Summary of CBN Revised Bank Charges

Good news Greatest Nigerian students, bank charges will no longer spoil our money or let’s just say it will now be once in a while. Whoever has been in my shoes will understand better. On this faithful day, I was very broke but begged my friend to send me #1,000 so I could eat and transport myself home since i was supposed to go home the next day. Don’t ask me how the change will be enough, I stay in Ibadan.. I received the alert, took my card and danced to union bank ATM stand. As usual, I met a lot of people there but waited. Few minutes time, my patience paid off and it was my turn, I slotted my card in and punched the necessary information including the amount I wanted to withdraw (my last 1k). To my surprise, I was expecting the usual sound but was greeted by the reply INSUFFICIENT FUNDS 😭😭 access bank deducted ATM maintenance fee and SMS charge. How are you the one maintaining the card that’s always in my wallet except when needed?.

To cut the long story short, this will never happen again as the central bank of Nigeria has reviewed bank charges. Find below is the summary of CBN revised bank charges and feel free to share

A. Electronic transfers:

1. N10 for interbank trans less than N5000
2. N25 for interbank trans btwn N5,001 – 50,000
3. N50 for interbank trans above N50,000

B. ATM Withdrawal

N35 (previously 65) after 3rd withdrawal in a month, on another banks ATM.

C. Card Maintenance Charge
1. N50 every 3 months for Savings ( Now quarterly as against the current monthly charge)
2. Zero for Current

D. Account Maintenance Charge
1. Zero for Current
2. Applicable to current accounts only on customer induced transactions