Apex bank releases exposure draft on bank charges

Following the ‘ observed by Nigerians to bycott banks on March 1, 2016, CBN has released an exposure draft of the revised guide to bank charges and also stating the newly introduced N1 per mille maintenance fee.

Kevin Amugo, director, Financial Policy and Regulation Department stated that the review addresses complaints from customers of financial services.

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“The review seeks to address complaints from customers of financial services, requests for clarification on the provisions of the guide and absence of a tariff regime for other financial institutions in Nigeria,” The statement said.

Stating that banks should not charge current accounts for bank induced debits like maintenance fee on outward clearing cheques, reversed transactions but on customer induced debit transactions.

According to CBN proposed a N50 monthly for local debit card maintenance fee per annum compared to the current N100 annually, foreign currency denominated cards are to be charged N4,200 per annum, electronic funds transfer charge of N105 while transactions above N10 million are to be charged at N300 per transaction.

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Real Time Gross Settlement (RTGS) is to cost N550 as commission on foreign currency cash withdrawals and withdrawals from domiciliary accounts other than cash.

CBN further aid that the above stated fees are negotiable.