Access Bank Promises Refund of Stamp Duty Deductions

Access Bank has harken to the cry of its aggrieved customers saying that it will refund the stamp duty deductions made from all the affected accounts.

The bank stated this in a statement after the social media was awashed with complaints from its customers over some ‘illegal deductions’ that was later known as stamp duty.

It said 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.

However, the bank said it has considered the feedback and have decided to pay the stamp duty on customers’ behalf for the affected period only sighting the difficulty of things this time.

It further stated 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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