JUST IN: Access Bank To Refund Customers Stamp Duty Deduction

Access Bank on Sunday announced that it will refund stamp duty deducted from customers’ accounts after social media outcries.

In an email to customers on June 23, Access Bank told customers that it will be required to process the accumulated charges incurred between February 1, 2020, and April 30, 2020.

Naija News reports Access Bank on Saturday implemented the deduction of stamp duty from all its customers.

The stamp duty deductions applied to all credits received into current and savings accounts in respect to electronic transfer and teller deposits of N10,000 and above.

According to the bank, the money is remitted to the Central Bank of Nigeria (CBN).

Following the deductions, some customers took to social media to express their dissatisfaction with the deduction.

Reacting in a statement on Sunday, Access Bank said: “We have heard our customers’ feedback that this charge is unwelcome, especially at this time against a challenging economic drop,” the bank said in a statement

“We have considered your feedback and have decided to pay the stamp duty on our customers’ behalf for the affected period only.”