Am I the only one experiencing Kuda bank stamp duty charges, both credit and debit?

If they have started all this charges like our generic banks, then the purpose of using it for me has been defeated.

So someone cannot just put money in his account and withdraw same amount the next day in this country?

Use Opay and get peace of mind

Tombrown3:
Am I the only one experiencing Kuda bank stamp duty charges, both credit and debit?

If they have started all this charges like our generic banks, then the purpose of using it for me has been defeated.

So someone cannot just put money in his account and withdraw same amount the next day in this country?

I use Kuda, they charge #50 on transactions of #10K and above. It started in August or so and they made it clear it was imposed on them by the federal government and no amount in the #50 to be charged goes into their pockets. Everything goes into the the federal purse.

jaeyking:
Use Opay and get peace of mind

Yeah, same way I was asked to use Kuda and have peace of mind too.
Seems like peace of mind just ended.

I really liked the bank, I wouldn't mind if it was a monthly charge. But 50 naira on all credit and debit of 5k and above is a total turn off.

I chose them cause of how active my account is on a daily, running from those transaction charges from other banks which piles up to 5k a month on my account statement wasn't a joke.

Well, it was good while it lasted.

Tombrown3:


Yeah, same way I was asked to use Kuda and have peace of mind too.
Seems like peace of mind just ended.

I really liked the bank, I wouldn't mind if it was a monthly charge. But 50 naira on all credit and debit of 5k and above is a total turn off.

I chose them cause of how active my account is on a daily, running from those transaction charges from other banks which piles up to 5k a month on my account statement wasn't a joke.

Well, it was good while it lasted.

No be untop 5k and above, that's false.

Foreigner12:

I use Kuda, they charge #50 on transactions of #10K and above. It started in August or so and they made it clear it was imposed on them by the federal government and no amount in the #50 to be charged goes into their pockets. Everything goes into the the federal purse.

Hmmm.. For both debit and credit? On every transaction? Not even a once in a month charges.

That's too much abeg. Charges for withdrawal is ok, but charges when someone also credit you is really appalling.

Tombrown3:


Yeah, same way I was asked to use Kuda and have peace of mind too.
Seems like peace of mind just ended.

I really liked the bank, I wouldn't mind if it was a monthly charge. But 50 naira on all credit and debit of 5k and above is a total turn off.

I chose them cause of how active my account is on a daily, running from those transaction charges from other banks which piles up to 5k a month on my account statement wasn't a joke.

Well, it was good while it lasted.

.

I'm using opay for like 2years plus no charges and I have both the virtual and physical card though it's verve .

jaeyking:
.

I'm using opay for like 2years plus no charges and I have both the virtual and physical card though it's verve .

Will try it out soon.

The thing is I have both kuda, provides and opay accounts but am too lazy to use those platforms I like ussd too much for small transactions, besides I have trust issues for these off the desk banks, forget NDIC, just braze up and pay off the bank charges

Tombrown3:
Am I the only one experiencing Kuda bank stamp duty charges, both credit and debit?

If they have started all this charges like our generic banks, then the purpose of using it for me has been defeated.

So someone cannot just put money in his account and withdraw same amount the next day in this country?

I use kuda bank, They charge N50 for deposits above 10k. That's fair if you ask me compared to other Banks.

So the logic here is to deposit like 50-100k from your commercial bank and, use it to settle all your monthly bills (prepaid meter, gotv/dstv, data, recharge cards...etc) for free cos you've already been charged N50 for the deposit and wouldn't be charged any more money. You'd agree with me that if you perform all these transactions on your bills from your commercial bank, they'll keep charging you per transaction.

Kuda just charges once, if you're sending money to another account, you have 25 free transfers every month. So unless you have staffs who you pay salaries from your bank, I don't see how you're going to exhaust 25 free transfers within a month.

As for their virtual card, I don't know anything about it cos I use kuda for bills and transfers of little funds. So I don't need their card.

Nazgul:

I use kuda bank, They charge N50 for deposits above 10k. That's fair if you ask me compared to other Banks.

