CBN Introduces Current Account Maintenance Fee - Business (2) - Nairaland
Nairaland Forum › Nairaland General › Business › CBN Introduces Current Account Maintenance Fee (26585 Views)
| Re: CBN Introduces Current Account Maintenance Fee by dammytosh: 12:13pm On Jan 22, 2016 |
Buhari should sack the CBN Governor His policies are TRIAL AND ERROR I also call for the SACKING OF the FINANCE MINISTER. In this trying times, We need experienced people to be incharge of the Financial sector. Not all this TESTIN TESTING microphones. Bring Soludo and Madam Bring Back Our Girls. |
| Re: CBN Introduces Current Account Maintenance Fee by OLUJOSHINS(m): 12:24pm On Jan 22, 2016 |
Artless360:its the most destructive religion on earth 3 Likes 1 Share |
| Re: CBN Introduces Current Account Maintenance Fee by engrshakespeare: 12:26pm On Jan 22, 2016 |
Artless360:If u don't want to be mentioned use ur sense na. Make ur opinion in d right place. Is thid a religious thread. Na wa o. 4 Likes 1 Share |
| Re: CBN Introduces Current Account Maintenance Fee by missade(f): 12:28pm On Jan 22, 2016 |
Unless you want the banking system to collapse; N1 per N1000 is still a whole lot cheaper than the charges some banks may be charging. besides, this charge is for current account holders. open savings c'est fini. 3 Likes 1 Share |
| Re: CBN Introduces Current Account Maintenance Fee by unlawfulact: 12:31pm On Jan 22, 2016 |
Most banks are just too lazy. They are just too scared and lack creativity. Imagine what becomes of zenith bank that has more of coporate accounts. Remember that emeifele is from zenith bank. 3 Likes |
| Re: CBN Introduces Current Account Maintenance Fee by bitingcool: 12:32pm On Jan 22, 2016 |
MAINTWO:PUHLEASE, how many banks in the world charge COT or this Phony maintenance fee or send out marketers out to prostitute on behalf of deposit generation. Because they are too lazy to practice real banking, The public has to pay for it. Heritage Bank started with zero COT, they have broken even. The charges will contact to appear under different names till Emefiele the puppet is brought to book or we secure a court injunction against such ( don't know how possible that is), either ways we need an assertive CBN governor, not a knowledgeable but manipulative person. The position of CBN governor and Finance minister is too critical for easily manipulative people. 3 Likes |
| Re: CBN Introduces Current Account Maintenance Fee by LordAdam: 12:39pm On Jan 22, 2016 |
My problem with Emefiele is that he is a corporate (Bank) ass-licker. All his policies have favored Banks in some way, unlike SLS who had the interest of the customers at heart first. SLS should have nominated his successor himself. Sanusi, even with his failings, is our best CBN governor in a long time. The mess we are in now is that virtually all the alternatives to Emefiele are also corporate ass-lickers. If PMB can find a Sanusi-like character in the CBN, he should remove this guy... -Lord 4 Likes |
| Re: CBN Introduces Current Account Maintenance Fee by Nobody: 12:42pm On Jan 22, 2016 |
bigtt76: Mustay: masonkz: Pavore9:This policy is actually good and it's a lot different from the fixed initial #1 COT charge. With this policy it means you have the flexibility to negotiate with your bank and agree on the amount you feel comfortable with in terms of charges per thousand, depending on how frequent you transact and the amount involved but it cannot be more than one naira. For example let's say daily I do transactions that are worth up to 10million with my current account, I can now negotiate with the bank that I'll prefer being charged 50kobo or I might have to move my funds to any other bank that is ready to do this for me. So instead of being charged 10k I get to save 5k. It's a win-win situation for both the bank and the customers. The banks get paid and the customers get to negotiate how much they can afford. May the best negotiator win! Kudos to the CBN on this. 1 Like 1 Share |
| Re: CBN Introduces Current Account Maintenance Fee by Nobody: 12:48pm On Jan 22, 2016 |
CBN's one week, one policy routine strikes again.... 1 Like |
| Re: CBN Introduces Current Account Maintenance Fee by Nobody: 12:48pm On Jan 22, 2016 |
N1 charge on a N1,000 doesn't seem excessive. It's only a token to keep the banks running. Anyways, in order to fully encourage the use of e-payments and debit cards, the CBN should eliminate the N1000 and N500 notes. The N200 note could be the highest denomination. |
| Re: CBN Introduces Current Account Maintenance Fee by bitingcool: 12:50pm On Jan 22, 2016 |
MAINTWO:2. Park well. Are you telling me That banks as financialists and economists have no idea what to do with monies deposited in their safety? Do you know how much they have in their possession. If I give you 50M tomorrow, you will collect charge from me ba? That's what happens when people in strategic positions think backwards. Will you blame them, when all they specialize in is how best to aid politicians to loot funds abroad Don't ever go to the public claiming banking must be with a charge. The advanced world may question your sanity. 1 Like |
| Re: CBN Introduces Current Account Maintenance Fee by LordAdam: 12:57pm On Jan 22, 2016 |
