Access bank faces PR nightmare after outrageous charges

To reverse excess charges after social media backlash

Customers drag access bank over bulk stamp duty charge
Customers drag access bank over bulk stamp duty charge

Access bank faces PR nightmare after outrageous charges – Access bank Nigeria has gotten into a public relations nightmare after it debited all customers this weekend over what it claimed to be stamp duty charges, but findings has shown that the debit passed on customers were far above the stipulated charges by the Central bank.

Stamp duty deductions apply to all credit received into current and savings accounts in respect to electronic transfer and teller deposits of N10, 000 and above. The money is remitted to the Central Bank of Nigeria.

The collection of the fee took effect in February but the bank delayed inadvertently its implementation until this week. Access Bank said in an email it sent to customers on June 23 that it “will be required to process the accumulated charges” incurred between February 1, 2020 and April 30, 2020.

FINANCIAL WATCH had earlier reported the social media backlash with the #Accessbankscam hashtag which trailed the charges Sunday morning.

Some customers said the deductions, even if legal, were outrageous and beyond what was necessary, with #AccessBankScam trending at number one spot in Nigeria as at the time of writing this report.

Following the distrust created be the actions of the bank which have significantly damaged the bank’s image for the time being, the lender have however indicated that it will return all charges back to the affected customers.

“We have have heard our customers’ feedback that this charge is unwelcome, especially at this time against a challenging economic drop,” the bank said in a statement.

“We have considered your feedback and have decided to pay the stamp duty on our customers’ behalf for the affected period only.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Be the first to comment

Leave a Reply

Your email address will not be published.