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Nairaland Forum / Nairaland / General / Business / Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? (9678 Views)
Business & Companies Registration Made Easy (24hrs Name Search Approval) / Business Name Search: How To Get A Unique Business Name To Register With Cac / Cac Expired Name Search (2) (3) (4)
Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by DadojoReloaded(m): 8:48pm On Apr 23, 2017 |
I went to inquire about opening a new corporate account in a branch of FCMB, I was told all the requirements needed to open a corporate account, which I was already aware of (as this is my second corporate account opening). However, what I was not comfortable with was the fact that I was asked to pay 10,000 naira to facilitate the account opening (I knew this was the standard though). So I decided to ask what the money was meant for, and the customer care agent listed some things which included CAC name search. The name search according to her was going to cost 4,000 naira. I almost challenged her, but as a gentle man, I just smiled and promised to be back. So, my question is: Why on earth should customers be charged 4k to conduct a company name search/verification when that information can be freely gotten from CAC's website? This feature has been available on CAC's site for at least a year now. Are banks deliberately exploiting their clients to extort money for what they can freely verify? It is just like asking clients to pay in order to verify their drivers license from FRSC's website. Here is the URL to check if a company is truly registered with CAC. http://.gov.ng:8080/comsearch/test.php [url="http://.gov.ng:8080/comsearch/test.php"]Company Name Search[/url] lalasticlala, can you help me get answers please. 1 Like 1 Share
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Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by psucc(m): 9:03pm On Apr 23, 2017 |
I opened one with Diamond Bank with N10k and they keep sending Debit alert till it remains less than N500. And tomorrow they will post 200% profit and we clap for them over their supposed good performance. 12 Likes |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by Nobody: 9:06pm On Apr 23, 2017 |
Real corporate beggers |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by DadojoReloaded(m): 9:20pm On Apr 23, 2017 |
psucc: You can imagine that! |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by Nutase: 9:29pm On Apr 23, 2017 |
cac search is conducted by law firms who charge the banks. I can reliably confirm to you that the bank doesn't make a dime in search. Secondly CAC search is not free. Please get your facts right. 5 Likes |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by GMBuhari: 9:43pm On Apr 23, 2017 |
Report this fraud to ICPC , CAC and of course |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by ggoldmine(f): 9:52pm On Apr 23, 2017 |
Nutase: Why is CAC search not free? Didn't the registeree (company owner) already pay to be enlisted? ![]() 3 Likes |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by routik(m): 12:21am On Apr 24, 2017 |
Nutase: I am aware of this too. But have anyone tried the link OP posted above? |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by DadojoReloaded(m): 5:29pm On Apr 24, 2017 |
Nutase: I don't know the exact search you are referring to, but from what I know, to search if a company is registered with CAC is free. 2 Likes |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by DadojoReloaded(m): 5:33pm On Apr 24, 2017 |
routik: I tried posting the full link but it was truncated. If you visit CAC's official website, the link to search for a company is clearly shown there. 2 Likes 2 Shares |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by cacmatters(m): 4:57am On Jul 09, 2018 |
Nutase:Lawyers pays N2000 to CAC and most lawyers charge Banks N4000 or N5000. Nutase, you are right.. 1 Like |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by Dammyode(m): 12:01pm On Oct 02, 2020 |
Good afternoon. Friends, I was charged #9,150 recently for search fee on my small business account in UBA. I called the bank to enquire and the Customer care Agent said that it is Legal search fee that is always conducted on all Cooperate Accounts. I could not cry! Please, is this true? 4 Likes |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by psucc(m): 7:42pm On Oct 02, 2020 |
Dammyode:e don finish now. Wetin you want mek we talk again? Dem don chop, Dem don chop. Nigeria, na case study |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by bigdammyj: 9:06pm On Nov 05, 2020 |
cacmatters: I was told by EcoBank today Nov, 5 - 2020 That their lawyer is changing them #7,500 for name search And I was wandering 1. Why can't Bank do (name) search for free If EFCC & FIRS does it free to get SCUML & TIN, 2. Why do they need the service of external Lawyer when they have legal department |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by bigdammyj: 9:14pm On Nov 05, 2020 |
Lalasticlala please help bring this to front page for lawyers & bankers to throw more light on this It's a good topic and relevant for research I got it through Google search and as you can see, it's a 2017 Post God bless |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by Efizey(m): 10:18pm On Nov 13, 2020 |
I was charged around 9500 today by UBA for cooperate search! I paid 10k and this night, they started removing it! psucc: I myself register companies for people through CAC but they said it's a must!