dammytosh:Abeg, do not call those politicians. Soludo's only major achievement under OBJ was market recapitalization. He is a corporate ass-licker like Emefiele. And now a politician, we cannot have a politician there who will be doing APC versus PDP with critical monetary policies. His recent utterances prove he will use the position to score cheap political points. Madam BBOG is another technocrat cum politician. If you read her recent tweet criticizing Emefiele, you will marvel at the level of ignorance she displayed, comparing Nigeria to Russia. She can manage ministry of women affairs not a critical ministry like finance. She will play politics with it. PMB needs to bring technocrats with very little exposure in the political scenery, preferably with western financial education and experience to hold these lofty positions. Nigeria is the 21st largest economy in the world right now out of 190 countries. We cannot be playing politics or doing hit and miss with our economy. I know we have many of them, (our population is around 170 million, ninth largest in the world, so he cannot say we only have politicians to fill those positions) it is up to him to scour for them. -Lord 1 Like |
| Re: CBN Introduces Current Account Maintenance Fee by bitingcool: 1:12pm On Jan 22, 2016 |
LordAdam:I agree with you, their political affiliations have tainted their professional expertise. They, especially Soludu will be easily manipulated based on their exposure. We need people that answer to no one except the good of the country. Better suggestions anyone? 2 Likes |
| Re: CBN Introduces Current Account Maintenance Fee by porka: 1:13pm On Jan 22, 2016*. Modified: 1:32pm On Jan 22, 2016 |
MAINTWO:Banks accept deposit from customers and make the funds available for lending. They charge reasonable interest on loans to cover their costs and still make returns to their shareholders. What aspect of services is this maintenance charge meant for? Checking accounts are already charged for various services provided. Cheque books are issued at a cost. Bank guarantees and references are charged as well. Even statement of accounts have their own charges. Debit cards, withdrawal authorization token devices and SMS alerts are charged as well. Plus other numerous charges. What exactly are they maintaining with the 1/mille charge? Are they supposed to charge people FOR USING THEIR MONEY TO TRADE? Are they not supposed to pay THEM interest? Yes, current accounts are to be honored on demand, but not all of them come at the same to make demand. Otherwise there would be a run on the bank leading to a collapse. They still have the bulk of their liabilities as demand deposits. Deposit money business is not for people who want to get rich overnight. Such people should go to Las Vegas. Banking is a serious business for a core conservative temperament. This new charge is a rip-off. Emefiele has been offering himself as a willing tool to do the dirty jobs of the bank owners who pushed his candidacy. These banks are seeking all means to cover their over exposure to oil and gas financing. The CBN should seek to properly regulate them and enforce relevant prudential guidelines with the Basel accords not to be seen supporting and aiding bad behaviors by CHARGING the customers to shore-up unstable balance sheets. 4 Likes |
| Re: CBN Introduces Current Account Maintenance Fee by porka: 1:29pm On Jan 22, 2016 |
CFCman:Are they going bankrupt? Why should there be SPECIAL CHARGES 'to keep the banks running'? |
| Re: CBN Introduces Current Account Maintenance Fee by missade(f): 1:33pm On Jan 22, 2016 |
bitingcool:Foreign banks charge their customers as well o. and Heritage has not broken even anything; they are still not a tier 2 bank. it is still a regional bank sef. Unless you really require a current account, do not open it. You don't need to give out cheques anymore. There are various payment platforms to transfer money. My 2kobo 1 Like |
| Re: CBN Introduces Current Account Maintenance Fee by Nobody: 1:35pm On Jan 22, 2016 |
porka:That's the nature of banking business worldwide. Some 'insignificant charges'/incentives keep them afloat. In the US, banks charge, on average, $10/month as checking acct maintenance fee if the monthly deposit to the acct is less than $500 and/or the funds in checking account is less than $200. Moreover, there is a $0.50 charge on ever debit card transaction at the grocery store, gas station, restaurant etc. 1 Like |
| Re: CBN Introduces Current Account Maintenance Fee by dammytosh: 1:48pm On Jan 22, 2016 |
LordAdam:They are tested hands. This period, book can not save us besides experience. |
| Re: CBN Introduces Current Account Maintenance Fee by missade(f): 2:00pm On Jan 22, 2016 |
CFCman:I don't know where people got the notion that foreign banks don't charge fees. All banks charge especially on checking accounts. Although the amount charged may be different based on the customer's account activity i.e how frequently he makes use of the account or how much deposits he makes monthly. They may also grant concessions to customers based on their lodgements and negotiation with the bank. Yes, banks make use of customer's deposits to trade or grant loans to businesses. The aim is to ensure that the economy grows because there are some sectors that require independent funding. But I agree that the banks need to become more creative especially now that the Government has moved its funds from the commercial banks... 1 Like |
