Bank customers will henceforth pay a charge for failed direct debit transactions.
According to the Guide to Charges by Banks, other financial and non-financial institutions published by the Central Bank of Nigeria (CBN), the charge will only apply to transactions that fail due to the account being unfunded.
Customers will be required to pay either one per cent of the amount or N5,000- the higher that is applicable as the penal charge.
Direct debit is an arrangement made with a bank that allows a third party to transfer money from a person’s account on agreed dates.
Stanbic IBTC Bank notified customers of the penal charge through email on Thursday.
See the mail below;