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Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by Johnrake69: 12:01am On Nov 14, 2020 |
I'm still wondering the essence of getting a lawyer to do a corporate search at an additional cost to the bank Customer when Business names can be validated immediately from the CAC website. It makes no sense. The search feature has been there on CAC website for years now. Banks validate BVN, Voters card and driver's license instantly but for Cac certificate that can also be validated instantly we're required to pay #10000. 2 Likes |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by naijadrivablog: 3:47am On Nov 15, 2020 |
Another way that banks steal from customers. All the corporate accounts I have, they charged me N5000 for "corporate search". Something they cab easily verify online lalasticlala, mynd44, dominique |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by 10TIMESBETTER(m): 1:27pm On Dec 18, 2020 |
When you opened your business acct in the UBA bank, like how many days did it take for them to open the acct? Dammyode: |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by Adtenven: 3:50pm On Dec 18, 2020 |
Banks don't just conduct name search. What they actually do is to validate/authenticate your CAC certificate. Apart from that, they could also be verifying the owners of the business based on what is submitted by customer and CAC's record. Lawyers are the ones engaged to conduct this task. However, I am also leaning to the bias that the charge is unnecessary. Imagine having a business account in 2 or 3 banks and having to be charged seperately. And this is a common scenario. Banks also validate identity cards such as driver license, nimc, international passport and voters card without a charge. This is made possible by either the id card agency making available her platform for the banks or both establishing an handshake of their systems. This could also be done with CAC. Maybe it's high time this charge is abolished. 1 Like |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by directonpc(m): 7:04am On Jul 02, 2021 |
I am here in 2021. Debit of 9025 Naira. |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by ledgelessons(m): 3:33pm On Jul 07, 2021 |
Still here in 2021, U.B.A just hit me #9,075 directonpc: 1 Like |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by directonpc(m): 6:32pm On Jul 09, 2021 |
ledgelessons: Congrats sha. � |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by Curdlebug(m): 10:12am On Nov 30, 2021 |
Zenith told me 9,500 Gtbank told me 8,500 I dey sterling Bank like this.... E be things o... This country ehhh |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by dedons: 5:14pm On Nov 30, 2021 |
Sterling bank asked me to pay 20k for search. I just remove my shoes, dust them and disappear. |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by NobleRace: 6:25pm On Nov 30, 2021 |
Nutase: It costs only #500. Tell the whole truth. 2 Likes |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by phemmylink(m): 9:40pm On Mar 16, 2022 |
Baba na same here o. In 2022, I am trying to float business, and dem debit me sharperly. |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by shigoslim(m): 3:45pm On Apr 14, 2022 |
I thought I was the only one in this scenario. I was charged 8,500 for search fee, Union Bank. I wonder why this could not be done on CAC website without been charge . CBN should look into this . |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by IdJack(m): 4:26pm On Apr 14, 2022 |
This link is working https://post.cac.gov.ng/search/type/all routik: |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by ican2020: 5:03pm On Apr 14, 2022 |
It’s free
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Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by noobody(m): 8:16pm On Apr 14, 2022 |
ican2020: Click view details,enter your details,you would see a remita payment for 5k. I think that's what banks charge for. |
Re: Name Search Is Free, So Why Are Nigerian Banks Charging 5000 Naira For It? by freshupdate: 9:43am On Apr 26, 2022 |
Just this morning UBA charged me #9075 for Corporate search fee. Banks are just extorting money with force from their corporate customers. And no one is really doing nothing regarding this. Just imagine I have to pay similar amount if at all I have multiple corporate accounts with different banks |
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