Under
this new policy, cash withdrawals and deposits above N500, 000 will
attract a 3% fee for individuals while cash withdrawals and deposits
above N3, 000,000 on any day will attract a 5% fee for corporate bodies.
However,
these fees are only applicable in the following states; Abia, Anambra,
Lagos, Ogun, Kano, Rivers, and Abuja for now. Cash deposits made in any
other state not mentioned above will not attract the required fees until
July 1 st, 2015.
In
a bid to ensure that UBA customers are not subjected to these fees, the
bank provides several platforms to enable customers withdraw, deposit
and transfer funds conveniently.
Some of the platforms customers can take advantage of include;
Point of Sales (POS) machines;
POS
are great for reducing cash collections at selling points. Traders with
a high volume cash business can deploy UBA’s highly efficient POS
machines to reduce cash collections from their customers.
Cards
UBA
has an array of cards that helps customers eliminate cash. UBA issues
Mastercards, Visa and Verve cards which can all be used for payments
across both traditional platforms like ATMs and POS machines and also
online. UBA payment cards are also accepted by millions of merchants in
over 200 countries.
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