The 2017 Guide To Bank Charges

The 2017 Guide To Bank Charges

 

S/N

Charge Description

Old charge

New charge (Effective 1 May, 2017)

 

 

Section 1-Interest on Deposits

 

 

 

1

Savings Account 

 

Minimum of 30% of MPR p.a. 

Minimum of 30% of MPR p.a. This is currently 4.2%

 

(not applicable if a customer makes more than 4 withdrawals in a month) 

 

 

2

Deposits held as collateral 

 

Negotiable in line with term deposit rate

Negotiable subject to minimum of 30% of MPR p.a.

(minimum of 4.2%) 

 

 

 

Section 2 - Interest rates and lending fees

 

 

 

3

Local Currency Loans 

 

Negotiable (the rate should anchor MPR, reflecting the risk-based pricing model). Also, when there is a change in agreed rate, the customer must be notified within 5 business days in advance of the application of the new charge.. 

 

No change in existing loan rates.

 

 Also, the bank is mandated to notify the customer of a change in rate where applicable at least 10 business days in advance of the application of the new rate. 

 

 

4

Lending rate-Foreign currency loans

Negotiable (reference to LIBOR)

No Change in existing loan rates

 

 

5

Interest on authorized OD 

 

Negotiable (the rate should reflect the riskbased pricing model). Also, when there is a change in agreed rate, the customer must be notified within 5 business days in advance of the application of the new charge.. 

 

No change in existing loan rates.

 

Also, the bank is mandated to notify the customer of a change in rate where applicable at least 10 business days in advance of the application of the new rate. 

 

 

6

Unauthorized OD/Credit 

 

Not permissible. The Bank should sanction the officer and forward his name to the Director, FPRD

Not permissible except as a result of facility repayment (where it occurs, Penal Rate as provided in Section 2.1.9 shall apply

 

 

7

Penal Rate

 

Penal rate is in respect of past due loans & advances, including excess over authorized OD/credit limit (which may arise from unauthorized OD or Credit)

Maximum of 1% flat per month of unpaid amount in addition to charging current rate of interest on outstanding debt (without prejudice to the provisions of the Prudential

Guidelines on the limitation of accruals)

Naira loans and advances: Maximum of 1% flat per month of unpaid amount in addition to charging current rate of interest on outstanding debt

(without prejudice to the provisions of the

Prudential Guidelines on the limitation of accruals)

 

Foreign currency loans and advances: Maximum of 0.25% flat per month of unpaid amount in addition to charging current rate of interest on outstanding debt (without prejudice to the provisions of the Prudential Guidelines on the limitation of accruals).

 

8

Drawing against Uncleared

Effects 

 

Negotiable

No change in existing loan rates.

 

 

9

Equipment Leasing 

 

Negotiable

No change in existing loan rates.

 

Also, the bank is mandated to notify the customer of a change in rate where applicable at least 10 business days in advance of the application of the new rate. 

 

10

Credit reference report

 

Cost recovery 

 

Cost recovery

 

11

Facility restructuring fee

Negotiable, subject to a maximum of 0.5% of the outstanding amount being restructured (one off charge). 

0.5% of the outstanding amount being restructured (one off charge). 

 

 

12

Management fee

Negotiable subject to maximum of 1% of the principal amount disbursed (one off charge 

 

1% of the principal amount disbursed (one-off charge)

 

 

13

 

 

Facility Enhancement Fee 

This fee applies when an additional amount is granted to a customer. Where this fee applies, management fee shall not apply. 

Negotiable subject to maximum of 1% of the principal amount disbursed (one off charge 

 

1% of the additional amount disbursed (one-off charge). 

 

 

14

Penal rate

1% flat on unpaid instalment per month in addition to charging current rate of interest on outstanding deb

1% flat per month of unpaid amount in addition to charging current rate of interest on outstanding debt (without prejudice to the provisions of the Prudential

Guidelines on the limitation of accruals) 

 

 

15

Advisory/Consultancy fee 

 

Negotiable

Negotiable (only applies where there is a written advisory/consultancy agreement between the bank and the customer) 

 

 

16

Charges      for Consortium

lending

 

 

Management Fee 

 

 

 

Commitment/Non-Drawing Fee 

 

 

 

Appraisal/renewal  fee

 

 

 

Participation fee to be shared by banks

 

 

 

 

 

Negotiable

 

 

 

Negotiable subject to a maximum of 1% of the undisbursed amount (one-off charge) 

 

 

 

