Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,152,492 members, 7,816,164 topics. Date: Friday, 03 May 2024 at 06:57 AM

Banks Move To Limit Over-the-counter Withdrawals To N10,000 - Business (5) - Nairaland

Nairaland Forum / Nairaland / General / Business / Banks Move To Limit Over-the-counter Withdrawals To N10,000 (32808 Views)

OPEC May Ask Nigeria To Limit Oil Output / CBN Introduces New Charges On Bank Deposits And Withdrawals / N20,000 Changed To N10 Notes In Ibadan, Apata (Photos) (2) (3) (4)

(1) (2) (3) (4) (5) (6) (Reply) (Go Down)

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Checked86: 9:07am On Jun 13, 2016
eleojo23:
This will only work if the banks fulfil the following conditions.
1. Install more ATM's
2. Constantly load the ATM with cash so that it doesn't run out.
3. The network on the ATM must NEVER go offline.
4. The network for internet banking must never go offline.
5. Further reduce charges for using another banks ATM
6. Increase the ATM daily withdrawal limit to above N1 Million
The proposed limited withdrawer is too small considering the inflation in the country. This plan can force most local businessmen to start keeping their money at home.

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by tuniski: 9:25am On Jun 13, 2016
emperorchedda:
please which time in our history did oil sell for $35 please I need to know

And what do you call 'destroy'? You mean reshuffling thing to rebuild them stronger?? Because that's exactly what PMB is doing

Sai Baba
Oil sold for 12$ even under OBJ 2000.
Pls what is buhari reshuffling? He has failed already cos of incompetence!
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by emperorchedda(m): 9:44am On Jun 13, 2016
tuniski:

Oil sold for 12$ even under OBJ 2000.
Pls what is buhari reshuffling? He has failed already cos of incompetence!
Lie you said it's during Obj's tenure. But under GEJ we had oil at an all time yet no changes

Buharu hasn't failed he just hit one year in office, only fooools judge a race when it's not even up to half way
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by RitzyPrince(m): 9:50am On Jun 13, 2016
Reduce number of customers in the banking hall which is simultaneously perpendicular to reducing the need for more bankers. Less customers less attendants. This is bad news for bankers…more sack looming if this coup is achieved.

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by danxzy: 9:55am On Jun 13, 2016
so this is hw buhari want us to suffer, no more 2000 0r 5000 deposit?
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by tuniski: 9:59am On Jun 13, 2016
emperorchedda:
Lie you said it's during Obj's tenure. But under GEJ we had oil at an all time yet no changes

Buharu hasn't failed he just hit one year in office, only fooools judge a race when it's not even up to half way

It is better u go get informed than just screaming lie!
By the way, in a cumulative assessment, a complete failure in year one is tantamount to general failure. Buhari is a failure. In just one year we move from bad to worse!

Pls how many years did Abdulsalam ruled for? I assumed u know it is less than a year and carve his own niche.

Again, buhari is a failure!
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Makamuanwuo(m): 9:59am On Jun 13, 2016
eleojo23:
This will only work if the banks fulfil the following conditions.
1. Install more ATM's
2. Constantly load the ATM with cash so that it doesn't run out.
3. The network on the ATM must NEVER go offline.
4. The network for internet banking must never go offline.
5. Further reduce charges for using another banks ATM
6. Increase the ATM daily withdrawal limit to above N1 Million (beware of robbers sha)




What of those that don't use ATM atal....
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Inova(m): 10:01am On Jun 13, 2016
eleojo23:
This will only work if the banks fulfil the following conditions.
1. Install more ATM's
2. Constantly load the ATM with cash so that it doesn't run out.
3. The network on the ATM must NEVER go offline.
4. The network for internet banking must never go offline.
5. Further reduce charges for using another banks ATM
6[b]. Increase the ATM daily withdrawal limit to above N1 Million (beware of robbers sha)[/b]
Why do you need that much cash from an atm? Cashless transfer would do now.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by tiwiex(m): 10:10am On Jun 13, 2016
blackberlin:
I know Buhari has not performed up to expectations and as a matter of fact, I have flogged the APC on countless topics, but this move by banks is a no-no!

Instead of banks to start getting edgy because of FX scarcity and the state of the economy, they should start getting more innovative. What are those things that can be done to reduce the rate of withdrawals? How can they corner the BDC business from the Abokis they have relied on for so long? How can they utilize the readily available workforce in a productive way to improve the customer base? These are the vital questions they need to ask themselves. . .

