7 ms·
The title is a bit of an exaggeration. Withdrawals above that are not banned, but subject to a 5% fee. Also, it is not a new rule but a lowering of the limit of
by datadata 4y ago
The title is a bit of an exaggeration. Withdrawals above that are not banned, but subject to a 5% fee. Also, it is not a new rule but a lowering of the limit of an existing rule.
- ls15 4y agoWho doesn't like paying 5% for getting the money that they already own?
- datadata 4y agoI think the policy is outrageous, but that doesn't make the title correct. Also, 5% is not really significantly more than the typical fee an ATM already charges.
- csomar 4y agoI don't know any local-ATM that charges % fees for local transactions. I'm in SEA, Cambodia to be specific, and the ATM % fee is around 1%. This is quite an improvement from a few years ago (where 5% was expected).
- aliqot 4y ago
- bigDinosaur 4y agoDo you mean 5% isn't much more than typical in Nigeria? or somewhere else? It's certainly much more than where I live where it's 0%...
- 1123581321 4y agoWouldn’t the 5% be on top of an ATM? Plus a regular cash user (not a trapped tourist) is going to be using a free one or withdrawing for free from a teller.
- deleted 4y ago[deleted]
- boeingUH60 4y agoNot true in Nigeria…if you use an ATM from the same bank you hold your account, you won’t be charged any fee. If you use another bank’s ATM, you’ll be charged a flat fee of 35 naira ($0.08).
- lzaaz 4y agoHere in Europe I don't get charged any kind of fee for withdrawals.
- smallnix 4y agoMy bank only allows 3x free cash withdrawals a month. Other banks have total sum limits.
- MerelyMortal 4y agoI get charged $3 for getting $400. Less than 1%, and my credit union reimburses the ATM fee.
- Jommi 4y agoWhat makes you think you own money on your bank account?
- 331c8c71 4y agoThe introduction of bail-ins after the 2008 crisis is also worth mentioning here. For instance, "47.5% of all bank deposits above €100,000 were seized" during the Cypriot Financial Crisis 2012-2013 [1]. [1] https://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_financial_crisis https://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_fina...
- selfhoster11 4y agoA common-sense assumption that justice ought to be served.