The apex bank reviewed previous prices and enforced new ones, slashing ATM withdrawal fees from 65 Naira to 35 Naira.
The bank’s director, Corporate Communications Department, Mr Isaac Okorafor, shared during a press briefing that these steps are in line with the bank’s plans to make economic services more affordable and accessible to economic stakeholders.
Some major changes from the guides are the removal of card maintenance fee for cards linked to current accounts and the slash in ATM withdrawal charges.
Meanwhile, some things stayed the same, like the charge for replacement of an ATM card, which is still 1000 Naira.
Major highlights from the revised guide are:
- Reduction for card maintenance fees for cards linked to savings accounts. The fee for this has been reduced from 50 Naira per month to 50 Naira per quarter resulting to 200 Naira per year instead of 600 Naira per year.
- Cancellation of charges for closure or reactivation of savings, current, or domiciliary accounts.
- A fee of 500 Naira will be charged for status inquiries at the request of the customer, like confirmation letter, letter of non-indebtedness and reference letter.
Interestingly, the guide also says that financial institutions who breach this guide will be fined two million Naira per infraction or a different amount as CBN decides.
Customers will be glad to know that the CBN has also directed banks to log every customer complaint into the Customer Complaints Management System (CCMS) and every customer is issued a unique reference code. A failure to do this will attract a fine against the bank of one million Naira.
See the revised guide to bank charges below:
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