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Bank Charges That Frustrate Nigerians, Because They Do Not Know About It

Banking in Nigeria comes with a lot of problems for many. There are several complaints of unprofessionalism and other ills.
In January 2016, it was announced that in a bid to generate revenue for deposit money banks, the Central Bank of Nigeria (CBN) introduced a maintenance fee on current account transactions.

 What are some bank charges you did not know about and what do they mean?

1. MAINTANANCE FEE
  The maintenance fee means that for every N100,000 leaving a current account in Nigeria, deposit money banks are permitted to take N100 for account maintenance.

 2.  PROCESSING FEE
    The processing fee is the fee banks charge for transactions across countries. For example If someone who lives in the US has just sent you $200 through your bank and the bank exchange rate is N319 to $1, they will subtract a $2 processing fee from the dollar amount.

 3.  ATM WITHDRAWAL CHARGES
When you use an ATM that does not belong to your bank, there is usually a N65 charge after the first transaction in the month and subsequent other transactions 

 4.  ATM CARD MAINTAINANCE FEE
    This is peculiar to some banks, but it has been revealed that some of them charge for ATM card maintenance on an annually basis.

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