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MBCA Bank introduces weekly and monthly withdrawal limits to ease long queues

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MBCA Bank introduces weekly and monthly withdrawal limits to ease long queues

HARARE, MBCA Bank says will introduce weekly and monthly USD cash withdrawal limits in order to ease burden of long queues in branches and ATMs and these will depend on the availability of cash at any given time.

Long queues at banking halls and ATMs have since around June this year become a common feature as depositors fail to access their cash in full with banks reducing daily withdrawal limits to some extent to as little as $30 per day.

In a statement, MBCA Head Marketing PR and Communications Dedrey Mutimutema said the bank will also review the limits to encourage use of electronic channels and support companies.

“To ease the burden of long queues in branches and the ATMs, we are pleased to advise that with immediate effect we will be introducing weekly and monthly USD cash withdrawal limits. “The weekly and monthly withdrawal limits will be dependent on the availability of cash at any given time and your salary level,” she said.

She added that the Bank will also continue to review the limits in line with the Bank’s quest to encourage the use of electronic channels and the need to support companies which provide much needed employment.

Mutimuchena said the bank discourages the practice of transferring funds unrelated to salary from other banks to MBCA for the purpose of withdrawing cash.

Meanwhile, the Reserve Bank of Zimbabwe has since slashed bank withdrawal charges to between 1% and 1.25% of amounts withdrawn on ATMs and Over the Counter in order to align cash withdrawal charges to amount withdrawn.

Cash shortages besetting the economy, had resulted in depositors being charged over $30 on current weekly withdrawal limits. Banks were previously charging from $2.50 for ATM withdrawals and from $5.50 for OTC withdrawals, a situation which most analyst expect will lead to extraordinary profits in the year to December.

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