1. Michael says

    Hello Gbenga, Thank you for this informative article. I have a Corporate account with access bank and the AMF charges is quite unbearable. In this article, you suggested opening sub-account that does not bear AMF charges and transfer money between the 2 accounts. I asked Access bank about this and they insist they will still charge AMF.

    I went to CBN website and read the “Guide to Charges by Banks and Other Financial Institutions”. Page 11 of the guide says (Current Account Maintenance Fee (CAMF): Applicable to current accounts ONLY in respect of customer-induced debit transactions to third parties and debit transfers/lodgments to the customer’s account in another bank. Note that CAMF is not applicable to Savings Accounts) https://www.cbn.gov.ng/Out/2019/CCD/Guide%20to%20Charges%20by%20Banks%20Other%20Financial%20and%20Non-Financial%20Institutions%20eff%20Jan%201%202020.pdf

    Can you please clarify this as Access Bank is insisting they will still charge me AMF if i transfer money between accounts in same name within the same bank.

    1. Gbenga says

      Hello Michael,

      The product you need is MPower Biz Account. I have also forwarded a full response to the email you provided.


  2. Adeleye Olanrewaju says

    How much does Fidelity Bank charge for their legal search fee?

    1. Gbenga says

      Hi Adeleye,

      Legal Search is a corporate account opening requirement, usually done at inception. Fidelity bank charges N10,000.

  3. Debby says

    How did banks calculate BG of a company per day or per annum? Thanks for the info.

    1. Gbenga says

      Hi Debby,

      If you mean ‘Bank Guarantee’, banks usually charge 1% (of the guaranteed amount) flat fee at issuance. No daily/annual interest.

      1. Bala says

        Please what are the difference in term of charges for future charges in receiving huge money in Copprate , current and savings account

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  5. Anonymous says

    Good article. Very infoy

  6. Daniel Oriola says

    Hi, thanks for this info. Please what bank will you recommend for someone who wants to be saving money for a long time

  7. Ademola Teslim says

    Very educative. Thank you so much Gbenga.

  8. Sangodare O David says

    Thank you very much. This is absolutely very enlightening to me in particular.
    But, can a bank charge COT on intra bank transfer or pension salary?

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