Dear Nairalanders,

It is a common now to hear people complaining about charges from the bank on transactions. Some of us pay as much as #2000 on bank charges from transactions we haven't made so much profit from.

This became more serious after the introduction of stamp duty. So what can we do to reduce these charges.

1. SMS
Most bank users have Android phones. Any transaction done that sms will be sent for, an email will also be sent. An sms charges is around #4 while email is free. If you carry out 100 transactions in a month including buying of recharge cards charges, that is #400 on sms charges alone.

A solution to this is to deactivate sms charges and use only email. It'll save you extra cash in this economy that every Kobo is useful.

2. STAMP DUTY
Since this introduction by CBN, it has affected a lot of us, many of us have just ended up enriching CBN than ourselves. It's only reasonable here to weigh your transactions except it's free money. If you sell an item of #10000. After the money is recieved, the bank charges #50 stamp duty. If the customer can't send #10,050 , why not recieved #9,999 to save yourself from the stamp duty? Or the money is sent twice in the amount of #5000 twice if it's the same bank and it's from the bank app.

3. INSTALLING BANK APP
Another good way to save cost is to install the application of the bank you are using. Using USSD short code isn't so safe and reliable and it also incur charges. I once used the USSD code to transfer from GTB to Diamond bank. I made the transfer once and it delivered thrice. None of the banks proofed helpful in refunding the money. But issues like this haven't occured since the usage of bank apps.

#20 charges are incurred if you make intra bank transfers using but you are not charged for same service using the app.

4. REQUEST FOR BANK STATEMENT
Have you ever needed your bank statement just to verify a transaction and you had to go the bank? Well, you might have just enriched the bank. How? A page of bank transaction costs around #50 and a month's statement can be up to 20 pages for an average bank user. GTB users have detailed and spaced statement so a page might be for less than 10 transactions, making the statement voluminous unlike Access bank. Now instead of spending so much, why not just go to your bank app and request for a statement which will be sent to your email. Download and view. Same purpose have been met with reduced stress and amount. And you can print from home if hard copy is needed.

These few points will really help you to reduce cost on unnecessary charges. Instead of enriching the banks who are already rich, you can save the cost now.

Feel free to add your points to get us all informed.

-Ayowale Efunnuga

Alright o!

Nice post. Another way to save cost is to avoid Access & Access Demon Bank, sorry Access Diamond Bank altogether.

No matter what you do, Access bank will still charge you.

Nice points tho.

GuestLog:
Nice post. Another way to save cost is to avoid Access & Access Demon Bank, sorry Access Diamond Bank altogether.

I'm telling you bro. That bank is something else.
They will just deduct your money without any reason(s).

GuestLog:
Nice post. Another way to save cost is to avoid Access & Access Demon Bank, sorry Access Diamond Bank altogether.

From your experience, which bank is the most reasonable when it comes to charges?

webgenius234:


From your experience, which bank is the most reasonable when it comes to charges?

STANBIC BANK sir. I've been using this bank for 2 years now and never got a complain.