Customers Face Varying Withdrawal Limits Based On ATM Card Ownership - Uju Ayalogu's Blog for News, Reviews, Articles and More

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Monday 6 May 2024

Customers Face Varying Withdrawal Limits Based On ATM Card Ownership

Customers Face Varying Withdrawal Limits Based On ATM Card Ownership

Most banks Automated Teller Machines (ATMs) are dispensing cash for customers to withdraw, contrary to reports that most banks no longer load cash in their machines.

A News Agency of Nigeria (NAN) correspondent who monitored banks in the Federal Capital Territory (FCT) yesterday revealed that some customers were seen withdrawing cash.

Study also revealed that most customers using ATM of their banks were permitted to withdraw higher amounts than customers not using their banks’ ATM.

At Zenith Bank in Garki, customers with Guaranty Trust Bank (GTB) ATM cards or other banks’ were only allowed to withdraw N10,000 and below, while those with the Zenith Bank’s ATM cards were allowed N20,000 withdrawal and above.

Also, at First Bank, Nyanya-Jikwoyi road, customers with other bank’s ATM card were allowed to withdraw N10,000 and below while customers with the bank’s ATM card could withdraw up to N20,000.

Mr Tam Ubose, a customer at GTB Area 3, said the withdrawal limit slash was not a new development as banks had been doing it.

”This is not new, I think it has been on for some months now, especially during the cashless policy season. Banks give preferential treatment to their customers. The best thing for anyone looking for a bigger cash to do is to use his or her bank ATM card or patronise Point of Sale (PoS) operators,” he said.

Mrs. Ijeoma Ukwu, another customer at First Bank, Nyanya-Jikwoyi, said although it had been rumoured that most banks’ ATMs do not dispense cash, she was yet to experience it.

Ukwu alleged that most bank customers now preferred to patronise PoS operators instead of going to use banks’ ATM due to the convenience.

Mr. Ade Bello, a PoS operators said he had many bank accounts and ATM cards which he used to withdraw money.

”Some banks will give you N20,000 while some can only give you N10,000. I use almost all my ATM cards when I want to withdraw money for my business and I usually go in the morning when monies are being loaded in the machines.

”It was during that cashless policy thing that we did not see money in ATMs even, I was buying money to save my business but now, the situation is much better.”

On alleged insinuations that most bankers own PoS, hence the limited loading of cash in banks’ ATMs, Bello said the rumour had filtered into his ears.

Bello, who said the rumours had yet to be confirmed, said he was in the business to carter for the needs of his family.

However, Mrs. Susan Obong, customer at United Bank for Africa (UBA) in Kubwa, alleged that most banks ATMs in the area do not dispense cash, especially during the weekend.

Obong appealed to the Central Bank of Nigeria (CBN) to investigate the allegation with a view to finding punitive measures for the banks involved.

Reacting to the developments, a banker who pleaded anonymity, said that banks were constantly loading their machines with cash.

”There is no way a bank will see that there is no cash in their ATM machine and they will not quickly load it. Loading cash in ATM reduces the number of customers who enter the banking hall and stress faced by bankers.

”In our bank, we have a stand-by official who will always go and load the ATM with cash. We are out to satisfy our customers,” the official said.

Another bank official who also pleaded anonymity, dismissed the allegation that most bankers own PoS business.

“Even though I do not believe this rumour but I do not think it is wrong for someone to own a business as long as you are not going about it the wrong way,” the official said.

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Source: TheNigeriaLawyer

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