Access Bank Makes Changes, Releases Lists of Approved Charges on Customers' Savings, Current Account
- Access Bank of Nigeria has released a breakdown of charges on savings and current accounts of customers
- The charges cover account maintenance fees to quarterly debit card maintenance fees, including VAT charges
- The CBN is bent on sanitising the bank system and recently released instructions to banks on unauthorised withdrawals
Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.
Access Bank, one of Nigeria's leading financial institutions, has released a breakdown of approved savings and account services charges.
The breakdown was captured in a service charge and rate cards document approved by the Central Bank of Nigeria.
Source: Facebook
The document showed charges from card transactions to account maintenance, providing customers with a clear understanding of the costs associated with their banking transactions.
Access Bank's list of charges
For personal savings, Access Bank said the rate for electronic transfer transactions is N50 for transactions done above N50,000.
It also said N25 will be charged for transactions between N5,000 to N50,000 while N10 charge applies to those below N5,000.
Another is the quarterly debit card maintenance fee (Inclusive of VAT), which will attract a N53.75 charge, and the issuance fee for these cards is N1,000 (one-off charge) irrespective of the card type.
The fee for SMS obligatory alerts will be based on cost recovery from the previous maximum price of N4.
The current account maintenance fee stands at N1. Additionally, the charges for a chequebook are as follows: 25 leaves cost N806.25, 50 leaves cost N1,612.50, and 100 leaves cost N3,225.
Naira debit or credit cards linked to savings accounts attract a maximum N50 quarterly maintenance fee, while foreign currency-denominated debit/credit cards attract $10 from $20.
For business and corporate accounts, there are monthly subscription fees as follows: basic at N2,000, growing at N4,000, established at N7,500, Trader Lite Individual at N75, and Trader Lite Business at N75.
A comprehensive breakdown of rates and charges can be found here.
Access Bank changes on savings account interest
Legit.ng has also reported Access Bank has announced a new interest rate on savings accounts in a new message to its customers.
The bank said all its savings accounts will carry a flat rate of 5.55% interest following changes in MPR.
The development comes as Nigerians anticipate an increase in interest rates by CBN by as much as 500 basis points.
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Source: Legit.ng
