there sef.

I've 10 lions, 27 tigers and 43 Rottweiler dogs on standby
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by FBS: 8:23am On Jul 15, 2015
Amaka but why? Why should a client be penalised for withdrawing his/her very own cash? I really don't get it.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by Sureboy15: 8:47am On Jul 15, 2015
The CBN should be thinking of how 2 reduce the value of forign currency with their polcy thereby patronizing the local currency so as to balance the economy and indirectly reduce money lundary and the rate of nigerians opening forign account. This Indirect way of extorting money from customers will not contribute to economic growth TAKE NOTE
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by viktor01(m): 10:23am On Jul 15, 2015
Banks.! Creating money out of nothing.. Dey wil neva hint u dat d economy is crashing.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by omnikether: 10:55am On Jul 15, 2015
Banks. We made you rich by doing you the courtesy of putting our hard-earned money in your safes. You use our money to do business, profit from said business and still charge us for making you rich.

It is well.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by Nobody: 11:37am On Jul 15, 2015
E no concern me
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by Nobody: 12:42pm On Jul 15, 2015
Adesiji77:
Banks Implement Charges On Cash Withdrawals Nationwide (Cashless Policy)



http://businessdayonline.com/2015/07/cashless-policy-banks-implement-charges-on-cash-withdrawals-nationwide/

So to withdraw my own money how and when I like is now an offense? This current CBN guv should be removed.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by Adesiji77: 1:13pm On Jul 15, 2015
parkeration:


So to withdraw my own money how and when I like is now an offense? This current CBN guv should be removed.

You are being encouraged to use electronic channels for transactions that are above the threshold.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by delishpot: 2:33pm On Jul 15, 2015
Shuo, so one is forced into this cashless ish? So to withdraw yoi own savings again, they will charge you? Odiegwu.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by vickylinco(m): 3:14pm On Jul 15, 2015
Neduzze5:



Even if ah tell you my house, you no go even get mind come there sef.

I've 10 lions, 27 tigers and 43 Rottweiler dogs on standby
wao!!! your house na zoo? I will be delighted to visit them... lol
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by 400billionman: 8:47am On Jul 16, 2015
The cash limits are okay at N500k individual and N3m corporate.

Sanusi once made it N150k individual, N1m corporate which vexed me that time.
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by natureblack(m): 8:17am On Jul 18, 2015
immortalvoices:
Good move. It will go a long way to curb money laundry...
Laundering.



You're welcome buddy. wink
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by immortalvoices(m): 8:38am On Jul 18, 2015
natureblack:
Laundering.


You're welcome buddy. wink
Lol always had my doubt... Thanks a million
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by natureblack(m): 9:49am On Jul 18, 2015
immortalvoices:


Lol always had my doubt... Thanks a million
No pain bro.I know you'd do the same for me. smiley



Sometimes,we just can't overcome the amazing powers of homonym,homograph or homophone.These word set can be confusing,even for word geeks undecided
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by immortalvoices(m): 10:58am On Jul 18, 2015
natureblack:
No pain bro.I know you'd do the same for me. smiley



Sometimes,we just can't overcome the amazing powers of homonym,homograph or homophone.These word set can be confusing,even for word geeks undecided
You are a true friend..
Re: Banks Start Penalizing Customers Who Withdraw "Excess" Cash by unmask: 8:57am On Jul 20, 2015
deltateam:


You are dumb. So people don't buy cars, build houses etc again. I see you must be a teenager.
and you the adult.....tell me why such people can't do a transfer or why car dealers can't get a POS for their transactions......I guess you are too old so retrogression is your main stay

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