Home Finance How to upgrade Alat by Wema Bank account easily (Online & Offline)

How to upgrade Alat by Wema Bank account easily (Online & Offline)

Upgrading your Alat account provides access to valuable perks and privileges. However, the process of upgrading can seem daunting if you don’t know the steps. This comprehensive guide will break down everything you need to know to upgrade your Alat account seamlessly via online and offline methods. 

What is Alat by Wema bank?

Alat by Wema Bank is one of the most innovative digital banks in Nigeria, enabling customers to bank conveniently through its mobile app and web platform. The bank offers different account types catered to various customer segments. 

Let’s begin by explaining the Alat account options and their key features in detail

Alat currently has three main account types namely; Basic, Premium, and Business. Each account type is tailored to serve different customer needs.

Basic Account

The basic account is ideal for personal banking and basic financial needs. It has a minimum opening balance of just ₦1,000. This entry-level account gives you access to fundamental services like deposits, withdrawals, funds transfer, and basic investment options. No monthly maintenance fees apply to the basic account. 

However, you do not get benefits like higher interest rates on savings or waiver of certain transaction charges that come with upgraded account types. The basic account suffices for basic banking, but to unlock more value, upgrading is recommended.

Premium Account 

Stepping up to a premium account opens the doors to better rewards and service. This account has a higher minimum balance threshold of ₦50,000. In return, you enjoy perks like higher interest rates of up to 4% per annum on savings balances above ₦500,000. 

Premium account holders are also exempted from processing fees for transactions like ATM withdrawals and card maintenance. Customized investment products and tailored financial advisory become available too. Priority customer care support via multiple channels sets this account apart.

Business Account

Designed with the needs of small businesses and entrepreneurs in mind, the business account package comes with specialized services. With a minimum opening deposit of ₦100,000, it gives opportunities to apply for business loans and financing.

Business account holders get assistance from a dedicated relationship manager for all their banking needs. Additional features like business e-commerce solutions and payment collection tools make management more seamless. Proof of business registration like CAC Form CAC 1.1 or CAC 2 is required to open a business account.

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Now that we understand the different Alat account types, let’s go into the requirements and process of upgrading your Alat account to access more value!

Requirements for Upgrading your Alat Account

There are a few key requirements you need to fulfill to upgrade your Alat account. The eligibility criteria depends on your current and target upgraded account type.

From Basic to Premium 

To upgrade a basic Alat account to a premium one, you need to first deposit funds to maintain an average monthly balance of ₦50,000 in your account. This indicates your capacity and commitment to utilize premium features.

From Premium to Business  

For upgrading a premium account to a business account, the minimum balance criteria is ₦100,000 average monthly balance. You will also need to provide your Certificate of Incorporation from the Corporate Affairs Commission (CAC) as proof of business registration.

These requirements ensure customers upgrade based on their actual needs and financial capacity. Let’s move on to learn the step-by-step process of upgrading online or offline.

How to Upgrade Alat by Wema Bank account Online

Upgrading your Alat account online through the mobile app or web platform offers utmost convenience. The entire process takes less than 10 minutes to complete.

Log in to your Alat App or Online Banking 

Launch the Alat app or login to online banking via their website on your desktop.

Select “Upgrade Account” 

Look for the “Upgrade Account” option in the sidebar menu of the app. Or click the same link on the website dashboard. 

Choose Target Account Type

A popup will allow you to select whether you want to upgrade to a premium or business account.

Review Upgrade Details

Review the requirements and benefits of the target upgraded account for confirmation. 

Accept Terms & Conditions  

Read and accept the new terms and conditions applicable for the upgraded account.

Funds Deposit (if required)

You may need to make an instant transfer to meet any balance shortfall for upgrading.

Upgrade Confirmation

Your request will be processed instantly. An upgrade approval notification displays within 24 hours.

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Once complete, you can start enjoying privileges of your new upgraded Alat account right away! Customer service remains accessible online for any guidance throughout the process.

How to Upgrade Alat by Wema Bank account Offline

For customers more comfortable with face-to-face assistance, the offline upgrade process is also straightforward. 

Locate the Nearest Alat Branch

Find your closest Alat priority or premier banking branch using their branch locator on the app/website. Take note of operating hours.

Visit the Branch 

Walk into the selected branch during working hours to speak with an Alat banking representative. 

Inform your Upgrade Intention

Inform the front desk staff that you want to upgrade your existing Alat account type. 

Submit Required Documents  

Present documents like proof of business registration if upgrading to a business account.

Funds Deposit (if required)

Deposit cash or transfer sufficient balance to meet upgrade criteria instantly. 

Application Form Submission

Fill and submit the physical account upgrade application form provided.    

Upgrade Processing 

Allow 2 working days for verification and approval of your upgrade request.

You will receive activation confirmation via SMS/email upon successful processing.

The branch executives can clarify all your doubts and ensure your offline upgrade runs smoothly too.

Conclusion

Thanks for reading to the very end of this article. I hope you find it helpful. 

This comprehensive guide provided step-by-step clarity on how to upgrade your Alat account conveniently through both digital and physical channels. 

Upgrading unlocks a host of benefits making your banking experience more rewarding. Go ahead and boost your Alat account today to access exclusive value-added privileges!

FAQs about Upgrading Alat Accounts

How much can a Tier 1 ALAT account hold?

A Tier 1 ALAT account can hold around 200-300k, while a Tier 2 account can hold up to 500k, and a Tier 3 account has no limit. 

What is the difference between Tier 1 and Tier 2 accounts?

The primary difference between Tier 1 and Tier 2 accounts lies in their purpose and flexibility. Tier 1 is a mandatory retirement account with tax benefits and limited withdrawals, while Tier 2 is a voluntary savings account that offers greater flexibility for deposits and withdrawals

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