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Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges (15371 Views)

10 Banks Earn N22bn On Account Maintenance Charges (Names) / 5 Banks Earn N15.7bn On Account Maintenance Charges In Q1 2019 / Senate Asks CBN To Suspend ATM Card Maintenance Charges (2) (3) (4)

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Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by dre11(m): 6:46am On Sep 18, 2019
Kayode Adebowole



Between January and June 2019 , four leading banks generated N 24 . 3bn from account maintenance charged on their customers’ accounts , investigation has shown .

This is an increase of about 19 .18 per cent from N 20 . 39 bn generated in the corresponding period in 2018 .

Some banks on monthly basis charge their customers N 50 with or without card while some deduct N 1 , 000 from each customer’ s account per annum for maintaining their savings accounts .

The Senate had in 2018 called on the Central Bank of Nigeria to suspend the deduction of card maintenance fee.

The upper legislative chamber also directed its banking committee to investigate the deduction in comparison with what obtained in other countries .

The earning of some banks in account maintenance charges may have been propelled by large customer base.

Two leading banks by profit , Zenith Bank Plc and GTBank , for instance , have over 8 .6 million and 16 million customers respectively.

Specifically , Zenith Bank recorded N 9. 57 bn from account maintenance fee in the first six months of 2019 . This reflects 10 . 76 per cent increase over N 8. 64 bn reported in the first six months of 2018 .

GTBank Group ’s audited report for the first six months of the year ; N 5 . 71 bn was generated for maintaining customers account in the first six months of the year , up from N 5 . 18 bn in the first six months of 2018 .

The merger between Access Bank Plc and Diamond Bank Plc aided 96 . 15 per cent increase on account maintenance fees of Access Bank , moving from N 3. 14 bn in the first six months of 2018 to N 6 .16 bn in the first six months of 2019 .

Access Bank in its audited result and accounts for the six months ended June 30 said account maintenances fees were fees charged on current account .

“ N 1 on every N 1 , 000 in respect of all induced debit transactions is charged on these accounts , ” Access Bank explained.

The bank noted that card maintenance fees were fees charged customers for maintaining their accounts .

“ The fees are earned and recognised by the bank over the validity year of the card. The bank charged the customers for this service on a monthly basis , ” extract from the bank ’s audited six months result for the period ended June 30 to the Nigerian Stock Exchange explained.

The United Bank for Africa Plc, on the other hand , reported 16 . 3 per cent increase on account maintenance fees , N 3. 39 bn , in the first six months of the year , up from N 2 .9 bn in the first six months of 2018 .

The President of the Bank Customers Association of Nigeria, Dr Uju Ogubunka , explained that the guide to charges by Banks and Other Financial Institutions in Nigeria , 2017 made no provision for “ Account Maintenance Fee ” .

Ogubunka , a former Registrar and Chief Executive of the Chartered Institute of Bankers of Nigeria, added , that the CBN guideline , however , provided for ‘Current Account Maintenance Fee ’.

He noted that the CBN guide prescribed that the rate chargeable by a bank for this fee was negotiable with a customer subject to a maximum of N 1. 00 per mille” .

Ogubunka said, “ Consequently , no bank is authorised to make this charge without first , negotiating with the customer and the agreed rate must not be more than N 1 .00 per mille .

“ How many customers know that they ought to negotiate with banks on this fee? How many cross -check and verify the type, amount and basis of charges entered into their accounts by their banks ? How many seek redress when necessary ?

“ Nevertheless , the Guide ’s provision , directly or indirectly , places the burden on the banks . It is their responsibility to call the attention of their customers for negotiation.”

He called on regulators and supervisors of banks in the country to investigate and confirm that banks are complying with regulatory provisions on account maintenance charges.

According to him , CBN needs to impose deterrent sanctions on any bank found , not just violating the regulations but more fundamentally , cheating customers as well as putting the reputation of banks and bankers in disrepute .

He asked bank customers to examine their accounts periodically , with a view to ensuring they were managed in accordance with the rules / regulations of banking operation in the country .

https://punchng.com/four-banks-generate-n24-3bn-from-account-maintenance-charges/

1 Like

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by ehirosplusbiz(m): 6:49am On Sep 18, 2019
Duty stamp and other charges , more like stealing

37 Likes 3 Shares

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by healthserve(m): 6:50am On Sep 18, 2019
Expose what banks. Hypothetical nation

11 Likes

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Bawizzo(m): 1:23pm On Sep 18, 2019
the banking sector is obviously the bane of illegal extortion and looting. it is just an official place for swindling.



where is Eco bank??

