Better Days For Bank Customers As Central Bank of Nigeria Reviews Banks’ Charges

The Central Bank of Nigeria (CBN) on Wednesday March 27, 2013 sent out a new circular titled “The Revised Guide to Bank Charges” referenced FPR/DIR/GEN/CIR/03/002 to all Banks and Discount Houses.

The revised charges have technically taken effect since April 1, 2013. With these new rates and charges, Nigerians are going to be “loosing” less money to the "fat" banks. This new development follows the directive of the apex bank in Nigeria to all banks to stop the N100 charge on customers who make withdrawals on other banks ATM which became effective December 17, 2013.

The Major Talking Points In The 47-Page Document Are As Listed Below:

==>  On Current Accounts, Commission on Turnover (COT) has now been reduced from N5/mille (that is, N5 on every N1,000 withdrawn) to N3/mille. This COT reduction is going to be progressive till we reach Zero COT in 2016. In 2014, COT will be further reduced to N2/mille; come 2015, it will be N1/mille. Nigerians will begin to enjoy Zero COT on all current accounts from 2016 upwards. 

    ==> Counter Cheque:             N200/leaflet

    ==> Intra bank Transfers:      No charges

For Internet Banking:

===>Token:                  Maximum of N1,500 (one off)

 

===>Bill Payment:         N100

==> Interbank transfer:         N100

For Electronic Fund Transfer: 

    ==>Below N500,000:              N70

    ==> Between N500,000 to N10,000,000:         N100

     ==>  Above N10,000,000:        N500

Annual Maintenance Fee on foreign currency denominated cards – N3,000

Credit Card Charges:

==>Interest charges:              2.5%

==>International Withdrawals (per transaction):       N240

 ==>Late repayment:              N2,000

Debit Card Charges:

==> Issuance fee – N1000 (one off)

===>  ATM Bill Payment – N100

==> International Withdrawals (per transaction) - N240
 

   ==>Debit Card Maintenance Charge – N100 (annual charge)

  ==>Cash Card loading/unloading – No charge

Alert Service:

==>SMS Alert – N4/SMS

==>Email Alert  – Free

Closure of Accounts

Savings and Current – No charge

Issuance of Statement of Account

==> Mandatory monthly issuance of statement of account on Current and Savings account – No charge
 

   ==>Special request – N50 per page

Over the Counter withdrawal below the CBN cashless policy – No charge

Inter Bank cash deposits/withdrawals – No charge.

Click here to view and download the complete circular.

I hope this info helps. For comments and questions, kindly use the comment form below. 

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