The FCMB Personal Business (Current) Account is designed solely for individuals who are not willing to pay account maintenance but would not mind a fixed flat fee per month. 

 

Why choose the Personal Business Account?

  • Opening balance is N5,000
  • Account can be operated as either an individual or a joint account
  • Maximum monthly fee is N1,500 only, irrespective of  turnover
  • Get up to N1,000,000 insurance

 

Categories Monthly Turnover Fixed Monthly Fees

A

No debit Turnover

NIL

B

Less than 500,000

N1/MILLE

C

N500,000 – N2,000,000

N500

D

ABOVE N2,000,000

N1,500

 

  • Free SMS alert
  • Higher transfer limits on internet banking
  • No minimium balance required
  • Unlimited withdrawals allowed
  • Access to virtual POS for payments.

Benefits of the Personal Business Account?

  • Low entry (account opening) amount of N5,000.
  • ‘Bigger is better’: Irrespective of monthly debit turnover, maximum monthly fee remains N1, 500.
  • The more transactions/turnover, the more you save from account maintenance.
  • NO DEBIT TURNOVER, NO CHARGE

 

FAQS

What type of account is the Personal Business Account?

It is a full-fledged current account

Does this mean I can pay in cheques/dividend warrants?

Yes. A personalized cheque book will also be issued to you that can go for clearing and also enable you transact.

What alternate channel transactions are available with this account?

  • Access to an instant debit card(MasterCard, Visa or Verve) for both local and international transactions
  • Online banking with higher transfer limits from any location at your convenience
  • Mobile banking transactions from any national GSM phone network to all registered financial institution in Nigeria

What does the Insurance Cover?

Cover protects the traders stock for Fire & Special Perils, specifics listed below;

  • Fire Lightening & Explosions
  • Storm, Tempest flood wind & Hailstorm
  • Earthquake, Subterranean fire Land Subsidence & Tornado
  • Aircraft & other Aerial devices dropped from above. Bursting or overflowing of water tanks causing damage to the property

*Customer benefit is average of last 6 months turnover subject to a maximum of N1,000, 000

How do I claim the Insurance Benefit?

  • Customer notifies of occurrence of fire, flood etc. at the business premises.
  • Your Account officer/CSM Logs incidence with Bancassurance Unit on IMS & requests for claim stating Customer’s details & attaching the following requirements:
  • Clients details including average monthly turnover for 6 months
  • Clients written statement of loss
  • Photographs of the scene of loss
  • Eyewitness report
  • Fire Brigade report
  • Stock records (Where Available)

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Who is the Personal Business Account targeted at?

  • Traders
  • Professionals in other segments
  • Individuals who desire reduced/balanced transaction fees

What do I require to open Personal Business Account?

In order to open a Personal Business Account, you must be a minimum of 18 years-old and provide the following:

  • Proof of identification such as an original passport, driver's licence, national ID cards or Voter card
  • A copy of a recent receipt from any public utilities or private telephone operator not later than three months
  • A copy of residence or work permit for foreign customers
  • Two passport photograph of each authorized signatory (stating the name on the reverse side)
  • 2 reference forms

A comparison of Personal Business Account and the FCMB Business Account

 

Personal Business Account

FCMB Business Account

Opening Balance

 N5,000

 N25,000

 Minimum Balance

 NIL

 N5,000

 Target Segment

 Individual

 Registered Companies

 Opening Name

 Individual Names

 Company Names

 Debit Card

 Yes

 Yes

 FCMB Online

 FCMB Online (Retail Version)

 FCMB Online (Business Version)

Free Insurance Cover

Yes

Yes

Max. Insurance Amount

N1,000,000

N1,000,000

Min. Insurance Qualification Threshold

N250,000

N875,000

Monthly Turnover Charge

CATEGORIES

MONTHLY TURNOVER

FIXED MONTHLY FEE

 A

 <N250,000

 Account maintenance fee applies

 B

 N250,000 - N2,000,000

 N500

 C

 >N2,000,000 and Above

 N1,500

 

No Debit Turnover

NIL

 

 

 

MONTHLY TURNOVER 

FIXED MONTHLY CHARGE

 N0 - N875,000

 No Charge

 N875,001 - N4m

 N1,750

 N4m - N12m

 N3,000

N12m - N40m

N6,350

>N40m

N6,350 + N2/mille COT on excess above N40m

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