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Nairaland Forum / Nairaland / General / Business / Why We Should Reject The N10,000 Withdrawal Limit (34454 Views)
ATM Withdrawal Limit In Nigeria For Naira Mastercard & Visa Card / 10,000 Withdrawal Limit- Signs Of Pending Bank Liquidation / Banks Move To Limit Over-the-counter Withdrawals To N10,000 (2) (3) (4)
Why We Should Reject The N10,000 Withdrawal Limit by maximunimpact(m): 4:38pm On Jun 13, 2016 |
We reported earlier on “a proposal to limit the over the counter cash withdrawal by bank customers to N10,000 which has been tabled before the Central Bank of Nigeria (CBN). The Sub-committee on Payments Systems and Infrastructure of the Bankers Committee last week sent the proposal to the CBN. The proposal was presented at the committee’s meeting but it is not clear whether it was considered. The CBN is expected to “give feedback on the request”. The banks by the proposal want to further compel bank customers to use e-banking channels, e.g. ATMs, internet banking etc. However when there is a dispute involving transactions on any of those channels it takes a long time before they are resolved and customers often go through harrowing experiences before a resolution is reached. For instance in cases of ATM dispense errors (i.e. ATM fails to dispense cash but customer account is debited) involving the ATMs of two different banks, it takes sometimes over a month before there is a reversal of the debit and in some instances there is no reversal at all and the banks will go to court insisting that there was a withdrawal without providing conclusive evidence of such withdrawals like ATM camera footages as required by CBN guidelines. See for e.g. the cases of KUME BRIDGET ASHIEMAR vs. GUARANTYTRUST BANK PLC (GTB) & UNITED BANK FOR AFRICA (UBA) PLC, Suit No: MHC/198/14 and BARR. TIMOTHY TION vs.FCMB LTD & UBA PLC. (Suit No. MHC/161/16), pending before the Benue State High Court of Justice, Makurdi. Further evidence of how it takes long for ebanking disputes between banks and customers to be resolved can be found in my own case where I sent an email to the Central Bank of Nigeria’s (CBN’s) Consumer Protection Department (cpd@cbn.gov.ng) over a disputed ATM withdrawal since December, 2015 and I did not get any response whatsoever from the Consumer Protection Department till date. It is even doubtful if there are enough ATMs to service customers who will have to resort to ATM withdrawals if across the counter cash withdrawal is limited to N10,000. I therefore, call on the CBN and bank customers to reject the proposal by Deposit Money Banks to limit over the counter cash withdrawal by bank customers to N10,000. The following stories illustrate the suffering bank customers in Nigeria go through using e-banking channels especially ATMs: http://www.financialwatchngr.com/2016/06/13/reject-n10000-withdrawal-limit/ 38 Likes 4 Shares |
Re: Why We Should Reject The N10,000 Withdrawal Limit by 2SWT(f): 4:53pm On Jun 13, 2016 |
Ok So finally I made fp. Wow!! 1 Like 1 Share |
Re: Why We Should Reject The N10,000 Withdrawal Limit by JohnNgene: 6:07pm On Jun 13, 2016 |
I like the way you presented your argument and I see this post making it to the front page. I would definitely love to see intelligent debate on this issue. That said, I agree with the point and concern you raised. Cases of debit of customer's account due to ATM errors are rampant. Worst still, ratification of the errors take too long or never. 21 Likes 2 Shares |
Re: Why We Should Reject The N10,000 Withdrawal Limit by Pavore9: 7:09pm On Jun 13, 2016 |
Agency banking and Mobile money platforms will really help out 4 Likes 4 Shares |
Re: Why We Should Reject The N10,000 Withdrawal Limit by Nobody: 7:10pm On Jun 13, 2016 |
Make we reject the 10k withdrawal limit? As if we get choice...2nd base jare.... 1 Like |
Re: Why We Should Reject The N10,000 Withdrawal Limit by CzarRex: 7:11pm On Jun 13, 2016 |
i stand with u jare u've said it all! 2 Likes |
Re: Why We Should Reject The N10,000 Withdrawal Limit by lollmaolol(m): 7:11pm On Jun 13, 2016 |
What , even the ATM on ground ain't sufficient, don't tell me boosit 2 Likes |
Re: Why We Should Reject The N10,000 Withdrawal Limit by lifezone247(m): 7:12pm On Jun 13, 2016 |
I will comment if the debate start. |
Re: Why We Should Reject The N10,000 Withdrawal Limit by Project400: 7:12pm On Jun 13, 2016 |
Rightly said. |
Re: Why We Should Reject The N10,000 Withdrawal Limit by gift01: 7:12pm On Jun 13, 2016 |
This is a dead on Arrival plan. Wonder why I can't withdraw my cash if or when the ATM decides not to obey command 2 Likes |
Re: Why We Should Reject The N10,000 Withdrawal Limit by kolnel: 7:12pm On Jun 13, 2016 |
Who still go to banking hall to withdraw less than 140k ? Cashless is the way to go 9 Likes |
Re: Why We Should Reject The N10,000 Withdrawal Limit by Christine01(f): 7:13pm On Jun 13, 2016 |
Brb |
Re: Why We Should Reject The N10,000 Withdrawal Limit by timilehing(m): 7:13pm On Jun 13, 2016 |
They should also limit over the canter deposit to 10000 118 Likes 3 Shares |
Re: Why We Should Reject The N10,000 Withdrawal Limit by meezynetwork(m): 7:13pm On Jun 13, 2016 |
That's true |
Re: Why We Should Reject The N10,000 Withdrawal Limit by armadeo(m): 7:13pm On Jun 13, 2016 |
Stop hammer time. Since the advent of ATM I only step foot into a bank to collect atm card when the old one expires. I have had issues with withdrawal but always had my money refunded without any hassles. The advent of internet banking changed my life. I grandly use atm anymore. In the long run I t ghink it's better only a few will experience mishaps but the generality would benefit. Though I still beleive it shouldn't be by force. 12 Likes 5 Shares |