One of the issues of the Nigerian business environment is lack of innovation. The same banks are too scared to give out loans without collateral, thus limiting the amount of investments they have in the people and their own profit.

Instead of running around trying to reduce the rate at which people withdraw, let them try to increase the rate at which people deposit.

Nobody ever won a fight by dodging punches, you win by throwing stronger ones.

Talk is sweet. Innovative innovative. How? You didn't provide any specific innovation. You mentioned them encouraging deposits rather than withdrawal. How? Limiting to 10k withdrawal is innovative na. That's a start.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by luciouscookie: 10:11am On Jun 13, 2016
Tozinetita:

must u blame somebody else for your problems u can solve or problems u created. whether u like it or not u r part of Nigeria's problem with ur blaming/accuser mentality
Can you please swerve
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by 989900: 10:29am On Jun 13, 2016
Too many ignorant comments.

Why do people want to go into them banking halls anyway?
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by 989900: 10:34am On Jun 13, 2016
Checked86:
The proposed limited withdrawer is too small considering the inflation in the country. This plan can force most local businessmen to start keeping their money at home.

Online transfer, no?
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by daveP(m): 10:37am On Jun 13, 2016
End time news update!
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Nobody: 10:44am On Jun 13, 2016
[
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Checked86: 10:50am On Jun 13, 2016
989900:


Online transfer, no?
I said local businessmen that do most of their daily business with cash.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by darqly(m): 11:00am On Jun 13, 2016
MRSALT:
But in the history of Nigeria, there are times we had no foreign reserve and the sell of crude oil was as low as $35 dollars per barrel

But you know what you assert above is a LIE right? Please provide evidence (even a link will do) of periods Nigeria had NO FOREIGN RESERVE, and crude sold for as low as $35. Everybody wants to claim finance expert online overnight angry angry

If you do not understand, the banks are indirectly saying 'there is no money' because people are withdrawing cash from their accounts in order to buy dollars from the black markets . Now, banks have no dollars to sell and they have no cash to give you.

Another BOGUS claim!! How much dollar have you personally gone to buy with Naira that you withdrew from your account?? You think every other person you meet on the ATM queue is withdrawing to buy dollar? To what effect and for what reason? My brother people are just trying to survive, not all of us engage in ROUNDTRIPPING grin grin. The article is self explanatory- It's more cost effective to have more bank customers use alternative channels rather than come into the banking hall physically, and it also means encouraging people to carry less cash.

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by 989900: 11:03am On Jun 13, 2016
Checked86:
I said local businessmen that do most of their daily business with cash.

I think the banks will have to increase withdrawal limits on ATMs then.

And it is also a possibility to have simple rules to govern banking hall bulk-withdrawals . . . not having everyone that wants N50,000-N500,000 crowding the bank, if they can do that online, or via ATM.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by eleojo23: 11:05am On Jun 13, 2016
Makamuanwuo:




What of those that don't use ATM atal....
Hmmm...OYO is their case! grin
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Sprintson(m): 11:08am On Jun 13, 2016
I have read this piece alright!
My take is this;
With all these negative news coming out of Nigeria in just a year I bet APC will soon start differing on issues and split soon..

Quote me any time, this is not what some progressives expected of the party so internal crises will spring up soon especially from those who want to aspire to higher positions because this is really denting their image.
And they moved to the party to gain footing....

Wish Nig luck
It is not yet UHURU or even close to !!!
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by jomoh: 11:13am On Jun 13, 2016
eph12:

You still didn't address what will be done with the sacked workers. Maybe there should be a program where they are taught on how to survive on the #23000 allowance as teachers? I think that would be better.

I actually did. remember where i talked about the "to-be-sacked" staffs. I said they can be the starters of businesses like the mobile money and other resultant initiatives that will assist their drive for reduction in cash transactions over the counter. i made another example of online payment settlement like paypal. Mobile money, Paypal, payoneer, are all forms of reducing customers at banks and such initiatives will require agents to start up.

