First Bank Reinstates Processing Fees for Cash Deposits

First Bank Nigeria has declared the reinstatement of processing fees on cash deposits exceeding N500,000, effective from May, as communicated in a statement addressed to its clientele on Monday.

According to the announcement, First Bank disclosed its intention to impose a two per cent processing fee on deposits surpassing N500,000 for individual accounts, while a three per cent charge will be levied on deposits exceeding three million naira for corporate accounts.

“We write to inform you that, effective 1 May 2024, our processing fees structure on cash deposits has been adjusted in accordance with regulatory requirements,” the bank stated in its communication.

“As a result, the following rates will apply: 2% processing fee on deposits above N500,000 for individual accounts and 3% processing fee on deposits above N3,000,000 for corporate accounts,” the statement elaborated.

This reintroduction of processing fees follows a hiatus of more than four months, subsequent to the Central Bank of Nigeria (CBN) suspending such charges for cash deposits exceeding N500,000 until April.