In this episode, BellaRose chats with banker and tech enthusiast, Elvis Christopher on the "new" CBN policy which states thus: A failed direct debit
transaction resulting from an unfunded
account is liable to a charge of 1% of the
transaction amount or N5,000 - the higher
amount is applicable.
While this penal charge is only applicable if a
customer's account is insufficiently funded
at the time of the transaction, the qualifying
amount shall be debited to customers
account once it is funded.
We therefore, wish to advise that you ensure
your account is adequately funded at all
times to facilitate successful transaction, especially, if you activate any form of direct
debit instruction on your account.