How to avoid paying excessive bank charges in GTB, Access other banks

• The precocious fees for elemental banking services similar transfers, withdrawals, and relationship attraction person remained a root of vexation for Nigerians
• Despite countless demonstrations, grievances, and adjacent jokes connected societal media, thing has changed; instead, much charges person emerged.
• Some fiscal experts person suggested antithetic hacks that Nigerians tin usage successful avoiding these excessive charges

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Nigerians are already struggling financially, and the exorbitant fees for elemental banking services similar withdrawals, transfers, and relationship absorption person lone made matters worse.

The concern has not altered contempt galore protests, complaints, and adjacent societal media memes; instead, caller accusations person surfaced.

Nigerians are frustrated by precocious slope charges. Photo Credit: Contributor
Source: Getty Images

Different slope charges successful Nigeria

Value Added Tax, overseas speech commission, ATM transfer fees, committee connected turnover, POS transportation fees, interbank transportation fees, paper attraction fees, USSD charges, paper issuance fees, cheque issuance fees, stamp duty, and transportation fees are conscionable a fewer of the fees that existing banks charge.

Eleven banks earned astir N714 cardinal successful electronic fees and different commissions during the archetypal 9 months of 2022, according to a fiscal report.

This has thing to bash with whether a user is high-end oregon low-end. All transaction strata are covered by the policies.

Considering each of this, arsenic good arsenic the caller fees brought astir by integer banking, immoderate Nigerians are disquieted astir the banks' exorbitant fees.

For instance, since the authorities precocious implemented a argumentation requiring a N50 punishment connected physics transfers implicit N10,000, Mr John Banji, a wholesale grocer successful Abulelegba, Lagos, has ceased taking transfers from clients purchasing items costing much than N10,000.

“The N50 deduction eats into my nett margin, and I’m already operating connected a bladed borderline by losing N50 connected specified transactions. My benignant of marketplace relies connected high-volume income to marque a profit. Hence, I’ve resorted to accepting currency payments for ample transactions, but if a lawsuit chooses to incur the cost,” helium added.

Businesses dealing successful cash

To behaviour mundane transactions without incurring transaction costs, immoderate tiny concern owners person besides gone backmost to dealing successful currency oregon keeping currency connected hand.

Prof. Chiwuike Uba, a fiscal analyst, emphasised the wider ramifications of these fees, pointing retired that Nigeria is already 1 of the nations successful Sub-Saharan Africa with the highest slope fees.

“The charges not lone service arsenic a disincentive to savings but besides heighten the economical challenges faced by Nigerians,” helium worried.

He noted that arsenic of September 2024, a startling 93.1% of the full currency successful circulation was extracurricular the banking system, up from 87.5% the twelvemonth earlier and reaching 94.3% successful October 2024, according to figures from the Central Bank of Nigeria (CBN).

“This inclination underscores a important obstruction to fiscal inclusion”, helium asserted.

How to dodge excessive costs

Rather than relying solely connected cash, Uba and different fiscal professionals who spoke to ThisDay recommended ways for radical to dodge these costs.

Uba said slope customers should commencement considering transaction consolidation successful bid to prevention connected fees. They should besides regularly cheque their accounts for immoderate unauthorised payments.

According to the fiscal analyst, bargaining with banks and taking vantage of opportunities for waived oregon reduced fees are besides crucial.

Empyrean Professional Services' managing partner, Bamgboye Emmanuel, emphasised the value of opening a due and strategical relationship to prevention needless expenses.

“Grab an knowing of antithetic banks accounts and their offers, past opt for low-fee accounts. It’s precocious clip individuals started rethinking their banking habit,” helium maintained

Additionally, Emmanuel recommended dividing ample transactions into smaller sums erstwhile lump sum deals are taxable to fees.

“Instead of transferring N10,000 oregon much that attracts a fee, wherefore not transportation N9,500 oregon little to debar the fee? Additionally, utilizing cards for transactions is besides economical,” helium said.

Dr. Uju Ogubunka, president of the Bank Customers Association of Nigeria (BCAN), offered proposal connected however to prioritise indispensable transactions and trim the fig of transactions.

“While it whitethorn beryllium hard to debar each charges, consumers request to cautiously measure the necessity of each transaction and look for opportunities to save, specified arsenic reducing transaction amounts wherever possible,” helium added.

According to Jamiu Amusa, managing manager of 171 Bureau De Change Limited (BDC), who perpetually informs slope customers astir high-volume transactions, it is indispensable to comprehend slope policies successful bid to customise them to conscionable peculiar demands. Amusa stated that definite banks person ledger equilibrium accounts that person equilibrium restrictions.

He clarified that customers connected these accounts debar fees by staying wrong the restriction, but that going beyond the agreed-upon bounds could effect successful fees for each relationship transactions. He added that definite banks person products that springiness clients with ample balances incentives.

“So alternatively of them adjacent taking charges, they volition alternatively recognition customers,” helium said.

He enjoined slope users to prosecute successful unfastened connection with banks by perpetually seeking proposal connected what they want.

“By knowing slope policies, negotiating with banks, and exploring alternate banking options, businesses tin navigate the complexities of slope charges and minimise their interaction connected profitability”, helium advised.

How customers of banks tin dainty amerciable charges

Legit.ng reported that customers wre asked to study any amerciable charges on immoderate transaction by the Central Bank of Nigeria (CBN).

In effect to complaints astir arbitrary slope charges, Mohammed Muazu, Head of Complaint Management Division, Consumer Protection Department, CBN, advised customers to reappraisal the CBN's handbook connected slope charges to find however overmuch they should beryllium charged for immoderate fixed transaction.

Muazu suggested that customers comparison the charges they were receiving with the parameters acceptable distant by the CBN by cautiously reviewing the online slope statements that were issued to them by their banks.

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Source: Legit.ng