Business / Companies
Bank introduce salary based withdrawal limits
15 Dec 2016 at 16:35hrs | Views
A local bank, MBCA has introduced stringent weekly and monthly withdrawal limits that are pegged on clients salaries.
Without giving a guide on withdrawals, the bank sent a notice to clients this week.
"To ease the burden of being in branches and at the ATMs, we are pleased to advise that with immediate effect, we will be introducing weekly and monthly USD cash withdrawal limits" reads part of the notice.
"The weekly and monthly limits will be dependent on the availability of cash at any given time and your salary level".
However, the bank warned clients from transferring 'funds unrelated to your salary from other banks to MBCA for the purpose of withdrawing cash'.
Virtually all financial institutions have reduced cash withdrawal limits from as high as $1 000 in May this year to a paltry $40 per day or slightly more due to the cash crisis which has taken its toll on the national economy.
Without giving a guide on withdrawals, the bank sent a notice to clients this week.
"To ease the burden of being in branches and at the ATMs, we are pleased to advise that with immediate effect, we will be introducing weekly and monthly USD cash withdrawal limits" reads part of the notice.
"The weekly and monthly limits will be dependent on the availability of cash at any given time and your salary level".
However, the bank warned clients from transferring 'funds unrelated to your salary from other banks to MBCA for the purpose of withdrawing cash'.
Virtually all financial institutions have reduced cash withdrawal limits from as high as $1 000 in May this year to a paltry $40 per day or slightly more due to the cash crisis which has taken its toll on the national economy.
Source - Byo24News
