Students should make use of ATM cards rather than over the counter withdrawals

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Posted by on Friday January 10, 2014 at 11:2:18:

One of the things peculiar to Nigerian students is the fact that they are not making a full time income yet and so there is a need for them to properly manage the limited financial resources available to them.

The coming of ATM debit cards is a good one at it allows people who understand modern technology make use of machines when making withdrawals from their bank account. In a time when banks have started charging for over the counter withdrawals of cash, it only makes sense to make use of technologies that avail one the opportunity to save costs.

ATMs are good since it removes the need for a full time cashier and hence saves both the bank and customer some costs associated with withdrawing money. It also saves time and processes transactions logically since a machine and electronic card are involved.

For the average Nigerian student, time is important and it's not a smart thing to go into banking halls and wait for queus just to withdraw money over the counter. It is time consuming, stressful and may incure charges on your account too.

Nowadays, more and more Nigerian students make use of ATM cards to make withdrawals from their bank account and this is free. One could withdraw as little as N1000 and as much as his daily withdrawal limit permits.

ATM cards and channels do carry a daily limit depending on the settings chosen by the cardholder. As a student, you can choose to limit your daily withdrawal limits in order to secure your funds against theft, unauthorized withdrawals as well as budgeting.

You can also decide to increase the daily limit to as high as N100,000 if you soc which. A daily withdrawal or transaction limit is a daily limit placed on a debit card above which withdrawals or payments would no longer be successful.

ATM cards are good for making cash withdrawals on a daily basis if you choose too and it's safer to keep your money in the bank rather than in your hostel or room where there are a lot of people. With your ATM card, you can choose to withdraw little amounts of money on a daily or weekly basis in limits based on how much you need so that you don't end up carrying excess money around.

Since ATM cards are secured by PINS, it would be hard for anyone to guess your PIN unless you tell them and where your PIN is compromised, you can be rest assured that people will not be able to steal more than your daily authorized limit before you cancel the card at your bank in cases of theft.

ATM cards are good for the Nigerian student and everyone should have one.

I remember those days as a student when our parents would normally give us money when going to boarding school and their major fear would be that the money would be stolen. Well, things have changed now since parents can simply open a bank account for their children, place a limit on it and just give a card gift to them rather than cash.




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