
This table below shows a guide to the different charges made by the banks on your transactions. in case you wonder if banks take these charges at their own will, the answer is no. Being regulated by the Central Bank of Nigeria,the banks are expected to follow these guides when taking their charge.
However, as indicated in the table also, there are certain charges that are left entirely to the bank's discretion being the reason why it is stated as negotiable. Subsequently, ibank will be informing you what the charges represent and the party that takes what. Having said this, kindly note that not all charges taken by the bank goes to the bank.
S/N
|
Charge Description
|
Old charge
|
New charge (Effective 1 May, 2017)
|
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Section 1-Interest on
Deposits
|
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1
|
Savings Account
|
Minimum of 30% of
MPR p.a.
|
Minimum of 30% of MPR p.a. This is currently
4.2%
(not applicable if a
customer makes more than 4 withdrawals in a month)
|
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2
|
Deposits held as collateral
|
Negotiable in line
with term deposit rate
|
Negotiable subject to minimum of 30% of MPR
p.a.
(minimum of 4.2%)
|
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Section 2 - Interest
rates and lending fees
|
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3
|
Local Currency Loans
|
Negotiable (the rate should anchor MPR,
reflecting the risk-based pricing model). Also, when there is a change in
agreed rate, the customer must be notified within 5 business days in advance
of the application of the new charge..
|
No change in existing loan rates.
Also, the bank
is mandated to notify the customer of a change in rate where applicable at
least 10 business days in advance of the application of the new rate.
|
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4
|
Lending rate-Foreign currency loans
|
Negotiable
(reference to LIBOR)
|
No Change in existing loan rates
|
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5
|
Interest on authorized OD
|
Negotiable (the rate should reflect the
riskbased pricing model). Also, when there is a change in agreed rate, the
customer must be notified within 5 business days in advance of the
application of the new charge..
|
No change in existing loan rates.
Also, the bank is
mandated to notify the customer of a change in rate where applicable at least
10 business days in advance of the application of the new rate.
|
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6
|
Unauthorized
OD/Credit
|
Not permissible. The
Bank should sanction the officer and forward his name to the Director, FPRD
|
Not permissible except
as a result of facility repayment (where it occurs, Penal Rate as provided
in Section 2.1.9 shall apply)
|
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7
|
Penal Rate
Penal rate is in respect of past due loans
& advances, including excess over authorized OD/credit limit (which may
arise from unauthorized OD or Credit)
|
Maximum of 1% flat per month of unpaid
amount in addition to charging current rate of interest on outstanding debt
(without prejudice to the provisions of the Prudential
Guidelines on the
limitation of accruals)
|
Naira loans and advances: Maximum of 1% flat
per month of unpaid amount in addition to charging current rate of interest
on outstanding debt
(without prejudice to the provisions of the
Prudential Guidelines on the limitation of
accruals)
Foreign currency loans and advances: Maximum
of 0.25% flat per month of unpaid amount in addition to charging current rate
of interest on outstanding debt (without prejudice to the provisions of the
Prudential Guidelines on the limitation of accruals).
|
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8
|
Drawing against
Uncleared
Effects
|
Negotiable
|
No change in existing loan rates.
|
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9
|
Equipment
Leasing
|
Negotiable
|
No change in existing loan rates.
Also, the bank is
mandated to notify the customer of a change in rate where applicable at least
10 business days in advance of the application of the new rate.
|
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10
|
Credit reference
report
|
Cost recovery
|
Cost recovery
|
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11
|
Facility restructuring
fee
|
Negotiable, subject
to a maximum of 0.5% of the outstanding amount being restructured (one off
charge).
|
0.5% of the outstanding amount being
restructured (one off charge).
|
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12
|
Management fee
|
Negotiable subject
to maximum of 1% of the principal amount disbursed (one off charge
|
1% of the principal amount disbursed
(one-off charge)
|
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13
|
Facility Enhancement Fee
This fee applies when
an additional amount is granted to a customer. Where this fee applies,
management fee shall not apply.
