Access Bank to debit accrued stamp duty charges from customers account

Access Bank Plc, says it will debit stamp duty charges which it failed to deduct from customers’ account between 1st, 2020, and April 30th, 2020 due to an error in its operations records.

According to an email that was sent by Access Bank to its customers, 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.

“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.

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.