Banks Dismiss Rumours of November Withdrawal Limits

South African banks and the Reserve Bank have moved to reassure the public following widespread rumours that new restrictions on cash withdrawals would take effect from 1 November 2025.

Messages circulating on social media and unverified websites claimed that banks would impose nationwide limits on how much cash customers could withdraw daily or weekly, sparking concern among account holders.

However, checks by this publication have found no official confirmation of such measures from the South African Reserve Bank (SARB) or any of the country’s major commercial banks, including Standard Bank, Absa, FNB, Nedbank and Capitec.

According to the SARB, no directive has been issued requiring banks to restrict withdrawals. Banks themselves have also not released any statements introducing new withdrawal caps.

While some account types already include daily or monthly limits that can be adjusted by customers for security purposes, these have long been standard features of online and mobile banking – not new regulations.

Financial experts warn that rumours like these often resurface online and can cause unnecessary panic. They advise consumers to always verify financial claims through official channels such as bank websites, customer care lines or the Reserve Bank’s notices.

In a statement earlier this year, the SARB cautioned South Africans to be wary of misinformation spread through unofficial platforms: “All policy or regulatory changes are communicated directly to the public through credible channels. Any claim of sudden or secret implementation is likely to be false.”

Customers are encouraged to continue using their normal banking services without fear of sudden changes. Any updates affecting fees, transaction limits or account conditions will be formally communicated by each financial institution.