Access Bank forgets to charge customers stamp duty for 3 months

Access Bank customers will now have to pay an accumulated charge over the 3-month period

Access Bank Plc has admitted in an email to customers that it forgot to implement a mandated stamp duty charge on applicable transactions between February 1, and April 30, 2020.

A N50 stamp duty is charged on all deposits, and electronic transfers of naira-denominated current and savings accounts for transactions of 10,000 and above.

The bank said it failed to enforce the charge for three months, as required.

While apologising to its customers for the oversight, Access said it will now be required to deduct the accumulated charges for the said period from their accounts.

“We request that you kindly fund your account to accommodate this charge,” the bank urged customers.

The stamp duty will be remitted to the Central Bank of Nigeria (CBN).

Samson Toromade, Pulse

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