| Re: CBN Introduces Current Account Maintenance Fee by LordAdam: 2:06pm On Jan 22, 2016 |
dammytosh:They are tested but not trusted. They failed their tests. Unless you want another PMB experience. PMB failed in his first test in the 80's and is failing again in the 21st century. Nigerians are beginning to accept that PMB is only good for fighting corruption and has zero idea how to run an economy. Now, we are explaining ways to cushion his failings by recommending people that can help cover his delinquencies and form better policies, and you are referring us to the people that placed us in this mess. Even worse, these people from their recent comments in the public domain show that they have nothing to offer. All Soludo has been talking about is how PMB copied GEJ budget and how NOI mismanaged the economy. What has he recommended to stall the coming recession, nothing? Madam BBOG was comparing Russia to Nigeria and saying CBN should organize exercise for over 100 million adults in Nigeria to vote on economic policies. Did she even conduct a feasibility study to check out the cost of such an exercise? What about the 100 million adults that know virtually nothing concerning economics. Is it these failed people you want to give these vital offices to? If our only option is going back to our vomit, then the future of the Nigerian economy is bleak. -Lord 1 Like |
| Re: CBN Introduces Current Account Maintenance Fee by Favolly(f): 2:36pm On Jan 22, 2016 |
I'm just seeing this one o! But this Iranu is getting too much. When politicians were plundering the reserves and spending money recklessly, CBN did not know they were supposed to set up policies to curb excess money in circulation. Now it is my money they want to use to build up reserve and strengthen the economy. So I now have to pay for every time i touch my salary account. Salary that is very tiny sef  I don't blame them. It's because they know all salary earners have to use current accounts. They know savings account holders won't accept it. Patapata na to buy king size mattres dey save money for there  |
| Re: CBN Introduces Current Account Maintenance Fee by Youngzedd(m): 3:04pm On Jan 22, 2016 |
puskin:COT wasn't 1 Naira per a thousand. 1 Like |
| Re: CBN Introduces Current Account Maintenance Fee by puskin(mod): 4:07pm On Jan 22, 2016 |
MAINTWO:So you're trying to tell me that it is ok for banks to use my money to make money/profit for themselves and then they should also charge/bill me for using my money to make money. Ok......I have heard you. 1 Like |
| Re: CBN Introduces Current Account Maintenance Fee by puskin(mod): 4:09pm On Jan 22, 2016 |
... |
| Re: CBN Introduces Current Account Maintenance Fee by Nairasurplus(m): 6:15pm On Jan 22, 2016 |
99kobo |
| Re: CBN Introduces Current Account Maintenance Fee by supereagle(m): 6:33pm On Jan 22, 2016 |
The tenure of Soludo remains the best |
| Re: CBN Introduces Current Account Maintenance Fee by Roadmike(m): 7:27pm On Jan 22, 2016 |
Emefiele is just trying to protect is former Boss and his bank, why reintroduce COT in another guise. Nairalanders recall he never introduced the COT removal [r withdrawal policy in the first instance, so never supported it |
| Re: CBN Introduces Current Account Maintenance Fee by JurassicPark: 7:28pm On Jan 22, 2016 |
ernecy:It is called "chanji"  1 Like |
| Re: CBN Introduces Current Account Maintenance Fee by banio: 8:17pm On Jan 22, 2016 |
Confusion everywhere. CBN Osinachi. Don't be scared Nigeria, oil is bouncing back to $50 soonest. |
| Re: CBN Introduces Current Account Maintenance Fee by Nobody: 8:25pm On Jan 22, 2016 |
Emefiele is just a typical Igbo man who believes in underhand business dealings. Why not just restore the COT regime canceled by former governor Sanusi? Instead he has chosen to go about it in a duplicitous way. Now the bank will take N1.0 per mille when you credit, and take another N1.0 per mille when you debit, since it's now per transaction, so it's effectively N2.0 per mille. COT under the previous tarriff regime was also negotiable, so no difference, just that they've worded everything in a roundabout manner since they're too clever by half. This seems like a quid pro quo arrangement though, with the banks probably requesting for his assistance to shore-up their revenue base in exchange for putting a hold on mass lay-offs, while the Buhari administration struggles to find its sea legs. 1 Like |
| Re: CBN Introduces Current Account Maintenance Fee by DajinDaho(m): 8:53pm On Jan 22, 2016 |
The current cbn governor is fond antidepositors policies.They say they want encourage people to be partronising banks and they are increasing cost MAINTWO: 1 Like |
| Re: CBN Introduces Current Account Maintenance Fee by vikeyz(m): 9:08pm On Jan 22, 2016 |
Kwarapt fiful, next! |
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