Stamp Duty Charges On Your Bank Account – What Can You Do to Stop It?

STAMP DUTY CHARGE WAHALA – What You can Do to Stop Stamp Duty Charges on Your Bank Account

The Nigerian people are gasping for breath following series of unexpected deductions in their bank accounts from their respective banks. These deductions, withdrawals, debits or whatever you may call it is usually in thousands and others in hundreds of Nigerian Naira.

And in this horrible economic situation of nation, those amounts are really massive and could take care of 2 days meal for a young Nigeria Job Seeker. The government and the “collecting” deposit money banks call it Stamp Duty Charge.

What is Stamp Duty Charge?

In the Nigerian banking context, Stamp Duty is a charge of N50 collected on each deposit of N1, 000 or above that you receive. The Stamp Duty Charge is placed on any CREDIT / DEPOSIT / INFLOW into a customer’s account and such could include: Salary Payments, Business Transaction Deposits, Inflows from Family and Friends etc. For each and every single deposit above N1000 into your account, N50 Stamp Duty Charge is deducted by the banks. This is in compliance with Stamp Duties Act & Federal Government Regulations Act of 2009.

Also Read:
Get Your ‘Mavro-2016 Contributions’ Out Quicker | MMM Nigeria Mavro 2016

For example, anytime someone pays money, One Thousand Naira (N1000), into your local bank account, just remember that Fifty Naira (N50) belongs to the Nigerian Government and must be collected. Your legitimate money there is Nine Hundred and Fifty Naira (N950) only.

How Are Stamp Duty Charges Calculated?

It is simple and straight to the point. A charge of N50 is deducted on each deposit of N1,000 or above you receive. For example:

However, there are some kinds of accounts in some banks that are exempted from this horrible charge. For example; Diamond Bank listed Diamond Savings and Diamond SavingsLite accounts as accounts which do not attract such charges.

Also Read
Payoneer Account-How To Get Payoneer MasterCard in Nigeria Free of Charge

What Can You Do At This Time?

The best option would have been for everyone to go and close accounts in the banks and keep the money in the house…lol. But that will take us 2 century backwards!! Anyways, if you bank with Diamond Bank Plc, you can simply get to the bank and seek to formally change your account type to Diamond Savings Account. Specifically, they will change code from 106 to 117.

Otherwise, make a complaint to by email to complaints@diamondbank.com.

The table below is a list of all the Nigerian Banks and their Online Contact Page. These are the online channel of the banks through which you can demand for explanations and seek for possible stoppage of those debits into your accounts.

Recommended
Learn How to Start a Personal Blog in Nigeria (in 6 Steps)

Wrapping up.

Deduction of Stamp Duty Charges from the bank accounts of economically battered and shattered Nigerians at this time,  is unfair. Even if it must be done, far reaching enlightenment should be carried out so as to prepare the hearts of the people to accept it in good faith. Have you ever received that Stamp Duty Charge debit Alert? How did you feel? Please let us know in the Comment Box.