GTBank Begins Full Implementation of Cashless Policy Charges on Daily Excess Withdrawal

GTBank has started implementing the full cashless policy of charges on daily excess withdrawal on all types of account.

According to GTBank, this was a directive from the Central Bank and they have been carrying it out only on 5 states of the federation including the Federal Capital Territory, but starting this month of July 2015 they have extended the charges to all the remaining 30 States.

What that entails is that when you withdraw in excess of the daily allowable limit regardless of the medium of withdrawal, you will be charged certain percentages from the excess withdrawal.

The charges on excess withdrawal for individual and corporate accounts holders are as follows;

For individual accounts, daily withdrawal limit is N500,000 and the charges on excess withdrawal is 3%.

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Then for Corporate account holders, daily withdrawal limit is pegged at N3,000,000 and charges of 5% is applicable to withdrawal in excess of that.

For example, as an individual account holder, if you withdraw N600,000 in a day on a single or combined medium of withdrawal, you will be charged 3% from the N100,000 that is in excess of the N500,000 daily limit, and it is in similar manner for those that operates corporate accounts.

Exemptions have however been granted on lodgements and withdrawals for accounts operated by Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of Government (revenue collections only), Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs).