Co-operative Bank of Kenya Limited customers can now withdraw up to Sh60,000 from automated teller machine (ATM) in a new revised cash daily debit limit.
This translates to a 50 per cent increase of the withdrawal cash limit from over 600 Co-op Bank ATMs spread out across the country of either single or multiple daily transaction ceilings.
This will be complimented by M-Co-op Cash, Co-op Bank’s digital platform whose single limit is at Sh70,000 per transaction.
“Dear client, for your convenience, we have increased the total amount of money you can withdraw on our ATMs from Sh40,000 to Sh60,000 per day.” The bank told its customers through a bulk short text message.
Effectively, this will enable customers to access more money and ease congestions in banking halls at lower charges.
Co-op Bank in February 2015 doubled the limit to Sh40,000, citing the need to relieve pressure from branches.
The limit per transaction will, however, be at Sh40,000 as the ATM limit, meaning that a customer requiring Sh60,000 will have to carry out two transactions.
The bank’s move mirrors that of Standard Chartered Bank Kenya which in February 2019 raised its daily ATM withdrawal limit from Sh40,000 to Sh60,000 with a maximum withdrawal per transaction set at Sh40,000.
Currently, Co-op Bank is the leading bank offering the highest amount of daily withdrawal ATM limit at Sh60,000 compared to Kenya Commercial Bank (KCB), Equity Bank and Stanbic Bank which offer daily ATM limit of Sh50,000, Sh40,000 and Sh40,000 respectively.
Customers withdrawing money via ATMs incur a cost of Sh36 per transaction, made up of banks’ commission and excise duty.
Many banks allow customers to withdraw at the ATM above the general cash value limits but this requires that they apply and get approval first.
Such arrangements are however still subject to the Sh40,000 limit per transaction, meaning that one will make multiple withdrawals to get their desired cash.
The review comes weeks after telcos were allowed by the Central Bank of Kenya (CBK) to raise their limits as they sought to allow mobile banking customers more headroom to do more transactions.
Safaricom has since raised the daily limit to Sh500,000.
