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Stamp duty charge: Access Bank sends a message to customers

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Access Bank has offered to reverse the stamp duty charges for February to April debited from its customers’ accounts. The bank had previously informed customers in an email that it failed to implement a mandated stamp duty charge on applicable transactions between February 1, and April 30, 2020.

The bank told customers in the email that it would deduct the accumulated charges for the said period from their accounts.

However, many customers took to social media to condemn the bank after it started debiting accounts mostly on Saturday and Sunday.

Many customers said the charges were outrageous and threatened to close down their accounts.

The bank has now apologized to its customers admitting that it “got it wrong” by debiting them late.

The bank also said it will immediately refund all individuals and SMEs who have been debited.

It also said deductions made between Saturday and Sunday would be reversed to customers.

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

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

“This means that individuals and SMEs who were debited for the accumulated stamp duty charge for February to April 2020 will be refunded.

“While we still have to remit these funds via the CBN to the federal government, we realise that we got it wrong by debiting our customers late, and we are refunding the affected stamp duty charge today to all affected customers.

“We hope this gesture goes some way to make this better.”

The 2019 finance act provides that bank customers pay a N50 stamp duty charge on every N10,000 deposit.

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