11 Comments
  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.

      Enjoy!

  2. Adeleye Olanrewaju says

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

    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.

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