NO MORE SAME DAY WITHDRAWAL FROM SALARY ACCOUNT.

The Central Bank of Nigeria (CBN) has directed all banks not to give value to customers as in withdrawal from salary accounts on the same day such monies were deposited.

According to a circular signed by Director banking and payment systems, Dipo Falokun released on September 16, giving such values should now be based on transaction date plus one day ( T+1).

Affected are payment of salaries, pensions, suppliers and taxes.

According to the CBN, this is to reduce observed increased exposure of banks to risks attendant on immediate access.

However, banks could make exceptions to this provided there is collateral pledged against the transaction, or when the payment solution provider operates a scheme of collateral arrangement which is adequate to offset irrecoverable exposures in the event of short fall.

The same circular asked payment solution providers to "ensure implementation of adequate system exception monitoring tools, including alerts, to aid banks in detecting anomalies".

They are also to ensure that their system is not overstretched by providing "all critical ICT resources used in facilitating payment services".

Comments

  1. thenewking21 September 2016 at 12:44

    Arrant nonsense. Do they still cart money in banks for the CBN proffer this primitive excuse?One would have expected the CBN to ameliorate the plight of senior citizens to electronically remit their pensions, by encouraging them to get their pensions from ATMs rather than troupping to the banks to warrant the unnecessary delays and hardship to compatriots who had served the country. It is an aberration to subject workers to their legitimate earnings.

    ReplyDelete
  2. HENATES21 September 2016 at 13:13

    I think, newking, this does not stop anyone from accessing through ATM. It only attempts to reduce the risk involved for the bank.

    ReplyDelete
  3. HENATES21 September 2016 at 13:13

    I think, newking, this does not stop anyone from accessing through ATM. It only attempts to reduce the risk involved for the bank.

    ReplyDelete

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