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Access Bank To Refund Stamp Duty Deductions

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says it will bear the cost of the deducted from their customers from February to April.

Access Bank To Refund Stamp Duty Deductions
Access Bank To Refund Stamp Duty Deductions

The bank said deductions made between Saturday and Sunday would be reversed to customers.

In a statement on Sunday, the bank said it recognised that it is a tough period for customers.

The bank’s customers had complained on various social media platforms on Saturday and Sunday over stamp duty deductions.

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.

Adelowo Adegboyega
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