Banks ought to be more trusted than any industry in the world, but for the sake of higher interest banks in Nigeria apply all sorts of means to make more money for themselves.
Just recently, top sites in Nigeria made funny post on the reduction in amount to be withdrawn from ATM machine., of which doesn’t justify anything in some sense.
It might sound, of course, unusual to say that Banks scam customers. But the confusion might be on the real meaning of scam itself.
Banks in Nigeria utilize so many other tricks, even in the mobile app and USS means of transactions but the case of ATM is more obvious.
Perhaps, because it is more used than others in the Banking system.
Many Banks have reduced the amount of money you can withdraw per transaction at the ATM to N10, 000 so they could make more money from the N65 they charge per transaction.
I know this might sound very simple, but let’s us go about the logic here.
Now to withdraw N100, 000, you will have to make 10 transactions of N10, 000 each which will cost you N650. But no one seems to be concerned about this.
If you watch closely, I’ve written on series of Banking tips and how to make transactions easier. And as a result, some readers have felt I have a bit of affiliations. But in the real case, I’ve mere passion for blogging and about banking.
What we use to have
The ATM machines are built originally built dispense up to N40,000 but I doubt you can find any machine anywhere in Nigeria that can dispense up to such amount per transaction.
Isn’t this a scam?
The right Limits
There are other forms of transactions limit that should not be confused with this post.
The type of account you hold with your financial service provider will often affect your ATM withdrawal limit as well as your daily debit card spending limit.
For instance, student accounts tend to have lower limits and premium accounts enjoy higher limits.
Occasionally, banks institute different limits on daily debit purchases depending on how the transaction is tendered.
The most common distinction is between USSD purchases, completed using ATM pin numbers, and apps transactions, which you activated in your banks.
More other legitimate limits are listed here
The DMBs, under the aegis of the Bankers Committee, have already, by the help of the Central Bank of Nigeria, CBN,succeeded in making withdrawal below N100,000 their source of extra charges through the ATM.
Sources said the measure being contemplated would drastically reduce the number of customers that would need to physically visit banking halls for transactions.
The DMBs, sources said, wanted to achieve two objectives via this strategy, which include greater use of electronic banking and smaller workforce – as a means of cutting cost of operations.
But the trends shows the opposite.
Just feel free to drop your comment on the box below. Share if you feel concerned.