The Guide To Bank Charges

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)
Section 1-Interest on Deposits
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)
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%)
Section 2 - Interest rates and lending fees
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.
4			Lending rate-Foreign currency loans	Negotiable (reference to LIBOR)			No Change in existing loan rates
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.
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)
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).
8			Drawing against Uncleared Effects			Negotiable		No change in existing loan rates.
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.
10			Credit reference report			Cost recovery		Cost recovery
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).
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)
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).
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)
15			Advisory/Consultancy fee			Negotiable			Negotiable (only applies where there is a written advisory/consultancy agreement between the bank and the customer)
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
Section 3-Current account Maintenance fee
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
		Section 4-Commission on Bonds, Guarantees and Indemnities
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)
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
20		Bank Guarantees				Negotiable subject to a maximum of 1% (one-off charge)			Negotiable subject to a maximum of 1% (one-off charge)
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)
Section 5-Foreign Exchange Commission
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.
23	Inter-bank purchases				Negotiable subject to a maximum spread of 50k per dollar			As may be advised by the CBN
24	Cheques				Minimum of N1000 subject to a maximum of 1%			Not provided
25	Sight bills				Minimum of N1000 subject to a maximum of 1%			Not provided
26	Usance bills				Minimum of N1000 subject to a maximum of 1%			Not provided
27	Foreign Currency purchases from customers				At the bank’s spot rate			Interbank foreign exchange bid rate
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)
29	Foreign currency sales to customers				Bank’s spot rate			As may be advised by the CBN
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
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
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
33	Commission on telegraphic/swift transfer and drafts				0.5% or $10 or its equivalent, whichever is higher			Not provided

		Section 6-Bills for Collection Inward
34		Commission on clean bill				Negotiable subject to a maximum of 2%		Not provided
35		Commission on documentary bill				Negotiable subject to a maximum of 2%		Negotiable subject to a maximum of 0.5% of the bill value
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
37		Extension charges for sight bills altered to tenured (usance) bills				N3000 per bill		N3000 plus cost of swift
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)
39		Bills for Collection-Negotiation				0.5% of the value of the bills		Negotiable (to be advised)
40		Commission on handling charges in respect of collection				Presenting bank-25% Collecting bank-75%		Not provided
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
		Bills for collection (Outward)
42		Documentary bills				Negotiable subject to a maximum of 2%		Negotiable subject to a maximum of 0.5%
43		Clean bills				Negotiable subject to a maximum of 1%		Not provided
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
Section 8-Inward and Outward letters of credit
Inward letters of credit (export)
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
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.
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
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
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)
50	Amendment of LC			Other amendments-N2000 flat			At the instance of the customer-N2000 per application
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
Section 9-Internal transactions within Nigeria
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.
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
54	Direct debit/credit			CBN extant policy prevails			As advised by the CBN
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
Section 10-Electronic banking
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
57	Bills Payment (Including Bills Payment through other E- channels			N100			0.75% of transaction value but not more than N1,200
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
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
Credit card
60	Issuance fee/Replacement fee/Renewal fee –						N1000 one of charge irrespective of card type irrespective of the card type
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
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
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.
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
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