Bank customers who pay out dud cheques are now to be penalised by banks. Such customers are to pay charges of one per cent of the face value of the dud cheque or N5,000 which ever is higher.
The move is aimed at discouraging customers from issuing cheques knowing fully well that their accounts are unfunded.
A bank note to customers said “Following the revised guide on bank charges released by the Central Bank of Nigeria, please be informed that we have reviewed our returned cheque charges upward effective May 1, 2017.
This means that If you issue a cheque and your account is not funded, you will be charged either of the following; 1 per cent of the cheque value OR N5000 This will be dependent on which is higher”
