Current charges by Banks and other financial institutions 2020 CBN Policy

The revised Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions which was announced by Central bank pf Nigeria on 22nd December 2019 to take effect on January 1, 2020. Have finally been implemented .

Below are some of change made upon bank transaction charges

1:#65 deduction upon three times withdrawal on different ATM have been slashed to #35 .

2: Electronic Fund Transfer: Below #5000 will attract #10 fee ,from #5000- #50,000 =#25 fee and #50,000 above =#50 fee will be deducted from your account.

3:Card maintenance fee:

i: maximum of #50 will be deducted quarterly not monthly in all Naira debit /credit card (saving account)

ii:current account(Naira debit or credit card) no maintenance fee.

iii:foreign currency denominated debit/credit card=$10 p.a(or it's equivalent)

4:Internet banking;

i:Hardware token= A maximum charges of #2,500

ii:Software token- one time password(OTP) = No charges

iii: Bill payment(including bill payment through other e-channel= Negotiable by subject to maximum of #500 per beneficiary payable by the sender.

5: Hardware token replacement= cost recovery subject by maximum of #2,500(customer bear cost only in the invent of physical damage, loss of token or replacement of token after expiration)

6: CREDIT CARD CHARGES

I:Issuance fee: #1000 (one off charge). The same charges applies irrespective of card type be it regular or premium card)

Below picture shows other new bank charges

Happy reading

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