|
Negotiable subject
to maximum of 1% of the principal amount disbursed (one off charge
|
1% of the additional amount disbursed
(one-off charge).
|
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14
|
Penal rate
|
1% flat on unpaid
instalment per month in addition to charging current rate of interest on
outstanding deb
|
1% flat per month of
unpaid amount in addition to charging current rate of interest on outstanding
debt (without prejudice to the provisions of the Prudential
Guidelines on the limitation of
accruals)
|
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15
|
Advisory/Consultancy
fee
|
Negotiable
|
Negotiable (only
applies where there is a written advisory/consultancy agreement between the
bank and the customer)
|
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16
|
Charges
for Consortium
lending
Management Fee
Commitment/Non-Drawing
Fee
Appraisal/renewal
fee
Participation fee to
be shared by banks
|
Negotiable
Negotiable subject
to a maximum of 1% of the undisbursed amount (one-off charge)
Negotiable, subject
to a maximum of 0.25% of the principal
Negotiable
|
Negotiable subject
to a maximum of 1% of principal amount (one–off charge)
Negotiable subject to a maximum of 0.5% of
the undisbursed amount (one-off charge)
Not provided
Not provided
|
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Section 3-Current
account Maintenance fee
|
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17
|
Current Account
Maintenance Fee (CAMF): Applicable to current accounts ONLY in respect
of customer-induced debit transactions to third parties and debit
transfers/lodgments to the customer’s account in another bank. Note
that CAMF is not applicable to Savings
Accounts
|
No Change
|
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Section 4-Commission on Bonds, Guarantees and
Indemnities
|
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18
|
Performance bond (chargeable from date of
contingent liability
|
Negotiable subject
to a maximum of 2% of the Bond value per half year
|
Negotiable subject to a maximum of 1% of the
Bond value (one-off charge)
|
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19
|
Advance Payment Guarantee (APG) (chargeable
from date of contingent liability)
|
Negotiable subject
to a maximum of 1% of the APG value (one-off charge
|
Negotiable subject
to a maximum of 1% of the APG value (one-off charge
|
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20
|
Bank Guarantees
|
Negotiable subject
to a maximum of 1%
(one-off
charge)
|
Negotiable subject to a maximum of 1%
(one-off charge)
|
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21
|
Other Bonds, Guarantees and
Indemnities
|
Negotiable subject
to a maximum of
2%,minimum of N5000
(one-off charge)
|
Negotiable subject to a maximum of 1%
(one-off charge)
|
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Section 5-Foreign Exchange Commission
|
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22
|
Purchases from CBN
|
1% of the value
involved-flat(or as may be reviewed from time to time by the CBN)
|
As may be advised by the CBN.
|
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23
|
Inter-bank purchases
|
Negotiable subject
to a maximum spread of 50k per dollar
|
As may be advised by the CBN
|
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24
|
Cheques
|
Minimum of N1000
subject to a maximum of 1%
|
Not provided
|
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25
|
Sight bills
|
Minimum of N1000
subject to a maximum of 1%
|
Not provided
|
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26
|
Usance bills
|
Minimum of N1000
subject to a maximum of 1%
|
Not provided
|
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27
|
Foreign Currency
purchases
from customers
|
At the bank’s spot
rate
|
Interbank foreign exchange bid rate
|
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28
|
Outward Telegraphic/SWIFT
and other
transfers
|
SWIFT cost recovery
only
|
Swift cost recovery,
0.5% commission on transfer plus associated offshore bank charges (where
applicable)
|
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29
|
Foreign currency sales
to
customers
|
Bank’s spot
rate
|
As may be advised by the CBN
|
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30
|
Commission on
withdrawals from Domiciliary Accounts (whether savings or current
account)
|
Current
account-Negotiable, subject to a maximum of 0.5% of transaction value
Savings account-No
charge
|
0.05% of transaction value or $10, whichever
is lower
|
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31
|
Foreign draft
purchase
|
1% of the value of
the cheque + the standard charge for clearing cheques
(offshore charges +
courier)
|
0.1% of the value of the cheque + Offshore
charges
|
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32
|
Collection Charge on
Cheques
|
1% of cheque value
or US $10 whichever is higher
|
1% of cheque value or Naira equivalent of US
$10 whichever is lower
|
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33
