Almost all Nigerians have at least a bank account. Whether it is active or not is another question. Most of the business often push people to get a bank account and for young people, its usually when going to higher institution. While several millions people own and operate at least a bank account in Nigeria, many people are ignorant of the charges attached to using one.
It can be very annoying when you see your bank notification and then find out that its an alert for some sort of deduction in your account or you noticed a reduction while checking your account balance. If this experience is familiar and you like to know about some of the charges, you are reading the right post. Please take your time.
First, I will like you to know that these charges are based on transactions. These charges are both monitored and approved by the Central Bank of Nigeria (CBN) which is the apex bank in the country. The type of charges that comes up in your account is determined by the type transactions you perform and the type of bank account you use.
For instance, current account holders will be charged Current Account
Maintenance Fee (CAMF) which is a maximum of N1 per mile when sending out money from your account. When making withdrawal from your domiciliary account, you will be charged a maximum of $10 (or its equivalent) or 0.05% of the amount transacted but it cant be more than $10.
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For bank drafts, you will be charged N300 for current account while it N500 for savings account. This is for account holders in the bank. For non customers of the bank, they are charged N500 with 0.1% of the draft amount. Buying and selling of treasury bills come with N100 processing fee for customers of the bank.
Do you know that SMS alert is actually mandatory for all customers and you are expected to be charged equal to or less than N4 per SMS. When you make foreign exchange transfers from your account with the aid of swift, the apex bank of the land expect banks to charge you 0.5% commission on Turnover (COT) with any other related off shore transfer fees.
For hardware tokens, you are expected to be charged a maximum amount of three thousand and five hundred naira only (N3500) for application or replacement. Electronic fund transfer is expected to be charged at N50 per transaction.
ATM card issuance or renewal is expected to cost not more than one thousand naira only (N1000) and a monthly maintenance fee of not more than fifty naira (N50).
For ATM withdrawal, you will not be charged for the first three withdrawals in a month. Further withdrawals will attract N65 per withdrawal.
You may wonder if anything is free with all these transaction charges. Yes there are at least three (3) things that are at no cost to you. These include the generation and use of electronic token, email alert and your withdrawal from savings account. If any bank charge you for these, get CBN informed to fight for you. If you notice any illegal or wrong charges in your account without explanation, simply inform the CBN via this email firstname.lastname@example.org and appropriate steps will be taken