I was surprised when I received an alert from Diamond Bank that the sum of #300 was deducted from my account for Stamp Duties.

I sent a mail to the Bank notifying them of this anomaly as my account with the Bank is a Savings account which by relevant CBN circular is excluded from the purview of Stamp Duties. I had quoted the relevant portion of the circular which provides for two exception to the Act namely:
1. “Payments of deposits or transfer by self to self whether inter or intra bank; and
2. any form of withdrawals/transfers from saving accounts."

Surprisingly, the Bank replied stating that all accounts is subject to Stamp Duties(Savings and Current).

Please my Nairaland family should help me educate Diamond Bank on the CBN circular on this Stamp Duties issue for it appears their legal department is docile.

Thank you

The bank is right depending on the activity you performed on your bank then you can determine the illegality of the deduction the CBN excluded savings account on the basis of self withdrawal and bank to bank deposit if it the deposit being made belongs to the depositor and also the second exclusion says any form of withdrawal or transfer FROM a savings account . Note the use of the word from in that statement this means if I send 1k to your account you would be charged for stamp duty because the transaction was TO your account and not FROM your account either in transfer or in person. I hope you understand better now. The only way to avoid that stamp duty on deposits made to your account is only if the depositor fills "SELF" in the deposit slip. This I think my elude the stamp duty

did you send or receive?

How much? How many times?

spenca:
The bank is right depending on the activity you performed on your bank then you can determine the illegality of the deduction the CBN excluded savings account on the basis of self withdrawal and bank to bank deposit if it the deposit being made belongs to the depositor and also the second exclusion says any form of withdrawal or transfer FROM a savings account . Note the use of the word from in that statement this means if I send 1k to your account you would be charged for stamp duty because the transaction was TO your account and not FROM your account either in transfer or in person. I hope you understand better now. The only way to avoid that stamp duty on deposits made to your account is only if the depositor fills "SELF" in the deposit slip. This I think my elude the stamp duty

Clear and concise!

Sorry, elcome to Tax year!

This year get as e be.

Bro m xperiencing same frm diamond at the moment. Do u knw that cbn jst extended this stuff to savings account this January 2017. ? But after that, diamond now have started deducting stamp duty charges frm me dating back to early last year to this month. Wtf? Sth which cbn extended to savings account, this year.

praise010:
I was surprised when I received an alert from Diamond Bank that the sum of #300 was deducted from my account for Stamp Duties.

I sent a mail to the Bank notifying them of this anomaly as my account with the Bank is a Savings account which by relevant CBN circular is excluded from the purview of Stamp Duties. I had quoted the relevant portion of the circular which provides for two exception to the Act namely:
1. “Payments of deposits or transfer by self to self whether inter or intra bank; and
2. any form of withdrawals/transfers from saving accounts."

Surprisingly, the Bank replied stating that all accounts is subject to Stamp Duties(Savings and Current).

Please my Nairaland family should help me educate Diamond Bank on the CBN circular on this Stamp Duties issue for it appears their legal department is docile.

Thank you

N100 was deducted from my diamond savings account january and today Feb 8 2017 N150 was deducted from my account yet again. I don't know what's wrong with Nigerian banks. GTB charges a lot.

I got debit alert from Diamond bank Avery mild night of N300, i neither deposit or withdraw ,no activities on my bank at all.pls is other banks doing same?