An ignorant will just walk majestically to an ATM, initiate the withdrawal procedure, select “other” and just opt in to withdraw N100,000 hoping to collect it at a go.
What I’m I trying to say? The ATM has a maximum limit that it can dispense at a go. The dispense slot is not big enough to handle any number of bills you request for. And peradventure if it should attempt to dispense more than it can allow to go through, the money could get stuck or some bills will get wrinkled and probably torn.
So having that in consideration, the banks always set a maximum number of bills it can dispense at a go. So when you request above that number, it won’t be able to complete your request. It’s not that there is no money in the machine or your account balance. Anyway, the ATM is set to always prompt you.
I’ve noticed the maximum limit per withdrawal of most bank’s ATM, especially that of First Bank is capped at 40 (forty) pieces of notes. Though some other banks maximum is 20 to 30 notes.
Furthermore, in most cases, ATM may either be dispensing 1000 (one thousand) or 500 (five hundred) Naira bills or even both. That means in the case of N500 bills, the maximum you can withdraw at a go (once) would be 20,0000 Naira. While that of N1000 bills, the maximum you will be able to withdraw at a time would be 40,000 (forty thousand) Naira.
But in the case of some other banks whose ATM don’t dispense up to 40 notes at a time, the values will have to drop. And the safe margin here would be to attempt withdrawal of 20 bill notes at a time.
Due to the fact that you may be unaware of the bill being dispensed by an ATM you want to use, it’s advisable to start your maximum withdrawal at 20,000 Naira at a ime.
Of course to withdraw further, when the machine asks you if you wish to do another transaction, simply select “yes” and withdraw the next amount till you are good to go.