By now, you sure know that First Bank is one of the big commercial banks in Nigeria, with a very large customer base. First Bank understands that as a student, you need financial support in any way to live a comfortable campus lifestyle which is why it introduced the Student Account. The Student Account comes with certain benefits that are not peculiar to other account types.
In this article, we will be finding out how to upgrade your First Bank Student Account. Upon graduation, your Student Account will require an upgrade. This means the restrictions that came with the student account will be removed. After the upgrade, you can now receive large sums of money into your account without any problem.
Recall that your Student Account only lets you receive a maximum of N50,000 per credit deposit. Also, holds only a maximum balance of N300,000. These are limits imposed on the Student Account and the reason is that you either opened the account online (FirstInstant Account), or you opened it with only a few school documents. Documents like your Admission Letter, School Fees Receipt, and/or your School ID card. Automatically, when this account is opened, it becomes a 1-tier account, which might require an upgrade if you wish that the restrictions and limits be removed.
There are 3 types of savings accounts in Nigeria. However, the name varies from bank to bank. FirstBank has tier 1, tier 2, and tier 3.
The Tier 1 savings accounts have so many restrictions because when these accounts were opened, proper documents were not used. Example of these accounts is the FirstInstant and the Student Account. The tier 2 account has some restrictions too, but not as much as the tier 1. The tier 2 savings account has a limit of N100,000 per credit deposit and an operating balance of N500,000.
The tier 3 savings account is unlimited; no restrictions whatsoever. This means that you can receive as much as the entire money in the world into your account without any problem. You can as well perform transactions without anything holding you back.
If you intend to go for an account upgrade, it would not be so wise to upgrade to a tier 2 account, which also has some restrictions. Why not go for the unlimited; tier 3?
For the sake of this article, we’ll focus on upgrading your student account to a tier 3 savings account, also known as a standard account.
Upgrading your Student Account to a Tier 3 Savings Account
Before delving into this upgrade process properly, it is important to note what documents you will be required to present. The documents are essential and compulsory in the processing and upgrading of your account.
The requirements are:
§ Your ID (this could be National Identity Card, Voter Card, Drivers License, or an International Passport.)
§ Last 3 months’ utility bills like the electricity bill, water bill, or rent bill.
§ One or two passport photographs. (It is safer to go with 2 passport photographs just in case).
Once you are in the bank hall, go straight to the Customer Service section. Request that you want your student account upgraded. The representative will ask you whether you came with the necessary documents for the upgrade. Simply answer with a “yes”, since you came with them.
You will be handed a form to fill out for the account upgrade. This is the point you have to be careful to avoid avoidable mistakes which could jeopardize your chances of upgrading your account, at least at this particular branch.
There are other fields to fill your information in but the below are very important.
§ Your full name.
§ Account number.
§ Type of account (Savings or current, Please fill in “savings” because that is your account type).
§ Bank Verification Number (BVN).
§ Phone number.
Two things to be very careful about among the above are your phone number and your home address. Make sure your address tallies with the address on the utility bill you brought.
Some people make the mistake of using other people’s electricity bills for things like this. Using someone’s bill means your addresses will be different. Using another person’s bill is bad enough, filling in your address on the form rather than the address on the utility bill is worse. So, do not make this mistake. When the bank discovers (which they would do), that the addresses are different, it passes a message that you do not own the utility bill, and thus, your upgrade will be canceled. Chances are that you might not be able to upgrade your account again, at least, at the branch you visited. Your saving grace, however, is that you can still get it done at a different branch, but avoid the same mistake.
In case you forgot your BVN, dial *565*0# from the phone number registered with your bank, and, in a short while, you will receive an SMS from FirstBank with details of your BVN.
Amongst the forms that will be given to you in the bank is the Bank Account Upgrade Letter. The FirstBank Upgrade Letter only requires you to fill in your address at the top right side, and your name, signature, and date at the bottom of the letter.
So, your home address is one thing you should be very careful about during the upgrade of your student account.
After filling out the form, submit it to the representative. Do not leave until she confirms that it is being processed and that you can now go.
How Long Does It Take to Upgrade My Account?
It does not take long at all. A maximum of 24 hours is all it takes to be upgraded unless the upgrade was not successful.
Can I Do My Upgrade Online?
Actually, no. Only in rare cases, where, maybe you live in a remote place, or the means to get to the FirstBank branch is not feasible. Only then you can contact customer service on 0708 062 5000, and request to speak with the manager. Explain your problems to him or her, perhaps they would find a way to upgrade your account online.
How Do I Know that My Account Has Been Upgraded?
You will receive an SMS if your upgrade was successful, otherwise, call Customer Service on the above number to ask questions.
After graduation, you might not wish to upgrade your account but the thing is you would still have to face the restrictions and transaction limits. Another thing you should know is that the purpose of the account is now obsolete now that you are a graduate. It would be better if you upgrade and enjoy all the benefits that come with upgrading. That is all about upgrading your account from a Student Account to a tier 3 savings account.