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Thursday, 30 November 2017

4 Bank Charges That Frustrate Nigerians.

Banking in Nigeria comes with a lot of
problems for many. There are several
complaints of unprofessionalism and other
ills.
However, one of the major problems
customers complain about are hidden
bank charges.
In January 2016, it was announced that in
a bid to generate revenue for deposit
money banks, the Central Bank of Nigeria
(CBN) introduced a maintenance fee on
current account transactions.
This was revealed in a circular signed by
Kevin Amugo, director, financial policy and
regulation department of the CBN, dated
January 20, 2016 and addressed to the
commercial banks.
What are some bank charges you did not
know about and what do they mean?

1. Maintenance Fee
The maintenance fee means that for every
N100,000 leaving a current account in
Nigeria, deposit money banks are
permitted to take N100 for account
maintenance.

2. Processing Fee
The processing fee is the fee banks charge
for transactions across countries. For
example If someone who lives in the US
has just sent you $200 through your bank
and the bank exchange rate is N319 to $1,
they will subtract a $2 processing fee from
the dollar amount.

3. ATM withdrawal charges
When you use an ATM that does not
belong to your bank, there is usually a
N65 charge after the first transaction in
the month and subsequent other
transactions you carry out.

4. ATM card maintenance fee
This is peculiar to some banks, but it has
been revealed that some of them charge
for ATM card maintenance on an annually
basis.
Which one dey spoil your balance pass?

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