Business Digest December 20, 2023
#BusinessDigestWithDrEIS
On BU$I₦£$$ DIG£$T this morning, December 20, 2023
**********************************
WHAT TO KNOW ABOUT BANK CHARGES WITH NIGERIAN BANKS! Part-3of5
It is good to know the amount charged, especially for using and enjoying mobile app or USSD.
For bank mobile app, it ranges from ₦10.75, ₦26.88 and ₦53.75 which is the maximum amount to be charged even if you are transferring ₦10million on your bank mobile app. This amount consists of the charges and the VAT.
The VAT goes straight to Federal Government 100% while the other element is being shared between the banks and the payment gateway.
For instance, you transfer ₦5,000 from Bank A to Bank B, Bank A will charge you ₦10.75 and a SMS debit alert of ₦4.00, Bank B will charge you for receiving the money and also SMS debit charge, if the transfer was done from a current account, be rest assured that ₦1 per mille will apply at the end of the month. But if the transfer was done from Bank A account to another account in Bank A whether current or savings, there will be no ₦1 per mille only SMS Alert and the Stamp Duty.
There is however, something many don’t seem to know and makes it difficult for them to appreciate. When someone volunteers his/her bank account to help receive contributions for a purpose, do you know, the bank charges that account ₦50 and ₦4 for every deposit received? And don’t forget the person needs to make transfers for payments depending on the purpose for that monies being received.
Who should bear that cost especially when many are ignorant of bank charges?
So last year I gave one of my bank accounts for such a purpose in the church and all 33 members of the committee were to make a donation of ₦100,000 per person. Alot did their contributions in two or three instalments, imagine the deposit charge and SMS alert charges?
I received a total to 61 credits into the account, so do the arithmetic. ₦54 multiply by 61 that is ₦3,294, will anyone say it is hidden charges? I also made several transfers especially to other banks for payment and I was charged all the times I made transfers to other banks the maximum amount of ₦53.75 because none of the payments was less than ₦50,000.
This enlightenment continues tomorrow.
#iTrain
#iTeach
#iCoach
#iMentor
#iConsult
#iFacilitate
#iDoResearch
Business Digest….your indispensable daily business companion.
__________________________________
Yours-In-Entrepreneurship
*_Dr. Emmanuel Idenyi Shaibu_*
_animn, ace, f.hcd, f.dss, m.frcn, fimc, cmc, cms, FAiPA, DPA, FCCFI_
The Millennium Entrepreneur!
*MakingAMarkGlobally*