Re: Why We Should Reject The N10,000 Withdrawal Limit by kennysteve77: 7:14pm On Jun 13, 2016 |
Noted |
Re: Why We Should Reject The N10,000 Withdrawal Limit by sentix(m): 7:15pm On Jun 13, 2016 |
First their dispute resolution unit needs to improve. secondly the useless convenience fee on transactions should be abolished thirdly compulsory hardware token should be made optional 10 Likes |
Re: Why We Should Reject The N10,000 Withdrawal Limit by globatop: 7:16pm On Jun 13, 2016 |
What can naija do successfully? 3 Likes |
Re: Why We Should Reject The N10,000 Withdrawal Limit by ictmikky(m): 7:16pm On Jun 13, 2016 |
Cool |
Re: Why We Should Reject The N10,000 Withdrawal Limit by Emac(m): 7:17pm On Jun 13, 2016 |
You have a point..... Who agrees? |
Re: Why We Should Reject The N10,000 Withdrawal Limit by truthspeaks: 7:18pm On Jun 13, 2016 |
Ok |
Re: Why We Should Reject The N10,000 Withdrawal Limit by PapiDShipCapt(m): 7:18pm On Jun 13, 2016 |
on a second thought still, why don't we bank customers limit our cash deposit into the bank to #10,000 weekly or monthly. or better still we close our account with the bank. Nonesense bank people, all I see is laziness in the banking sector and a way of reducing their work load as they r sacking their staffs. If we don't lodge our hard earned funds in d bank there won't be business for them. so why stressing customers over their hard earned money? 19 Likes 1 Share |
Re: Why We Should Reject The N10,000 Withdrawal Limit by Ready4watever: 7:18pm On Jun 13, 2016 |
armadeo:Info is key,but I doubt if the sai baba's will agree to reject this infringement,and support anytime they see any form of protest as Against their business partner pmb,rather than reason,they will soon start discouraging people on this Watch out... 1 Like |
Re: Why We Should Reject The N10,000 Withdrawal Limit by bennieman: 7:19pm On Jun 13, 2016 |
It does not make any sense to limit OTC cash withdrawals to N10,000. A lot of people are still outside the banking system and you cannot pay them via e-payment channels. Imagine a case whereby you go to villages to buy products in order to sell in other locations. It will be impossible to pay most of such sellers because a very large number of them do not have bank accounts. I also think the shortcomings of our e payment channels should first be perfected before we think of implementing such policies. 11 Likes |
Re: Why We Should Reject The N10,000 Withdrawal Limit by hartfriday(m): 7:21pm On Jun 13, 2016 |
I think they want to use this method to sack more work again, cus with this pipo won't be Goin over the counter that much and they will use that to downsize there manpower 10 Likes |
Re: Why We Should Reject The N10,000 Withdrawal Limit by emajoe: 7:21pm On Jun 13, 2016 |
The banks are now compounding the woes of their customers. How can one use another ATM at other banks to cash 150K (of 10 by15times @N65) as some of these banks stuff their machines with N500 notes. Must every organisation introduce her hardship on citizenry ? Buhari must hear this! 17 Likes 1 Share |
Re: Why We Should Reject The N10,000 Withdrawal Limit by dasauce(m): 7:22pm On Jun 13, 2016 |
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Re: Why We Should Reject The N10,000 Withdrawal Limit by macaranta(m): 7:23pm On Jun 13, 2016 |
I think the consumer has a right to do what is suitable for their deposits,at least they should be consulted .Some people have no e-banking knowledge and could find it stressful. |
Re: Why We Should Reject The N10,000 Withdrawal Limit by elfico(m): 7:23pm On Jun 13, 2016 |
Access bank forcefully 'renewed' my ATM for me one year after my last card expired and still did not get the card. Since then I have been withdrawing over the counter. They better think well before the make any decision |
Re: Why We Should Reject The N10,000 Withdrawal Limit by Scholar8200(m): 7:23pm On Jun 13, 2016 |
The policy, if adopted, will lead to an increase in crime rate. Robberies at ATM sheds, robberies in homes as people will keep cash at home for urgent transactionary purposes (to avoid the possible delay at the ATM sheds due to long queues and faulty machines.),resurgence of highway robberies since traders will choose to carry liquid cash when travelling to avoid the frustration that comes with no network problems. Increase in cybercrimes as many semi-literates, illiterates etc who are novices in IT will be scammed and robbed of their hard earned monies. The banks will also suffer as they will record low deposits from the masses especially the largely unbanked, informal sector. Besides, getting people to open accounts will be an uphill task. In fact, they might be hit by a tornado of frenzied withdrawals soon! The policy which seems to favour the banks in the short term, appears to have self-destruct tendencies in the medium term. Moreover, the effort by DMBs to capture the informal sector will fail as these people, largely unlettered, will prefer to keep their physical cash rather than engage in the various e-payment platforms and all the possible issues that may arise. 17 Likes |
Re: Why We Should Reject The N10,000 Withdrawal Limit by Lovetinz(m): 7:23pm On Jun 13, 2016 |
The Problem: N10,000 limit. The Solution: Withdraw N9,500 Ten times. 16 Likes |
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