28 C
Lagos
Monday, November 30, 2020
Subscribe to News360 Info by Email
Home Banking Bank customers to now pay for failed direct debit transactions

Bank customers to now pay for failed direct debit transactions

Invest In Mutual Funds Like A Hero

Nigerian bank customers will now pay a charge for failed direct debit transactions.

According to the Guide to Charges by Banks, other financial and non-financial institutions published by the Central Bank of Nigeria, the charge will only apply to transactions that fail due to the account being unfunded.

Customers will be required to pay either one percent of the amount or N5,000 (whichever is higher) as the penal charge.

Direct debit is an arrangement made with a bank that allows a third party to transfer money from a person’s account on agreed dates

Stanbic IBTC notified customers of the penal charge through email on Thursday.

“In line with the Central Bank of Nigeria’s (CBN) Guide to Charges, a failed direct debit transaction resulting from an unfunded account is liable to a charge of 1% of the transaction amount or N5,000 – the higher amount is applicable,” the email read.

“While this penal charge is only applicable if a customer’s account is insufficiently funded at the time of the transaction, the qualifying amount shall be debited to customers account once it is funded.

“We, therefore, wish to advise that you ensure your account is adequately funded at all times to facilitate a successful transaction, especially if you activate any form of direct debit instruction on your account.”

Some customers are already questioning the directive on social media.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Total blackout in Nigerian as national grid collapses

The outage Nigerians are experiencing is due to a system collapse on the National Grid, Eko Electricity Distribution Company, EKEDP, said on...

Okada/Keke ban forgotten since #EndSARS protest – FRSC

Mr Boboye Oyeyemi, Corps Marshal, Federal Road Safety Corps (FRSC), has said that commuters and riders have forgotten of the Okada/Keke ban...

LASG destroys 1,700 illegal shanties in Agege

Lagos State Environmental and Special Offences Unit on Sunday said it demolished over 1,700 illegal shanties and containerized shops around Fagba Railway...

Police arrest suspects as explosion rocks Wike father’s church

The police in Rivers State have arrested three suspects who allegedly detonated explosives at a Pentecostal church, Christian Universal Church International, located...

Recent Comments