So the logic here is to deposit like 50-100k from your commercial bank and, use it to settle all your monthly bills (prepaid meter, gotv/dstv, data, recharge cards...etc) for free cos you've already been charged N50 for the deposit and wouldn't be charged any more money. You'd agree with me that if you perform all these transactions on your bills from your commercial bank, they'll keep charging you per transaction.

Kuda just charges once, if you're sending money to another account, you have 25 free transfers every month. So unless you have staffs who you pay salaries from your bank, I don't see how you're going to exhaust 25 free transfers within a month.

As for their virtual card, I don't know anything about it cos I use kuda for bills and transfers of little funds. So I don't need their card.

Just like you mentioned on your last paragraph.

Me too I use it on daily transactions, what that means is, I can get 10k 5 times in a day from different people (I can't tell them each to combine it together and send at once) , and make like 20k 5 times a day trans as well. I can't help it, this is how my transactions run on daily.

From this you can compile all the #50 naira from all this and see how much just my account alone is generating for them.

Though I don't blame them and probably better compared to others, it's a rip off to me.

Once a month charge would have been better

I'm switching to Opay, like many here have recommended. (made lot of enquiries about them)

Until I run out of options, I'll continue to go where I'll be able to save more from these transactions.

Thanks anyway.

Chuknovski:
The thing is I have both kuda, provides and opay accounts but am too lazy to use those platforms I like ussd too much for small transactions, besides I have trust issues for these off the desk banks, forget NDIC, just braze up and pay off the bank charges

Lol... Brace up and be over tax by this wicked government we have?

Guy, try use first bank savings account and run daily transactions. Your account will bleed with different charges! I counted at least 3-4 different charges on each transaction. It's a rip off, I no a lot of people will say is it not small money? Imagine 50 naira being deducted from over 100million customs on a daily. And only few people will pocket all these.

Before you attack me on how I expect these banks to make their own money, remember, it wasn't like this 20 years ago, and banking industry were still running fine.

We are just being ripped off in this country by any cooperate firm and people are quite because the money involved can be overlooked.

Enjoy your USSD codes if 6 naira per transaction is the price you have to pay for having trust issue.. Lol.

Tombrown3:


Just like you mentioned on your last paragraph.

Me too I use it on daily transactions, what that means is, I can get 10k 5 times in a day from different people (I can't tell them each to combine it together and send at once) , and make like 20k 5 times a day trans as well. I can't help it, this is how my transactions run on daily.

From this you can compile all the #50 naira from all this and see how much just my account alone is generating for them.

Though I don't blame them and probably better compared to others, it's a rip off to me.

Once a month charge would have been better

I'm switching to Opay, like many here have recommended. (made lot of enquiries about them)

Until I run out of options, I'll continue to go where I'll be able to save more from these transactions.

Thanks anyway.

Oh! Now I understand you much better.

I don't use my Kuda to receive random funds cos their 500k maximum deposit scares me, I use my commercial bank for receiving funds then transfer a particular figure to kuda for settling bills cos of their free transfers. This way I'm charged N50 stamp duty just once. Thereby escaping the multiple charges.

Tombrown3:


Lol... Brace up and be over tax by this wicked government we have?

Guy, try use first bank savings account and run daily transactions. Your account will bleed with different charges! I counted at least 3-4 different charges on each transaction. It's a rip off, I no a lot of people will say is it not small money? Imagine 50 naira being deducted from over 100million customs on a daily. And only few people will pocket all these.

Before you attack me on how I expect these banks to make their own money, remember, it wasn't like this 20 years ago, and banking industry were still running fine.

We are just being ripped off in this country by any cooperate firm and people are quite because the money involved can be overlooked.

Enjoy your USSD codes if 6 naira per transaction is the price you have to pay for having trust issue.. Lol.

Well It doesn't boil down to the trust issues, I actually like quick easy banking, I also agree to the fact that this present administration has made banking services tighter for no pertinent reasons.
it's all about choice of banking kuda or ussd, I know people in 2022 who has refused to get any kind of ATM cards,