It is no news that Access bank customers took to several social media platform to expressed their dissatisfaction over the accumulated deductions debited by Access bank from their respective bank account earlier this week
Prior to the deduction exercise, Access bank had sent out an apologetic email pacifying its customers of oversight from its management to enforce the stamp duty charge for three months which starts from February 1st 2020 and April 30th, 2020.
Though, this didn’t go well with some customers who slam back at the management of Access via email that such oversight as claimed by the bank is clear gross incompetence on part their part as there is no better way to explain their action.
The stamp duty is supposed to be remitted to the Central Bank of Nigeria according to the circular issued on the 15th January 2016, which directed all Deposit Money Bank to commence charging their customers N50 as stamp duty charges per eligible transaction above N10, 000 compared to the N1000 that had previously taken effect across the country in the month of September. The circular exempt self-to-self deposit or transfer whether inter or intra bank and also any form of withdrawal or transfers from savings and current account holders.
With this point stated, Access bank stamp deductions are in compliance with the directive of Central Bank of Nigeria, and should not be perceived as a conscious effort from the bank to defraud its customers of their hard-earned money.
To clear the doubt on the mind of their customers, Access bank has decided to pay the three months stamp duty charge for the affected period on behalf of its customers. They understand the harsh reality brought about by the coronavirus outbreak has left many Nigerians cash-strapped.
Access Bank statement on stamp duty deduction
The equivalent stamp duty fund will still be remitted via the Central Bank of Nigeria to the Federal Government.