Negotiable, subject to a maximum of 0.25% of the principal

 

 

Negotiable

 

 

 

 

Negotiable subject to a maximum of 1% of principal amount (one–off charge)

 

 

Negotiable subject to a maximum of 0.5% of the undisbursed amount (one-off charge) 

 

 

 

Not provided

 

 

 

 

Not provided

 

 

 

Section 3-Current account Maintenance fee

 

 

 

17

 

Current Account Maintenance Fee (CAMF): Applicable to current accounts ONLY in respect of customer-induced debit transactions to third parties and debit transfers/lodgments to the customer’s account in another bank. Note that CAMF is not applicable to Savings

Accounts  

 

 

No Change

 

 

 

 

Section 4-Commission on Bonds, Guarantees and Indemnities

 

 

 

18

Performance bond (chargeable from date of contingent liability 

 

Negotiable subject to a maximum of 2% of the Bond value per half year 

 

Negotiable subject to a maximum of 1% of the Bond value (one-off charge) 

 

 

19

Advance Payment Guarantee (APG) (chargeable from date of contingent liability) 

 

Negotiable subject to a maximum of 1% of the APG value (one-off charge 

 

Negotiable subject to a maximum of 1% of the APG value (one-off charge 

 

 

20

Bank Guarantees

Negotiable subject to a maximum of 1%

(one-off charge) 

 

Negotiable subject to a maximum of 1% (one-off charge)

 

 

21

Other Bonds, Guarantees and

Indemnities 

 

Negotiable subject to a maximum of

2%,minimum of N5000 (one-off charge) 

 

Negotiable subject to a maximum of 1% (one-off charge)

 

 

 Section 5-Foreign Exchange Commission

 

 

22

Purchases from CBN   

1% of the value involved-flat(or as may be reviewed from time to time by the CBN)

As may be advised by the CBN. 

 

23

Inter-bank purchases

Negotiable subject to a maximum spread of 50k per dollar

As may be advised by the CBN

 

24

 

Cheques

Minimum of N1000 subject to a maximum of 1%

Not provided

25

Sight bills

Minimum of N1000 subject to a maximum of 1%

Not provided

26

Usance bills

Minimum of N1000 subject to a maximum of 1%

 Not provided

27

Foreign Currency purchases

from customers 

 

At the bank’s spot rate

Interbank foreign exchange bid rate 

 

28

Outward Telegraphic/SWIFT

and other transfers 

 

SWIFT cost recovery only

Swift cost recovery, 0.5% commission on transfer plus associated offshore bank charges (where applicable) 

 

29

Foreign    currency sales      to

customers 

 

Bank’s spot rate 

 

As may be advised by the CBN 

 

30

Commission on withdrawals from Domiciliary Accounts (whether savings or current

account) 

 

Current account-Negotiable, subject to a maximum of 0.5% of transaction value

 

Savings account-No charge

0.05% of transaction value or $10, whichever is lower 

 

31

Foreign draft purchase 

 

1% of the value of the cheque + the standard charge for clearing cheques

(offshore charges + courier)

0.1% of the value of the cheque + Offshore charges 

 

32

Collection Charge on Cheques 

 

1% of cheque value or  US $10 whichever is higher 

 

1% of cheque value or Naira equivalent of US $10 whichever is lower 

 

33

Commission    on telegraphic/swift transfer and drafts

0.5% or $10 or its equivalent, whichever is higher

Not provided













 

 

 

Section 6-Bills for Collection Inward

 

 

34

Commission on clean bill  

Negotiable subject to a maximum of 2%

 

Not provided

35

Commission on documentary bill

Negotiable subject to a maximum of 2%

Negotiable subject to a maximum of 0.5% of the bill value

 

36

Holding charges after nonpayment, chargeable one month

after due date 

 

N25,000  bill and below-N2,500 per month Above N25,000-N5000 per month

N5,000 per month 

 

37

Extension charges for sight bills

altered to tenured (usance) bills 

 

N3000 per bill

N3000  plus cost of swift

38

Protest charges plus Notary

Public Fees 

 

Negotiable subject to  a maximum of N5000

Cost of postage, (chargeable only where the agreement specifies that the customer will pay) 

 

39

Bills for Collection-Negotiation

0.5% of the value of the bills

Negotiable (to be advised)

40

Commission       on                        handling

charges in respect of collection

 

