Guaranty Trust Bank GTBank has notifies its customers that charges on cash withdrawals above the daily limits will be effective nationwide. A statement issued by the bank and send to all its customers said that modalities on Cashless policy charges which are currently operational in Lagos, Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers States will now be effective nationwide, including the previously exempted 30 states of Nigeria:
The bank said for individual account holders, charges will apply when daily cumulative withdrawals and deposits are in excess of N500,000 while for corporate account holders, charges will apply when daily cumulative withdrawals are in excess of N3,000,000
It further said that the Cashless policy applies to all accounts including Collection accounts, that is all sub-accounts linked to the same account holder would be treated as one account for both corporate and individual accounts.
According to CBN policy, daily Limit withdrawal charges for Individual account of N500,000 attract three percent on excess while corporate account of. N3,000,000 5 per cent on excess.
It noted that the limits apply so far as it involves cash, irrespective of channel. over the counter, ATM, 3rd party cheques cashed over the counter etc. For instance it said, if an individual withdraws N450,000 over the counter, and N150,000 from the ATM on the same day, the total amount withdrawn by the customer is N600,000, and the service charge will apply on N100,000 – the amount above the daily free limit of N500,000