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   Market Date: 23-01-2015   
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FCMB introduces Minus-to-Plus account

Category: Products & Services

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FCMB introduces Minus-to-Plus account

By Adeyemi Adepetun


To further satisfy the needs of its teeming customers and to enhance creative, First City Monument Bank (FCMB) has introduced another innovative consumer product called Minus-to-Plus account tailored to offer maximum returns on funds in customers\' current accounts.


Minus-to-Plus account is the only commission on turnover (COT)-free current account that combines the flexibility of automated funds management with fixed deposit returns.


Speaking on the new account in Lagos recently, the Chief Operating Officer of FCMB, Mr. Anurag Saxena said that the Minus-to-Plus account is a zero COT current account that pays fixed deposit returns, adding that it also operates as an auto-save current account that allows the customer to earn interests on funds while having the flexibility to issue clearing cheques.


According to him, the account offers relatively low opening balance of N100, 000 with no minimum operating balance required, and attracts eight per cent interest yearly for funds that had stayed for a minimum of 30 days in the fixed deposit account.


He added that the account also offered a zero commission on turnover (COT) every month if the effective monthly average balance in the Minus-to-Plus account and fixed deposit account combined was above N100, 000.


The COO said that other benefits of the account included non application of account maintenance charges or service charge, free Debit/ATM Gold Card with higher withdrawal limits of up to N200, 000 per day on FCMB ATMs only, access to funds through over 6000 FCMB and Interswitch connected ATMs and unlimited payments through POS machines.


He added that account owners would also enjoy free personalised cheque books, SMS alerts, lodgments of clearing instruments and dividend warrants, unlimited withdrawals from account and introductory free Internet banking access offer for three months.


To the Group Head, Consumer Banking, Mr. Shibashis Ghosh said that the new product was about consumer banking that was identifying and proffering solutions that made customers satisfied and getting committed to the Nigerian brand, stressing that the name was given to it by customers themselves during the period of research.


Ghosh, speaking on the operation of the account said that the Minus-to-Plus account automatically transferred funds in excess of N200, 000, into an interest bearing fixed deposit account in multiples of N100, 000. This means that you must have a minimum of N300, 000 for an investment of N100, 000 to occur on your account. The account allows for unlimited access to the invested funds and pays eight per cent interest per annum only on funds that have stayed for a minimum of 30 days in the fixed deposit account.


Also speaking at the event, the Head Consumer Products, Mr. Kareem Mustafa, said that the benefit of the account was got when a customer maintained or kept above N100, 000 in his or her accounts, adding that for existing current account holder would only need to signify if they wanted the account.


Other innovative products already introduced by FCMB for customer satisfaction under its Consumer Banking Group include All-in-One account, Wealthbeing, MySalary Plus and MyHome. - guardian


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