Must Read: Know Your Authorized Bank Charges.
These are the summarized Bank charges you should be aware of before calling out your bank on the issue of unnecessary debits.
CBN GUIDE TO CHARGES BY BANKS.
● Stamp duty Charge : Any electronic or money deposited with any bank in any type of account of an amount from NGN 10,000 upwards attract a one-off duty of the sum of NGN 50.
● Electronic Fund Transfer:
•Below NGN 5000; Charge NGN10 + VAT,
• NGN 5001 – NGN 50,000 Charge NGN 25 + VAT
•Above NGN 50,000 ,Charge NGN 50 + VAT
● Card issuance and renewal fee: NGN 1,000 ( one-off charge)
● Bill Payment: NGN 100
● Foreign Currency Card: USD 10 per annum
● Naira Card: Cards linked to savings accounts maximum of NGN 50 quarterly maintenance fee.
• Cards linked to current accounts: No Charge
● Withdrawal from other ATM: Maximum of NGN 35 after the third withdrawal within the same month
● Statement of Account ( Print out) : NGN 20 per page
● Hardware Token: Maximum charge of NGN 2,500
● Software Token ( OTP): No charge
● Current Account Maintenance Fee: Negotiable, subject to a maximum of NGN 1 per mile ( That’s NGN 1,000 for every NGN 1 million)
● Stopped Cheque: NGN 500 per order
● Bank Drafts: Current account NGN 300. Savings account NGN 500.
• Non- customer NGN 500 + 0.1% of Draft value.
● Cashless Policy: Individual Accounts
• Cash deposit: 2% for transactions above NGN 500,000
• Cash withdrawal: 3% for transactions above NGN 500,000
● Cashless Policy: Corporate Accounts
• Cash deposit: 3% for transactions above NGN 3,000,000.
• Cash withdrawal: 5% for transactions above NGN 3,000,000.
● Interest on deposits: Negotiable , Minimum of 3%
● Interest rates and Lending fees: Negotiable.