What is Electronic Money Transfer That My Bank Charges? - AccessBank Official - School Contents

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What is Electronic Money Transfer That My Bank Charges? - AccessBank Official

Banks' customers are easily confused when they received alerts charging them for services they know nothing about.


You're more confused when you're charged for the same service but in different words or phrases.


One confused customer of Access Bank has taken to their official Twitter page to seek clarification on the differences between Stamp Duty and Electronic Money Transfer Levy.


In her words, Tope wrote


Which one is the electronic money transfer levy? Every transfer already has N53/26 charges. We have stamp duty, as well. Someone should please help me explain. @accessbank_help, @access_more, @myaccessbank

In its explanation, Access Bank replied


Hi Faith @Nnonyelu, we apologize for the debit on your account, kindly note that the stamp duty charge has been renamed to Electronic money transfer levy in line with the Finance Act 2020, the ₦50 charged for inflows of at least N10000 previously as Stamp Duty charge would remain the same for the Electronic Money Transfer Levy.


Whether you're using Access Bank or any other bank in Nigeria, once you're charged the Electronic money transfer levy, note that, it's the same as the stamp duty you're used to knowing.


This doesn't imply that you're being double charged. A bank that charges you with an Electronic money transfer levy won't charge a separate fee under the old name "stamp duty".


Thinking of asking your bank to refund these levies? Sorry it's non-refundable because the money is remitted to the Central Bank of Nigeria (CBN) in accordance with the Finance Act 2020.


This fee is remitted to the CBN. While the SMS alert fee is in relation to the volume of transactions made on your account.

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