24 Likes 2 Shares

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by polite2(m): 1:23pm On Sep 18, 2019
Hmmmmmmm
Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by ForeThinker: 1:23pm On Sep 18, 2019
The real Yahoo Yahooz

65 Likes 4 Shares

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by uchman48(m): 1:24pm On Sep 18, 2019
I wonder what this banks are even maintaining sef,

5 Likes

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by StRichard(m): 1:24pm On Sep 18, 2019
Where is first bank?

6 Likes 1 Share

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Obudupikin: 1:24pm On Sep 18, 2019
What I don't understand is how they maintain the account.

The way Access take dey withdraw money from my akkant under ambiguous subheads like say they follow me save am dey really hurt my feelings.
angry

38 Likes 4 Shares

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Fidelismaria: 1:24pm On Sep 18, 2019
Corporate yahoo organizations

14 Likes 1 Share

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Ayt27(m): 1:24pm On Sep 18, 2019
These banks (all over the world) are making billions from the common man, something is terribly wrong with this world system.
N24bn in six months from card maintenance fees only. If that same common man asks for a loan na wahala.

Banks that only loan money if you can prove you don't need it.

You'd think the Nigerian banks would at the very least do away with contract staffs. undecided undecided

25 Likes 2 Shares

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Angelfrost(m): 1:24pm On Sep 18, 2019
Banking in Nigeria is almost tantamount to FRAUD!!!...

29 Likes 1 Share

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by blaise26abj(m): 1:25pm On Sep 18, 2019
That is why they don’t want to help build businesses. They would rather seek to make everyone open accounts with 1000 Naira and start their evil deduction on the altar of card/account maintenance. The return is guaranteed

41 Likes 2 Shares

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by omonla10(m): 1:25pm On Sep 18, 2019
We paying them money to maintain our money for us.
Abeg, which figure of speech is this one

33 Likes 2 Shares

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Abalado(f): 1:25pm On Sep 18, 2019
These banks yaf kill their customers, Polaris is the worst bank I ever see in my life, thank God I've left their stupid bank for another one, they will just cut ur money anyhow, that one stupid charges, especially when I was rushing to the bank to withdraw my last 1k and to get their and met 865 naira, I treck from oshodi apapa that day

42 Likes 1 Share

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Jossyroyal1: 1:25pm On Sep 18, 2019
Can you imagine??
Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by AjilejaEkun: 1:25pm On Sep 18, 2019
Scammers everywhere.... from the head to the bottom.

3 Likes

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by o123456789(m): 1:26pm On Sep 18, 2019
Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Pearlyakin(m): 1:26pm On Sep 18, 2019
Den of thieves, those banks are the real time scammers because they steal people's hard earned money using some nonentity grammar to justify their nefarious and formal stealing of people's money.

11 Likes

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by oluwasegun007(m): 1:26pm On Sep 18, 2019
Oya, let's hear your opinion..

1 Like

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by VajanahDischaj(f): 1:27pm On Sep 18, 2019
and they are still looking for more cash oh

1 Like

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by nafisu: 1:27pm On Sep 18, 2019
lol softwork.. lmao ontop your money o. las las everything na street for this life

6 Likes

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Sofistcatdmoron: 1:27pm On Sep 18, 2019
thieves
what about atm maintenance charges i know uba will rank highest on this

3 Likes

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Femeto: 1:27pm On Sep 18, 2019
Nigerian banks are thieves.

4 Likes

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Knox123(m): 1:27pm On Sep 18, 2019
shocked

Yet they want to start charging us for deposit....

2 Likes

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Royalfurnitures: 1:27pm On Sep 18, 2019
Proceeds of illegal deductions, hidden charges, etc from customers money


Check out my signature for quality and durable furniture for your homes and offices

4 Likes

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by shomutuski(m): 1:27pm On Sep 18, 2019
thats how the rich keeps getting richer

4 Likes 1 Share

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by Dozie32(m): 1:27pm On Sep 18, 2019
So na so God want take punish me? All the banks they mentioned, na the bank o dey bank oo!!

2 Likes

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by WizBLANCE(m): 1:28pm On Sep 18, 2019
OH! HOW THEY MILK US... They be debitibg 52 naira like it doesn't count

5 Likes

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by gurunlocker: 1:30pm On Sep 18, 2019
These guys are thieves.


How they hell are you helping me maintain my account when I have my card with me and I gave you my money to keep?

7 Likes

Re: Zenith, GTBank, Access, UBA Generate N24.3bn From Account Maintenance Charges by prigoz(m): 1:31pm On Sep 18, 2019
If you don't know that Nigerian banks are criminals, then you are a leaner. Like today alone, UBA has sent me alert for September maintenance charge through it is N50 but before you know it they will send me another one. I imagine millions of customers multiple by 50. They are ole

8 Likes

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