Nigerian Bank Setting N5,000 Maximum per ATM withdrawal


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Nigerian Bank Setting N5,000 Maximum per ATM withdrawal
Posted on: October 23, 2017, 02:57:24 AM
I don't know if you have noticed that most of the Nigerian banks if not all of them have set a limit that any withdrawal from any other bank will not exceed N5,000 per ATM withdrawal but can withdraw above N5,000 only if you are withdrawing from the same bank.

I was surprised when I visited Ecobank last week to withdraw some money with GTbank ATM card but was unable to withdraw above N5000 Naira per withdraw from Ecobank ATM machine and I was told by their security guard that I can't withdraw more than N5000 Naira per withdraw since am using other banks, I thought it was a joke until I saw many people experiencing the same problem.

What it will cost your to withdraw many from Other banks ATM Machines

Though am not sure if all the banks in Nigeria have implemented this system but limiting 5000 Naira per withdraw from other banks means that you will need to find your bank in other to withdraw big money from ATM machine and failure to do so will result in paying N65 every 3-4 withdrawal and imagine if you want to withdraw 100k and above.

The 5000 naira per withdrawal will not only cost you money but will equally wast your time because withdrawing like N100,000 means that you will pay between N325 to N400 plus and will have to withdraw 20 times, imagine how long it will take you to withdraw money 20 times from an ATM machine.

Deposit slip no longer available

Nigerian banks are trying their possible best to maximize profit and minimize expenditure even if it means reducing the quality and standards of their product and services which is too bad.

If you use to go to different banks to send money you will notice that many of them no longer have a deposit slip, they will either give you a small piece of paper to write your name and the account number etc.

I went to a bank earlier this month and when I asked for the deposit slip they told me to join the queue and when it reached my turn I was asked to call the account numbers and the name of the account owner etc.

This simply means that some Nigerian banks don't even want to pay any money to print deposit slips for their customers but only interested in what will fetch them money.

This is a clear indication that Nigerian Banks are more interested in making more money than giving their customers and Nigerians maximum satisfaction

Finally, according to me, the 5000 Naira per ATM withdrawal limit is just to make more money by forcing you to withdraw more than 3 times so that you will be charged N65 for each 3-4 times withdrawal but if they have any other reasons apart from making money and causing Nigerians all sorts of inconveniences.

If you have experienced this 5000 Naira limit per ATM withdrawal from any of the Nigerian banks, feel free to tell us what you think about N5,000 naira limit per ATM withdrawal