Bank customers will now pay a charge for failed direct debit transactions.
According to the Guide to Charges by Banks, other financial and non-financial institutions published by the Central Bank of Nigeria, the charge will only apply to transactions that fail due to the account being unfunded.
Customers will be required to pay either one percent of the amount or N5,000 (whichever is higher) as the penal charge.
Direct debit is an arrangement made with a bank that allows a third party to transfer money from a person’s account on agreed dates
