Access Bank finally reacts to public outrage on stamp duty charges, pledge immediate refund

Bank charges

Posted  532 Views updated 16 days ago
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Access Bank has finally reacted to widespread public outrage over its decision to debit stamp duty charge for three months over the weekend with a promise to pay its customers back as soon as possible. 

 

NEWS FLAKES NG reports that the bank had previously informed customers in an email that it failed to implement a mandated stamp duty charge on applicable transactions between February 1, and April 30, 2020.

 

The bank told customers in the email that it would deduct the accumulated charges for the said period from their accounts.

 

However, many customers took to social media to condemn the the bank after it started debiting accounts mostly on Saturday, June 28.

 

NEWS FLAKES NG gathered that many customers said the charges were outrageous and threatened to close down their accounts.

 

The bank has now apologised to its customers admitting that it "got it wrong" by debiting them late.

 

The bank also said it will immediately refund all individuals and SMEs who have been debited.

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"We have considered your feedback and have decided to pay the stamp duty on our customers' behalf for the affected period only," the bank said.

 

The bank will continue to charge stamp duty for subsequent months, according to the statement.


A N50 stamp duty is charged on all deposits, and electronic transfers of naira-denominated current and savings accounts for transactions of 10,000 and above.

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The stamp duty is remitted to the Federal Government via the Central Bank of Nigeria (CBN).

 

See recent official press statement from Bank's management as obtained by NEWS FLAKES NG;

 

 

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  • Access Bank finally reacts to public outrage on stamp duty charges, pledge immediate refund
  • John Izabi