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First Bank Reintroduces Processing Fees On Cash Deposits

…3% To Be Charged For Deposits Above 3 Million naira for corporate accounts.

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First t Bank Nigeria Plc has announced the reintroduction of processing fees on cash deposits above N500,000 starting from May, the bank said in a statement to its customers on Monday.

Cablenews24 reports that in the statement, First Bank said it would start charging two per cent as processing fees for bank deposits above N500,000 for individual accounts while three per cent will be charged for deposits above three million naira for corporate accounts.

“We write to inform you that, effective 1 May 2024, our processing fees structure on cash deposits has been adjusted in accordance with regulatory requirements,” the bank said in the statement.

“As a result, the following rates will apply: 2% processing fee on deposits above N500,000 for individual accounts and 3% processing fee on deposits above N3,000,000 for corporate accounts,” the statement added.

This Online News Medium understands that the latest reintroduction of processing fees is coming more than four months after the Central Bank of Nigeria (CBN) suspended such charges for cash deposits above N500,000 until April.

Exempted from the levy include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank.

Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠Banks’

 recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.

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