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FAQ on ATM and Credit Cards PDF print email

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CashCard offers what are known as "stored value" cards. Quite simply, that means that you store money and access it by using your card in all Interswitch member banks’ ATMs or at point of sale (POS) terminals to make purchases.

There is no individual name printed on it.

It has flexible validity depending on the usage, but most are valid for two years.

This depends on each scheme.

This depends on each scheme.

Anyone can apply regardless of his or her sex, income class, etc.

Yes and no. All cards function in basically the same way, but they can be put to a number of different uses. Your employer can use a Skye Bank CashCard as a more convenient and less costly way to pay you. You can send a card to someone as a gift. You can use a card to transfer money to relatives in other cities in Nigeria. Insurance company can use cards to pay claims. In short, the possible uses are virtually endless.

  • A CashCard is more secure than a bank card. Like a bank card, nobody can get at your cash without your Personal Identification Number (PIN). What's more, unlike a bank card, the maximum risk that you face is the amount of money stored on the card. With a normal bank card, someone who steals both your card and PIN may be able to clean out your entire bank account.
  • When it comes to the question of security, the term "stored value" may be a little misleading. The money is not actually stored on the card. It is stored on our secure computers and can only be accessed if you provide your PIN when you use your card at an ATM.
  • Your PIN is not stored anywhere on your card, not even on the magnetic stripe. The information on the stripe merely identifies you so that our systems can compare the PIN that you enter to the one that is stored in our secure computers. That way, a thief who steals your card cannot learn your PIN even with a magnetic card reader.
  • Because your PIN is so critical to the security of your card, it is important that you protect it. Be sure that nobody is looking over your shoulder when you enter your PIN. Even if you aren't aware of anyone watching you, it is still a good idea to shield the keys of the ATM with your other hand when you enter your PIN.

There are lots of ways that CashCard beats cash. To name just two:

  • Skye Bank CashCard is more secure than cash. If cash is lost or stolen it is likely gone forever. If your CashCard is lost or stolen, it can be replaced. No one can get at your money unless they also have your PIN. (We recommend that you do not write down your PIN or, if you do write it down, never keep it in the same place as your card.)
  • You can safely send a Skye Bank CashCard in the mail. The post office and courier companies tell you not to use their services to send cash. You can easily send a CashCard to them in the mail. It is secure because no one can access the cash on the card unless they also have the PIN. (Never send a card and its PIN at the same time).
  • Cash stored on a CashCard is available immediately. If you send a cheque as a gift or to transfer money to relatives "back home", the cheque sometimes goes through clearing. The wait can be particularly long when sending money out of the state. With a CashCard, you can tell the recipient the PIN over the phone as soon as the card arrives and he/she can use it immediately at an ATM.
  • CashCards can be refilled quickly and easily. When you use cheque to send gifts or transfer money, if you want to send another gift or transfer more cash to the same person, the recipient has to wait for the cheque to arrive and the bank to clear it. With a CashCard you just add more cash to the same card. The recipient then has immediate access to the cash -- the second and subsequent times, they don't even have to wait for the card to arrive.
  • CashCard can be used to send gifts or transfer money. Since an ordinary bank card and PIN give the holder access to your full bank account, they are not a good way to send a gift or transfer money to others. A CashCard gives a recipient access to only as much money as you add to the card -- not your whole bank account.
  • CashCards are more secure. Because a CashCard is not tied to your bank account, in the very worst case, if someone steals both your card and PIN, the most that the thief can get is the money that remains on your card. With a bank card, they may be able to drain your entire account.

From any Skye Bank branch or our partner outlets.

At all channels and locations where you can use your regular Bank (Debit) Card.

There are no restrictions for now.

No. A CashCard is what is known as a "stored value" card. This means that you must first add money to the card and then spend or withdraw that money from it. You cannot use the card to spend more than the amount of money that is stored on it.

No. Since you cannot spend more money than you have added to the card, the card issuer does not assume any risk and, therefore, is not concerned with your credit rating.

You can transfer money to your card at the ATM, POS terminal, over the Internet, Mobile Phone or at a bank branch.

Yes, but this function is not yet activated.

Yes. Nobody can get at your money without your PIN. If your card is lost or stolen, it can be replaced once we verify that you are the authorized cardholder.

if it is lost or stolen card or do I have to do that

  • Yes. If the card is registered in the name of the cardholder he/she can simply contact Skye Bank directly and we'll replace the card as soon as possible.
  • Not right away. If you have lost or forgotten your PIN the issuer/switch can reset the PIN after you must shown enough proof as the owner. If you have made 3 or more attempts at an ATM the system will automatically lock your card and disable use for 24 hours.
  • You can go back to any ATM after the 24 hour lock down period and try again.

If you lose your card, you can easily get a replacement and transfer the balance on the lost card to the new card.

Can I have a 2nd card, send the card to my relatives and simply transfer from card to card?

  • Yes. Simply get two cards. One card for the other person. Then simply execute card to card transfers.

Yes. You can get the details at any of our branches or at www.mynigeriacashcard.com

Usually. There is a fee associated with the card, but, depending on the purpose of the card, the Bank or Issuer may decide to absorb that cost as part of its service. For example, an employer that uses CashCard to pay its employees may cover the cost of the cards rather than passing the cost along to its employees.

There are no limits to how much money you can keep in your CashCard account. But you are limited to how much you can withdraw. These limits are set by each Bank or ATM you use.

Yes. Please call any of help lines: 01-7904215, 4733398, 2705850 or send a mail to This e-mail address is being protected from spambots. You need JavaScript enabled to view it

The security of your money is of utmost importance at Skye Bank. We take great care to protect all cards issued by the Bank.

When I want to send more money to them, can I add money to the same card or do I have to get a new card?

  • Yes. You can simply add more money to the same card. They will then have instant access to the cash.

 

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