Cbn new charges on bank customers

CBN (Central Bank of Nigeria) has introduced new charges on bank customers in Nigeria. Here are some of the new charges:

  1. Minimum Operating Account Balance: Banks are now required to charge customers a minimum operating account balance of N2,000 to N5,000 per month, depending on the bank.
  2. Maintenance Fee: Banks will charge customers a maintenance fee of N50 to N100 per month for accounts with a balance below the minimum operating balance.
  3. Card Maintenance Fee: Banks will charge customers a card maintenance fee of N50 to N100 per year for debit and credit cards.
  4. Card Replacement Fee: Banks will charge customers a card replacement fee of N1,000 to N2,000 for lost or damaged cards.
  5. Cheque Book Fee: Banks will charge customers a cheque book fee of N50 to N100 per book.
  6. Cheque Return Fee: Banks will charge customers a cheque return fee of N500 to N1,000 for bounced cheques.
  7. Overdraft Fee: Banks will charge customers an overdraft fee of 15% to 20% per annum on outstanding overdraft balances.
  8. Late Payment Fee: Banks will charge customers a late payment fee of 2% to 5% per annum on outstanding loan balances.
  9. ATM Withdrawal Fee: Banks will charge customers an ATM withdrawal fee of N35 to N50 per transaction for withdrawals above the daily limit.
  10. Online Banking Fee: Banks will charge customers an online banking fee of N50 to N100 per month for online banking services.
  11. Mobile Banking Fee: Banks will charge customers a mobile banking fee of N50 to N100 per month for mobile banking services.
  12. Statement of Account Fee: Banks will charge customers a statement of account fee of N50 to N100 per quarter for printed statements of account.

These charges are subject to change and may vary depending on the bank and the type of account. It's essential for customers to review their account agreements and understand the fees associated with their accounts.