|
Commission
on telegraphic/swift transfer and drafts
|
0.5% or $10 or its
equivalent, whichever is higher
|
Not provided
|
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Section 6-Bills for
Collection Inward
|
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34
|
Commission on clean bill
|
Negotiable subject
to a maximum of 2%
|
Not provided
|
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35
|
Commission on documentary bill
|
Negotiable subject
to a maximum of 2%
|
Negotiable subject to a maximum of 0.5% of
the bill value
|
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36
|
Holding charges after nonpayment, chargeable
one month
after due date
|
N25,000 bill
and below-N2,500 per month Above N25,000-N5000 per month
|
N5,000 per month
|
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37
|
Extension charges for sight bills
altered to tenured (usance) bills
|
N3000 per bill
|
N3000 plus cost of swift
|
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38
|
Protest charges plus Notary
Public Fees
|
Negotiable subject
to a maximum of N5000
|
Cost of postage, (chargeable only where the
agreement specifies that the customer will pay)
|
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39
|
Bills for Collection-Negotiation
|
0.5% of the value of
the bills
|
Negotiable (to be advised)
|
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40
|
Commission
on
handling
charges in respect of collection
|
Presenting bank-25%
Collecting bank-75%
|
Not provided
|
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41
|
Unpaid bills
|
In addition to the
holding charge in holding charge, where a Nigerian bank is acting for a
Nigerian presenting bank, 1% commission is claimed and proceeds split with
collecting bank in accordance with thefee advised in the preceding
section
|
Not provided
|
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Bills for collection
(Outward)
|
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42
|
Documentary bills
|
Negotiable subject
to a maximum of 2%
|
Negotiable subject to a maximum of
0.5%
|
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43
|
Clean bills
|
Negotiable subject
to a maximum of 1%
|
Not provided
|
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44
|
Export Documents Delivery
|
N5 per mile of the invoice value subject to a maximum of N5000
|
Negotiable subject to a maximum of N5,000 plus cost of
courier
|
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Section 8-Inward and
Outward letters of credit
|
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Inward letters
of credit (export)
|
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45
|
Advising Commission
Where a Nigerian bank simply
verifies authenticity of the Credit and delivers same.
Where a Nigerian bank has to rewrite the credit
|
N2000
N0.5 per mile,
subject to a minimum of $25 or its equivalent
|
N5,000 flat
0.05% of the value,
subject to a minimum of Naira equivalent of US $25
|
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46
|
Commission on
Confirmation of
LC
|
Minimum of N5,000 subject to a maximum of 1% of the face value
|
Minimum of N5,000 subject to a maximum of
0.5% of the face value.
|
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47
|
Transferrable credits,
transferable and divisible credits
(part –shipment
|
Where all or part of
a credit is transferred, the charges (paid by the original
beneficiary) are of the amount transferred--0.5% of face value
subject to a minimum of
$25 or its
equivalent
Negotiation of
documents commission plus interest, if applicable at local rate (to be
clarified)---1%
|
Not provided
|
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48
|
Outward letters of
credit (Import)
Processing
|
Negotiation subject
to a maximum of N5000
|
N3,000 in addition
to maintenance fee on e-Form platform in line with CBN directive
|
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49
|
Increases or Enhancements in the LC value:
|
N2000
|
Additional
establishment commission should be charged on the amount of any increase for
the unexpired period of validity of credit (i.e. for credits up to 180
days -1% of the face value, for credits up to 270days, 1.25% of the
face value & for credits up to 360 days,1.5% of the face value)
|
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50
|
Amendment of LC
|
Other
amendments-N2000 flat
|
At the instance of the customer-N2000 per
application
|
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51
|
Pre-Arrival Assessment
Report
(PAAR)
|
Without value for FX form M-N2500 .With valid FX form M-no
charge
|
N2,500 flat irrespective of payment
mode
|
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Section 9-Internal
transactions within Nigeria
|
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52
|
Charge paid by non-account holders for
initiating cash transactions (e.g. local money transfer, Prepaid Card
loading), subject to maximum daily limit of
N20,000
|
0.3% of the value of
the transaction
|
N200 flat.
