If you have a savings account with First Bank, please check if you are being charged account maintenance charges and write to the bank , report to CPC , EFCC and CBN for them to refund your money, from the point of law and logic, it is illegal.

I am currently preparing a litigation and I will keep you all posted as we proceed.

Account maintenance charge was introduced by CBN on 20/01/2016 to make up for the zero COT regime.
Just like COT (Commission on turnover), account maintenance fee (AMF) is strictly for current accounts and not savings account. A CBN circular to all banks on 20/01/2016 states clearly how to apply AMF.

Months ago, First bank resorted to exploiting me and other customers by charging AMF and even stamp duty fee on savings accounts.

When I complained, they responded from firstcontact that savings accounts with 'high withdrawals' are charged AMF.

For over two months they have ignored the following questions my colleague asked them:

1) What is the withdrawal limit of savings account to prevent being charged AMF?
2) Why do you introduce a charge that is not supported by CBN regulation?
3) Why do you still charge AMF on an account that witnessed on N3,500.00 withdrawal in a month?
4) When was the last time you paid interest on my savings account?
5) Why was COT not charged on savings accounts with 'high withdrawals'
6) Since I now pay COT on savings account, can you please issue a cheque to me on the account?
7) Can I now give someone reference?

I consider this action fraudulent, exploitative and insensitive see one of their replies below:
The EFCC should beam a search light on the banks to prevent abuses on citizens accounts especially now that things are tough.
We need change in this direction.
I will keep you posted on my legal actions soon

Am currently experiencing the same thing.

They have been doing same to me. I complained severally to my husband but haven't laid any complaint to the bank though. This is really bad of first bank.

I just don't like first Bank, don't know why

.

First Bank is scam bank
I don't use the again

..... ! Zenith bank also charged me, but it's once in a year! .. ...

First Bank is becoming unreliable. I experience the same Account maintenance charges deduction in my savings account. SCAMS!!