Access Bank Plc said it recently discovered a mistake in its operations records, whereby stamp duty charges on applicable transactions were not passed on to customers. The omissions occurred between February 1st, 2020, and April 30th, 2020.
The tier-1 bank said it is deeply apologetic for this error. However, all concerned customers are to prepare to pay off the accrued charges.
According to an email that was sent by Access Bank to its customers over the weekend, the accrued N50 stamp duty charge will be debited from applicable customers’ accounts for remittance to the Central Bank of Nigeria, CBN. Concerned customers were, therefore, advised to keep enough money in their bank accounts in order to accommodate the charge.
“We recently discovered that the charges on applicable transactions carried out between February 1, 2020, and April 30, 2020, were inadvertently not passed on your account. We sincerely apologise for this.Â
“However, in compliance with the CBN mandate, we will be required to process the accumulated charges for the said period on your account for remittance to the Central Bank of Nigeria. We request that you fund your account to accommodate this charge,” part of the email from the bank said.
As the email by Access Bank further explained, the Central Bank of Nigeria requires that a stamp duty charge of N50 be imposed on savings and current account holders for transactions (both deposits and electronic transfers) exceeding N10, 000.
As Nairametrics earlier reported, the N50 stamp duty charge was reviewed in the Federal Government’s latest finance bill which took effect earlier this year. The revision is such that instead of customers would be required to pay the N50 stamp duty only if their deposits or transfers exceed N10,000. This is against an earlier (controversial) practice of imposing a stamp duty of N50 for every deposit/transfer exceeding only N1,000.
Access Bank Plc is just trying to pass on the incompetence of the bank to the customers. Was it an oversight as they claim or gross incompetence? It is time we get a lawyer to sue if they as much as touch a single kobo of customers deposits.
Their excesses is too much. I’m usually charged #100 for stamp duty, imagine. I think it’s high time to move my funds to another genuine bank.
We will soon migrate from Access Bank all, Access is not the only bank in Nigeria. They cheat us, steal and pilfer our funds that are in their care without notification or explanation. We are all tired of their excesses and it’s time to move our funds to other banks.
We will soon migrate from Access Bank all, Access is not the only bank in Nigeria. They cheat us, steal and pilfer our funds that are in their care without notification or explanation. We are all tired of their excesses and it’s time to move our funds to other banks.
I have replied them not to touch kobo in my account. I am tired of this rubbish in Nigeria.
Thank you all for the very like nature comments. Truly Access bank is not a good place to bank at all. Unfortunately l did not open account with them- l came in with Diamond bank. They sent me the mail of such backlog of bank charges. I have replied them accordingly. I did not take any loan from the bank. So they can now just write me to say l should fund my account for their incompetence. The other day on Facebook, they won the award for the most incompetent bank in Nigeria. I am waiting on their reply. Customers rights should be protected.
And its time for we customers to stop saving money With access bank, i will start saving my money with other banks
It’s a shame. Access bank charges stamp duty on received and sent funds.. so pathetic.. even for a 1000 naira transfer, your account is charged 50 naira stamp duty.