Upon all that, I also expressed my fears about our Nigerian attitude of not having such a succession plan in place cater for fall-out of such moves. Had it been we have a working and effective Labour laws in Nigeria, such things would not happen but since we do not, we can't help but experience such. You cant just sack your staffs because your policy is changing. You just have to find a way to retrain them and repost them to where they can fit in.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Codes151(m): 11:27am On Jun 13, 2016
Idiots! 10k in a country where it can do anything with 10k? Okay! U witdraw 10k, buy fuel how much? Go work no food? On coming back, you mistakenly fall oyami oranges nko or sth? What of pikin snack n food for school the next day? 10k abi? Thankyou!
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by femmy2010(m): 11:31am On Jun 13, 2016
eph12:

So what do you think can be done to prevent people from loosing their jobs? Or you not concerned about that?

NOTE - More people in the IT field are getting more jobs.
Times change so we are better if we change with time.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Checked86: 11:31am On Jun 13, 2016
989900:


I think the banks will have to increase withdrawal limits on ATMs then.

And it is also a possibility to have simple rules to govern banking hall bulk-withdrawals . . . not having everyone that wants N50,000-N500,000 crowding the bank, if they can do that online, or via ATM.
good suggestions you made there. You know how we do things here, we normally stop one thing without strengthening the alternative. The plan is a good plan but it is a subset of some dysfunctional banking policies in Nigeria.

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Pavarottii(m): 11:46am On Jun 13, 2016
mikolo80:
is Buhari a member of bankers committee. Why do you not read bfor you comment. It was in the first two lines. You cannot possibly be that lazy
Chei... people still not seeing d prob is from d head?

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Pavarottii(m): 11:48am On Jun 13, 2016
femmy2010:


NOTE - More people in the IT field are getting more jobs.
Times change so we are better if we change with time.
Which IT field is that and please list d companies. In short open a thread listing d companies and write they are currently employing to cushion the unemployment rate.
Nigerians will be glad if u do so.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Nobody: 11:55am On Jun 13, 2016
tiwiex:


Talk is sweet. Innovative innovative. How? You didn't provide any specific innovation. You mentioned them encouraging deposits rather than withdrawal. How? Limiting to 10k withdrawal is innovative na. That's a start.

Talk is also vital, if we don't talk we can't be heard.
If you find urself in a position where u have to withdraw more than your Debit Card limit, then you'll understand my point.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Nobody: 12:02pm On Jun 13, 2016
matrix199:
So what's the essence of putting your money in the bank when you can't get the much amount you need, whenever you need it?

No it'd safer to make transfers.
Petty cash can be gotten from the atm








Oh really? So it's safer to withdraw at ATM points than over the counter? I strongly disagree.


Besides, the real reason why they want to compel customers to withdraw from ATM is because of the charges on ATM withdrawals. The banks will make more charges on frequent ATM usage.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Nobody: 12:02pm On Jun 13, 2016
matrix199:
So what's the essence of putting your money in the bank when you can't get the much amount you need, whenever you need it?

No it's safer to make transfers.
Petty cash can be gotten from the atm








Oh really? So it's safer to withdraw at ATM points than over the counter? I strongly disagree.


Besides, the real reason why they want to compel customers to withdraw from ATM is because of the charges on ATM withdrawals. The banks will make more charges on frequent ATM usage.

No it's safer to make transfers.
Petty cash can be gotten from the atm
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Ameboperoo(m): 12:22pm On Jun 13, 2016
emperorchedda:
Banks are too profit oriented that they can sack all their workers just to make profit
Commercial banks are limited liability companies too. They are set up to make profit.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by walexy14(m): 12:28pm On Jun 13, 2016
Everyone is giving a bank a run
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by femmy2010(m): 12:35pm On Jun 13, 2016
Pavarottii:

Which IT field is that and please list d companies. In short open a thread listing d companies and write they are currently employing to cushion the unemployment rate.
Nigerians will be glad if u do so.

If bankers are loosing jobs cos of the advent of Online banking and ATMs then be sure personals would be needed to provide ATMS, maintain them and regularly protect online banking accounts.
The reality is just the changing times
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Sleeky2020(m): 12:38pm On Jun 13, 2016
...and make more money via atm withdrwals and transfer. quote author=Flexherbal post=46523492]That is a way to technically reduce staff number.[/quote]

(1) (2) (3) (4) (5) (6) (Reply)

"Sanusi Persecuted Me As He Thought I Wanted His Job At CBN" – Cecilia Ibru / A Nairalander Spotted At Mile 12 Market Showing His Skills / Whatsapp Banking: All You Need To Know And Current Operating Banks

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 59
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.