|
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53
|
Standing Order Charge
(In-Branch) at the instance of the customer
|
N300 plus external transfer cost e.g. NIBSS/NACSS charge
|
Intra-bank N300 (One-off)
Inter- bank N300 (one-off) plus applicable
in-Branch Electronic Funds Transfer charge
|
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54
|
Direct debit/credit
|
CBN extant
policy prevails
|
As advised by the CBN
|
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55
|
Purchase/sale of Treasury Bills for customers
|
0.125% on the yield
|
Processing fee – N100 flat
Custodian fee – in
line with extant Guidelines on Custodianship on Money Market and Other Fixed
Income Instruments (applicable on Treasury bills purchase)
Settlement of trade via S4 – Cost
recovery
|
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Section 10-Electronic
banking
|
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56
|
Internet banking
Token
|
Maximum of N1,500 (
one –off charge)
|
Hardware token-
Cost recovery subject to a maximum charge of
N3,500
Software token- No charge.
However, where the OTP is sent to the
customer via
SMS, a charge of not more than N4/SMS shall
apply
|
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57
|
Bills Payment
(Including Bills Payment through other E-
channels
|
N100
|
0.75% of transaction value but not more than
N1,200
|
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58
|
Electronic funds
transfer
|
Below N500,000-N70
N500,000 to
N10,000,000
RTGS –N750
|
Below N10,000,000-N50
N10,000,000 and above
RTGS –N550
|
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59
|
Card maintenance
fee
|
Annual fee
on foreign currency
denominated
cards-N3,000
Debit card annual
maintenance chargeN100
|
Foreign Currency Denominated debit/credit
cards $20/p.a
Naira debit/credit card-N50 monthly
|
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Credit card
|
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60
|
Issuance
fee/Replacement fee/Renewal
fee –
|
N1000 one of charge
irrespective of card type irrespective of the card type
|
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61
|
Interest charges
|
2.50%
|
3%
|
||||||||
Debit card
|
|||||||||||
62
|
Issuance
fee/Replacement fee/Renewal
fee
|
N1000 one off
charge for issuing fee
|
N1000(one off charge
irrespective of the card type i.e regular or premium
|
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ATM transactions
|
|||||||||||
63
|
Not on-us (withdrawal from other bank's ATM) in Nigeria
|
No charge(however subsequent circulars revised the fee to N65
|
N65
|
||||||||
64
|
International withdrawals (per transaction)
whether debit/credit card
|
N240
|
2.5% (changes would be advised where
applicable)
|
||||||||
65
|
Point of Sale
|
Wholesale, hotels,
food/churches/NGOs, fuel station, airline operators, travel agents—negotiable
subject to a maximum of N2000
|
No change
|
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66
|
Bulk Payments (e.g.
Salaries,
Dividends etc.)
|
Negotiable subject to a maximum of N100 per employee
|
N50 per beneficiary payable by the
sender
|
||||||||
68
|
Vendor payments
(payable by vendor)
|
N150
|
Not provided
|
||||||||
69
|
SMS alert (mandatory)
|
N4 subject to NCC
directives
|
However, where a
customer opts not to receive sms alert, the customer should issue an
indemnity (for losses that may arise as a result) to the bank.
