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HomeBUSINESSCo-op Bank Increases Daily ATM Withdrawal Limit

Co-op Bank Increases Daily ATM Withdrawal Limit

A higher withdrawal limit is a win for the bank's customers as it means less trips to the ATM.

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Co-operative Bank of Kenya has reviewed its daily ATM withdrawal limit upwards in response to increased demand for cash by consumers. Now Co-op Bank ATM holders will have access to up to Ksh60,000 per day, a 50% increase from the Ksh40,000 set nine years ago.

“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,” said Co-op Bank in a message sent to its customers.

Co-op Bank has over 600 ATMs across the country. Before the Ksh40,000, the previous limit was Ksh20,000. Less transactions at the ATMs often send customers to the banking halls, piling pressure on banks and their staff. A higher withdrawal limit is a big win for the customers as it means less trips to the ATM.

Co-op Bank’s limit per transaction will be capped at Ksh40,000; meaning that customers who need Ksh60,000 will have to carry out two transactions. With a weaker Kenya shilling and the rise in the cost of living, Kenyans are spending more and thus the need more money in their pockets.

Co-operative Bank’s limit is now higher than KCB Bank Kenya and Equity Bank Kenya, which currently have a daily withdrawal limit of Ksh50,000, with a Ksh40,000 limit per maximum transaction.

Standard Chartered Bank Kenya in February 2019 raised its daily ATM withdrawal limit from Ksh40,000 to Ksh60,000 with a maximum withdrawal per transaction set at Ksh40,000. Stanbic Bank Kenya’s daily limit is at Ksh40,000, with the same being the maximum per transaction.

Co-op Bank’s limit per transaction on its digital platform, M-Co-op Cash, is at Ksh70,000.

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BT Correspondent
BT Correspondenthttp://www.businesstoday.co.ke
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