Fake News About Cash Withdrawal Limits
SARB Warn of Fake News
The South African Reserve Bank has warned of silly fake news stories circulating online about them limiting how much cash can be withdrawn at banks and elsewehere.
Fake News
We all know that we might see fake news online these days and recently a story began circulaitng on social media and then websites and news sites about the SARB limiting how much consumers can withdraw or spend online at certain banks or establishments like petrol stations.
Claims circulating included statements like: ‘The new withdrawal limits vary depending on what type of account you have. Standard savings accounts now have a daily withdrawal limit of R5000 & a monthly limit of R25000. Current accounts allow R10000 per day and R50000 per month. Basic bank accounts, which are often used by grant recipients, have lower limits of R2000 daily & R8000 monthly.’
It is just good to be aware that this is not accurate.
While some banks do change the prices of some of their services at the start of a new year, no official change like that has been publicised.