The FCMB Personal Business Account is a Current Account with fixed flat fee monthly. What this means is that, depending on your available balance there is already a fee to pay at the end of the month. You can see the table below for proper understanding.
Most Current Account does not come with Fixed Flat rate charge every month. In fact the charges varies monthly. But with the Personal Business Account from FCMB, you can decide to select a Business Account that you know how much you will charge monthly while operating the Account.
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What Is FCMB Personal Business Account
FCMB Personal Business Account is a type of Current Account from FCMB that is targeted at Traders, Business owners who prefer to operate a current account with Fixed Flat rate per month. If you don’t like monthly Account maintenance charges but prefer a fix monthly charge then the Personal Business Account is good for you.
With the Fix monthly charge, you get know how much will be removed from your account monthly. The Personal Business Account can also be owned and managed by more than one person(Joint Account). We have put together some major tips about the Personal Business Account. Please read about them below.
Why Choose The FCMB Personal Business Account?
- Opening balance is N5,000(You need a minimum of N5,000 to open this Current Account)
- Account can be operated as either an individual or a joint account(More than one person can operate this account type)
- Maximum monthly fee is N1,500 only, irrespective of turnover(Means that every month account owners will be charged N1,500 at maximum. It can also be lesser but won’t be more than N1,500).
- 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|
- Free SMS alert(No notification charge is attached with this account).
- Higher transfer limits on internet banking
- No minimium balance required
- Unlimited withdrawals allowed(You can withdraw money as much as you like,anytime, anywhere, anyhow).
- Access to virtual POS for payments.
Features and Benefits Of The FCMB Personal Business Account
There are some features and benefits attached with the Personal Business Account and we have listed and explain some below.
- 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.
- Access to an Insurance worth N1,000,000(Most likely a Business Insurance).
Who is the FCMB Personal Business Account targeted at?
- Individuals above the age of 18 can apply.
- Persons with private business(note that it can’t be used as a business current account).
- Family Members who wants to operate a Joint Account.
- Business Owned by more than one person can also apply for a joint Current Account.
- Professionals in other segments.
- Individuals who desire reduced/balanced transaction fees.
What Do I Require To Open A 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
Quick Note: The International passport or Driver’s License or National ID card or Voters Card, or Resident Permit (for immigrants) are all means of verification. While the utility bill is a means of home address verification.
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How to open the FCMB Personal Business Account?
As at the time of writing this article, FCMB does not have an online platform to open a current account. This means that unlike FCMB Savings Account, you can’t open the current account online.
You have to visit any FCMB branch nearest to you, request, fill and Submit the Personal Business Account Application form. Please take note of the requirements above.
FAQS(Frequently Ask Questions)
What type of account is the Personal Business Account?
It is a full-fledged current account and posses all features associated with Current Accounts and even more.
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(Debit Cards can be used within and outside the country).
- Online banking with higher transfer limits from any location at your convenience(Access to internet banking from anywhere in the world).
- Mobile banking transactions from any national GSM phone network to all registered financial institution in Nigeria.
Who is the Personal Business Account targeted at?
- Professionals in other segments
- Individuals who desire reduced/balanced transaction fees
The FCMB Personal Business Account (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.
The Personal Business Current Account is one that is flexible. You can get it as individual or with someone else(Joint Personal Business Current Account). There are more FCMB Current Accounts and we’ll discuss these in our subsequent articles. Please use the Share button below to share our posts on Facebook and Twitter.