LBW

Sunday, 9 August 2015

GTBank In Financial Dire-Straits!

According to an email to customers, the bank justified its position because of “the increased difficulty in sourcing foreign currency to settle international transactions on Naira MasterCards. We have reduced the daily international spending limit on your Naira MasterCard to $300.This means that you can only spend up to $300 daily when using your GTBank Naira MasterCard for international payments via POS and online.

Customers of Guaranty Trust Bank Plc received a shocker yesterday as they will now only be eligible to charge $300 per day for international point of sale (POS) and internet purchases on their naira debit cards! Therefore, a lot of Nigerians who are already on holidays in different parts of the world now have their plans put in jeopardy.

This surprise rule came on the heels of the bank’s unilateral cutting of ATM daily cash withdrawals from $1000 to $300, even before the Central Bank of Nigeria (CBN) placed a nationwide ban on foreign currency cash deposits into domiciliary accounts.

It should be noted that before this recent customer-unfriendly directive, customers of GTBank, which has Mr. Segun Agbaje as GMD/CEO could charge as much as $10, 000 to their naira debit cards daily for international purchases but were limited to $50, 000 per annum.




Segun Agbaje: GMD/CEO, GTbank

According to an email to customers, the bank justified its position because of “the increased difficulty in sourcing foreign currency to settle international transactions on Naira MasterCards. We have reduced the daily international spending limit on your Naira MasterCard to $300.This means that you can only spend up to $300 daily when using your GTBank Naira MasterCard for international payments via POS and online.

“You will, however continue to have the option of paying for medical bills, school fees, mortgages and credit cards using Form A, as these are eligible transactions for foreign currency. Simply visit any GTBank branch to complete a Form A along with the required documents to make these payments.”

GTBank also said it would commence the sale of Personal and Business Travel Allowance (PTA & BTA) from Monday, 10th August 2015 at select branches across the country.

“Intending travellers can now purchase foreign currency at designated GTBank branches up to a quarterly limit of $5,000 and $4,000 (for BTA and PTA respectively) or its equivalent in GBP and EURO,” the mail added.

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