Presenting bank-25% Collecting bank-75%

Not provided

41

Unpaid bills

In addition to the holding charge in holding charge, where a Nigerian bank is acting for a Nigerian presenting bank, 1% commission is claimed and proceeds split with collecting bank in accordance with the fee advised in the preceding section

Not provided

 

Bills for collection (Outward)

 

42

 Documentary bills

Negotiable subject to a maximum of 2%

Negotiable subject to a maximum of 0.5% 

 

43

Clean bills

Negotiable subject to a maximum of 1%

Not provided

44

Export Documents Delivery 

 

N5 per mile of the invoice value subject to a maximum of N5000

Negotiable subject to a maximum of N5,000 plus cost of courier 

 

Section 8-Inward and Outward letters of credit

 

 

Inward  letters of credit (export)

 

 

45

Advising Commission

 

Where a Nigerian bank simply verifies authenticity of the Credit and delivers same. 

 

Where a Nigerian bank has to rewrite the credit

 

N2000

 

 

 

 

 

N0.5 per mile, subject to a minimum of $25 or its equivalent

N5,000 flat  

 

 

 

 

 

0.05% of the value, subject to a minimum of Naira equivalent of US $25 

 

46

Commission on Confirmation of

LC 

 

Minimum of N5,000 subject to a maximum of 1% of the face value

Minimum of N5,000 subject to a maximum of 0.5% of the face value. 

 

47

Transferrable credits, transferable and divisible credits

(part –shipment

 

Where all or part of a credit is transferred, the charges (paid by the original

beneficiary) are of the amount transferred--0.5% of face value subject to a minimum of

$25 or its equivalent

 

Negotiation of documents commission plus interest, if applicable at local rate (to be clarified)---1%

 

Not provided

48

Outward letters of credit (Import)

 

Processing 

 

 

 

Negotiation subject to a maximum of N5000

 

N3,000 in addition to maintenance fee on e-Form platform in line with CBN directive 

 

49

Increases or Enhancements in the LC value: 

 

N2000

Additional establishment commission should be charged on the amount of any increase for the unexpired period of validity of credit (i.e.  for credits up to 180 days -1% of the face value, for credits up to 270days, 1.25% of the  face value & for credits up to 360 days,1.5% of the face value) 

50

Amendment of LC 

Other amendments-N2000 flat

 

At the instance of the customer-N2000 per application

51

Pre-Arrival Assessment Report

(PAAR) 

 

Without value for FX form M-N2500 .With valid FX form M-no charge

N2,500 flat irrespective of payment mode 

 

 

Section 9-Internal transactions within Nigeria

 

 

52

Charge paid by non-account holders for initiating cash transactions (e.g. local money transfer, Prepaid Card loading), subject to maximum daily limit of

N20,000 

0.3% of the value of the transaction

N200 flat. 

 

53

Standing Order Charge (In-Branch) at the instance of the customer 

 

N300 plus external transfer cost e.g. NIBSS/NACSS charge

Intra-bank N300 (One-off)

 

Inter- bank N300 (one-off) plus applicable in-Branch Electronic Funds Transfer charge 

 

54

Direct debit/credit

CBN extant policy  prevails

 

As advised by the CBN

55

Purchase/sale of Treasury Bills for customers 

 

0.125% on the yield

Processing fee – N100 flat 

 

Custodian fee – in line with extant Guidelines on Custodianship on Money Market and Other Fixed Income Instruments (applicable on Treasury bills purchase) 

 

 

Settlement of trade via S4 – Cost recovery 

 

 

Section 10-Electronic banking

 

 

56

Internet banking

 

Token

 

 

Maximum of N1,500 ( one –off charge)

 

 

Hardware token-

Cost recovery subject to a maximum charge of N3,500 

 

 

 

Software token- No charge. 

However, where the OTP is sent to the customer via

SMS, a charge of not more than N4/SMS shall apply 

57

Bills Payment (Including Bills Payment through other E-

channels 

 

N100

0.75% of transaction value but not more than N1,200 

 

58

Electronic funds transfer 

 

 

Below N500,000-N70

 

N500,000 to N10,000,000 

 

RTGS –N750

 

Below N10,000,000-N50

 

N10,000,000 and above 

 

RTGS –N550

 

59

Card maintenance fee 

Annual      fee      on    foreign currency

denominated cards-N3,000

 

Debit card annual maintenance chargeN100

Foreign Currency Denominated debit/credit cards $20/p.a

 

Naira debit/credit card-N50  monthly

Credit card

60

Issuance          fee/Replacement fee/Renewal fee –

 

