CBN Finally Clarifies Reduction In Current Bank Account Charges, Others
The Central Bank of Nigeria has reduced charges on current account and some other services. It stated that card maintenance fee on current account had been removed as the accounts already attracted account maintenance fee.
The CBN clarified charges that depositors should know about their accounts with their lenders in its revised guide to charges by banks, other financial and non-bank financial institutions.
Part of the provisions was that a graduated fee scale for electronic transfers would replace the current flat fee of N50.
Accordingly, transfers below N10,000 would attract a maximum charge of N10; transfer from N5,001 to N50,000 would attract N25; and transfers above N50,000 would attract N50. Savings accounts would attract card maintenance fee of N50 per quarter from N50 per month.
Annual card maintenance fee on FCY denominated cards was reduced to $10 from $20. Remote on ATM charges were reduced to N35 after third withdrawal within a month from N65.
The charge for hardware token will on cost recovery basis subject to a maximum of N2,500 from previous maximum charge of N3,500. Fee for SMS mandatory alert will be on cost recovery from previous maximum charge of N4.
Bill payment via e-channels will attract a maximum charge of N500 from 0.75 per cent of transaction value subject to maximum of N1,200.
