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Lockdown: Know Your Different Bank Charges (FIP, Stamp duty, ATM Withdrawals etc)

Marble_Gold 06/29/2020

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The central bank of Nigeria has released a set of guides to assist the government in pursuing her financial dreams. Listed below are some of the amended guides as at 1st January, 2020 to making your banking dreams a lot easier. However, these only apply to financial institutions. Other non-financial institutions such as microfinance banks have their own unique guides.

1.      Current Account Maintenance Fee (CAMF): Negotiable at different banks subject to a maximum of N1 per mille. Applicable ONLY to current account holders.

2.      Collection Charge on Cheques: 1% of cheque value or Naira equivalent of US $10, whichever is lower

3.      Bank Drafts (Customers):

Current Account – N300

Savings Account – N500

4.      Bank Drafts (Non-Customers):

N500 + 0.1% of Draft value

5.      Internet Banking:

Hardware Token: Cost recovery subject to a maximum charge of N2,500

Software Token – One Time Password (OTP): No charge. However, where the OTP is sent to the customer via SMS, charges will be on cost recovery basis

Bills Payment (Including Bills Payment through other E-channels): Negotiable subject to a maximum of N500 per beneficiary payable by the sender

6.      Electronic Funds Transfer:

Below N5,000: N10

N5,001 - N50,000: N25

Above N50,000: N50

RTGS: N950

7.      Credit and Debit Card Charges:

Issuance Fee: N1,000 (one-off charge). The same charge applies irrespective of card type (i.e. regular or premium card). Same as Replacement and Renewal Fees (Upon expiry of existing cards).

Interest Charges: Negotiable

Prepaid Card Loading/Unloading: No charge

8.     ATM Transactions:

On-Us (withdrawal from issuing bank's ATM): No charge

Not On-Us (withdrawal from other bank's ATM) in Nigeria: N35 after the third withdrawal within the same month

International Withdrawals (per transaction) whether debit/credit card: Exact cost by international acquirer (cost recovery)

9.  Transaction Alerts:

SMS alert (Mandatory) However, where a customer opts not to receive SMS alert, the customer should issue an indemnity (for losses that may arise as a result) to the bank: Cost recovery (on customer-induced transactions). No charge for bank-induced transactions.

Email notification: No charge

10.  Use of Unstructured Supplementary Service Data (USSD): Current NIP charges apply

Purchase with cash-back: N100 per N20,000 subject to cumulative N60,000 daily withdrawal

11.  Reactivation of Accounts: No charge

12.  Closure of Account (savings, current, or domiciliary): No charge

13.  Insurance Premium paid on behalf of customers: Exact Premium (customer to choose from a list of at least 3 insurance companies to be recommended by the bank)

14.  Issuance of Statement of Account:

Mandatory Monthly Issuance of Statement of Account on Current and Savings Accounts: No charge

Special Request for Statement of Account (request in a manner other than agreed on mandatory issuance: Maximum of N20 per page

15.  Returned Cheques:

Due to reasons other than the account being unfunded: No charge

Due to the account being unfunded: 1% of amount or N5,000 whichever is higher (to be borne by drawer only). This is without prejudice to the Dud Cheque Act

16.  Intra-bank Cash Deposits/withdrawals within limits approved by the CBN: No charge

17.  Cost of Cheque Books:

Cheque Books: Cost recovery

Counter Cheque: N50 per leaflet

18.  Advisory/Consultancy fee: Negotiable (only applies where there is a written advisory/consultancy agreement between the bank and the customer)

19.  Cashless Policy:

Individual:

Cash deposit: 2% for transactions above N500,000

Cash withdrawal: 3% for transactions above N500,000

Corporate:

Cash deposit: 3% for transactions above N3,000,000

Cash withdrawal: 5% for transactions above N3,000,000

20.  The Amended Finance Act imposes a stamp duty of N50 on all electronic receipts / transfers above N10,000 for all types of account (current and savings).

21.  Financial Inclusion Plan (FIP) charges are charges incurred by making e-transactions with other banks as issued by the First Bank of Nigeria (See tweet below). Charges depend on the bank and negotiable.

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I hope this information will help you deal wisely with your bank and finance especially in this lockdown period when finance is highly needed.

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