N1000 one of charge irrespective of card type irrespective of the card type

61

Interest charges

2.50%

3%

Debit card

62

Issuance          fee/Replacement fee/Renewal fee

N1000  one off charge for issuing fee

N1000(one off charge irrespective of the card type i.e regular or premium

ATM transactions

63

Not on-us (withdrawal from other bank's ATM) in Nigeria 

 

No charge(however subsequent circulars revised the fee to N65

N65

 

64

International withdrawals (per transaction) whether debit/credit card 

 

N240

2.5% (changes would be advised where applicable)

 

65

 

Point of Sale

Wholesale, hotels, food/churches/NGOs, fuel station, airline operators, travel agents—negotiable subject to a maximum of N2000

 

No change 

 

66

Bulk Payments (e.g. Salaries,

Dividends etc.)  

 

Negotiable subject to a maximum of N100 per employee

 N50 per beneficiary payable by the sender 

 

68

Vendor payments (payable by vendor)

N150

Not provided 

69

SMS alert (mandatory)

N4 subject to NCC directives

However, where a customer opts not to receive sms alert, the customer should issue an indemnity (for losses that may arise as a result) to the bank. 

 

Not more than N4/SMS. (Fees on alerts are restricted to only customer-induced transactions). All associated notifications relating to a particular transaction should be consolidated into a single SMS alert.

 

Miscellaneous

70

Insurance 

Insurance debits-Customer to negotiate with insurance company

Insurance Premium paid on behalf of customers -

Exact Premium (customer to choose from a list of at least 3 insurance companies to be recommended by the bank

 

71

 

Special request for statement of account 

N50 per page

(other than free monthly statement sent to customers)

N20 per page

 

 

 

 

72

 

Returned cheques-

0.5% of amount or N5,000 whichever is higher (to be borne by drawer only). This is without prejudice to the Dud Cheque Act 

 

1% of amount or N5,000 whichever is higher (to be borne by drawer only). This is without prejudice to the Dud

Cheque Act 

 

73

 

Business          visit             initiated             by customers

No charge

Local-No charge

 

Foreign-Negotiable

74

Status enquiry at the request of customer 

(e.g. Confirmation Letter, Embassy Letter, Reference

Letter,             Letter                             of

Indebtedness/Non-indebtedness etc.)  

0.5% of amount, maximum  N5000 ( to be borne by drawer).This is without prejudice to the Dud cheque Act

N500 per request 

 

75

Confirmation of overseas enquiries to correspondent bank

at the instance of the customer 

 

N10,000 flat

N500 plus Cost of Postage (if applicable) 

 

76

Customized deposit booklet 

 

Negotiable/cost recovery

Cost recovery (No Change)

77

Cost of cheque book

Cheque books-Full recovery of cost plus stamp duties

 

Counter cheque—N200 per leaflet

Cheque books-Cost recovery (No Change)

 

 

Counter cheque—N50 per leaflet











 

 

 

 

Mobile Money Operators

The new Guide provides specifically for rates to be applied by Mobile Money operators. These rates cover agent initiated transactions, customer initiated transaction as well as other transactions. 

S/N

 

Description

Old rate

New rate

1

Cash-in (Deposit into MPO Wallet) 

Not provided 

N20

 

Customer Initiated Direct Debit from

Bank Account 

 

 

 

2

Intra bank funds transfer

N100

To account holder –N100

 

To non-account holder---Minimum of N50 subject to

1.5% of transaction value or N500, whichever is lower 

 

3

Cash-out (to be borne by sender) 

 

Agent-N100

Branch ---N100

Minimum of N50 subject to 1% of transaction value or N500, whichever is lower 

 

5

Bulk payments

Not provided 

To account holder---Minimum of N100 subject to 1% of transaction value or N300, whichever is lower 

 

To non-account holder---Minimum of N150 subject to 1% of transaction value or N500, whichever is lower 

7

SMS alert

Not provided

Cost recovery (N4 per SMS)

8

PIN re-issue/PIN reset

Not provided

 

No charge

10

Monthly issuance of statement of account 

 

Not provided

No charge

11

Special request for statement of account 

 

Not provided

N200

12

Mobile             payment    card

issuance/replacement/renewal

 

N300

 

N1000

13

Deposit at agent

N100

On-Us Agent (borne by customer) –N100

 

Off-Us Agent (borne by customer)--Minimum of N50 subject to 1.5% of transaction value or N500, whichever is lower 

 


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