Not more than
N4/SMS. (Fees on alerts are restricted to only customer-induced
transactions). All associated notifications relating to a particular transaction
should be consolidated into a single SMS alert.
|
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Miscellaneous
|
|||||||||||
70
|
Insurance
|
Insurance debits-Customer to negotiate with insurance company
|
Insurance Premium
paid on behalf of customers -
Exact Premium (customer to choose from a
list of at least 3 insurance companies to be recommended by the bank
|
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71
|
Special request for
statement of account
|
N50 per page
|
(other than free monthly statement sent to
customers)
N20 per page
|
||||||||
72
|
Returned cheques-
|
0.5% of amount or
N5,000 whichever is higher (to be borne by drawer only). This is without
prejudice to the Dud Cheque Act
|
1% of amount or N5,000 whichever is higher
(to be borne by drawer only). This is without prejudice to the Dud
Cheque Act
|
||||||||
73
|
Business
visit
initiated
by customers
|
No charge
|
Local-No charge
Foreign-Negotiable
|
||||||||
74
|
Status enquiry at the
request of customer
(e.g. Confirmation Letter, Embassy Letter, Reference
Letter,
Letter
of
Indebtedness/Non-indebtedness etc.)
|
0.5% of amount,
maximum N5000 ( to be borne by drawer).This is without prejudice to the
Dud cheque Act
|
N500 per request
|
||||||||
75
|
Confirmation of overseas enquiries to correspondent bank
at the instance of the
customer
|
N10,000 flat
|
N500 plus Cost of Postage (if
applicable)
|
||||||||
76
|
Customized deposit
booklet
|
Negotiable/cost
recovery
|
Cost recovery (No Change)
|
||||||||
77
|
Cost of cheque book
|
Cheque books-Full
recovery of cost plus stamp duties
Counter cheque—N200
per leaflet
|
Cheque books-Cost recovery (No Change)
Counter cheque—N50 per leaflet
|
||||||||
Mobile Money Operators
The
new Guide provides specifically for rates to be applied by Mobile Money
operators. These rates cover agent initiated transactions, customer initiated
transaction as well as other transactions.
S/N
|
Description
|
Old rate
|
New rate
|
1
|
Cash-in (Deposit into
MPO Wallet)
|
Not provided
|
N20
|
Customer Initiated
Direct Debit from
Bank Account
|
|||
2
|
Intra bank funds
transfer
|
N100
|
To account holder –N100
To non-account holder---Minimum of N50
subject to
1.5% of transaction value or N500, whichever
is lower
|
3
|
Cash-out (to be borne
by sender)
|
Agent-N100
Branch ---N100
|
Minimum of N50 subject to 1% of transaction
value or N500, whichever is lower
|
5
|
Bulk payments
|
Not provided
|
To account
holder---Minimum of N100 subject to 1% of transaction value or N300,
whichever is lower
To non-account
holder---Minimum of N150 subject to 1% of transaction value or N500,
whichever is lower
|
7
|
SMS alert
|
Not provided
|
Cost recovery (N4 per SMS)
|
8
|
PIN re-issue/PIN reset
|
Not provided
|
No charge
|
10
|
Monthly issuance of
statement of account
|
Not provided
|
No charge
|
11
|
Special request for
statement of account
|
Not provided
|
N200
|
12
|
Mobile
payment
card
issuance/replacement/renewal
|
N300
|
N1000
|
13
|
Deposit at agent
|
N100
|
On-Us Agent (borne by customer) –N100
Off-Us Agent (borne
by customer)--Minimum of N50 subject to 1.5% of transaction value or N500,
whichever is lower
|
SOURCE: https://www.stanbicibtcbank.com/Nigeria/AboutUs/News/The-2017-Guide-To-Bank-Charges
3 comments
I think Nigerians really needs to see this because most will even reign causes on the bankers that they have deducted their money for no reason...
Labunka you are right. Some of these charges dont even go to the banks funny enough.
Thanks for sharing the updates related to the bank charges. Start investing in the peer 2 peer lending and get loan at the low interest rates.
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