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Access Bank To Refund Stamp Duty Deductions
Quote:Access Bank on Sunday said it will refund its stamp duty deductions made from the account of its aggrieved customers after a social media outcry on Saturday.

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.

Brand Spur Nigeria learnt that Access Bank Nigeria has also promised to revert deductions made between Saturday and Sunday back to customers.

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

Reacting to customers’ reactions over the usual deductions, Acess Bank said,

“We have considered your feedback and have decided to pay the stamp duty on our customers’ behalf for the affected period only,”.
“This means that individuals and SMEs who were debited for the accumulated stamp duty charge for February to April 2020 will be refunded.”

In an earlier statement, the bank had notified customers that it did not deduct stamp duty charges on transactions that occurred between February 1, 2020, and April 30, 2020.


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Since yesterday, I've started the process of changing from Access bank

As donating 1billion for covid-19, They have decided to defraud us.

Imagine receiving deduction like four times all in the of stamp duty.

Tomorrow the bank will release end of year result of 200billion profit without tax...Thief Thief.. Hushpuppi
Access Bank decides to pay stamp duty charge for three months on behalf of its customers

[Image: 5ef9f3bc857b3.jpeg]

Access Bank has announced that it will shoulder the stamp duty charge for three months so that customers will not have to bear the cost.
As mandated by the Federal Government, banks are required to collect stamp duty charge from account holders and remit the funds to the FG via the CBN. However, due to the COVID-19 pandemic and its effect on the economy, Access Bank held off on charging stamp duty on some customers' accounts from February to April 2020.
After the lockdown was eased, Access Bank applied the accumulated charge on customers' accounts.
However, after receiving feedback from customers, Access Bank announced that it will refund all individuals and SME's who were debited for the accumulated stamp duty charge from February to April 2020.
In a statement released online, Access Bank added that its management will bear the cost of the stamp duty charge from February to April 2020 on behalf of customers.
The bank also thanked customers for giving feedback and asked that they reach out if they have questions regarding the stamp duty charge.
[Image: 5ef9f3e142f77.jpg]
Sharing the statement from Access Bank on Instagram, Amaechi Okobi, Group Head, Corporate Communications of Access Bank plc, wrote: "It was an incredible weekend. Twitter and other social media platforms blazed with how upset Access Bank customers were over Stamp Duty deductions. And we trended like crazy. The memes... The Gifs... Wow! Access Bank customers really let us know that they were... well, upset. 
"Make no mistake, I love it when people talk about Access Bank but, my goodness, it’s much more fun to trend based on the good things we do. Because we do do some incredible things. But that’s not the story. 
"The Bank heard all the feedback. I was also tagged on so many posts and messages. We heard. Loud and clear. These are tough economic times and we got it wrong. Debiting our customers late was wrong. 
"So Management has decided to pay the Stamp Duty charge for February to April on behalf of its customers. The deductions are being reversed for individuals and SMEs for the affected time only. That’s still not the story. 
"Banks are often accused of being cold and unfeeling. Sometimes deservedly so, other times notsomuch. So here’s the thing: Access Bank is run by human beings - people like you and me - who are not perfect. Mistakes will be made. Spectacular ones on occasion. But at the end of the day, our customers really do come first. Which is what necessitated this gesture. I hope it goes some way to make things better."



When people complain of the criminal deductions by their banks, I just laugh and shake my head because in my own case, what I am experiencing at the hands of Access Bank is nothing short of cooperate banditry cum financial terrorism.

The screenshots below show Access Bank deducting N100 from my Access savings account on the 26th of this month and another whopping N1,100 just yesterday the 27th, ALL IN THE NAME OF STAMP DUTY.

And this is not an isolated case. It is actually a daily occurrence but why I am pained by yesterday’s one thousand one hundred naira deduction is because for over two weeks now, I’ve received credit alerts ONLY TWICE on this account for our building projects and I’ve withdrawn just once. Yet, within this same two weeks, I’ve been receiving debits ranging from N650, N200, N100, N1,100 etc ALL IN THE NAME OF STAMP DUTY. 

What you are seeing in this screenshot is for just yesterday and day before that, in ordinary savings account. I’m still expecting today’s STAMP DUTY DEDUCTION. Meanwhile, for those claiming this is accumulated STAMP DUTY, you are wrong because in this same month of April, I received other debit alerts in the name of STAMP DUTY too.

 Please check the other screenshot below for just one of the debit alerts. I have others in my other phone. And this is in addition to other hidden charges in the name of card maintenance and other akuko Mike Ejeagha stuff.

I deliberately showed my balance so it doesn’t look like I have millions in this account which is why Access is doing this.

Just give me one good reason why any right thinking person should still leave his/her account with this rogue financial institution??
And the useless Central Bank of Nigeria is conveniently silent?
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