Arbitrary bank charges: CBN urges customers to report illegal charges

Sun, Oct 6, 2024
By editor
3 MIN READ

Business

CUSTOMERS of various banks have decried arbitrary debit of their monies by their banks.

Some of them who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday said that the charges were becoming exorbitant and unnecessary.

Mrs Helen Agodo, a customer with First Bank Plc, said that daily debits from her account by her bank was becoming unbearable.

Agodo said that some days, she could receive debit alerts totally about N1,000 from her bank.

”In fact, I do not blame some people who decide not to put their monies in a bank.

”There was a day I calculated the debit alert  charges that I received from my bank, it was up to N1,000 just for a day.

”You will now imagine the total amount the bank will get if they do the same deduction from like 1,000 to 2,000 of their customers,” she said.

Miss Cheta Ugochukwu, a customer of Guaranty Trust Bank (GTB), described the charges as unfair.

Ugochukwu said the development was not a good or sincere business model.

She alleged that most banks were out to only make profits and not to satisfy their customers.

”The charges are getting too much and the worst is that it is every midnight that you get the alert.

”Most times, I can get the N6.98 Telco fee from my bank like 10 times in a day but whereas I did like three online transactions.

”I wonder how they calculate this because it is unfair given the current state of the economy,” she said.

Mohammed Muazu, the Head Complaint Management Division, Consumer Protection Department of CBN, urged customers to study the CBN’s guide to bank charges to know how much they should be charged for any transaction.

Muazu advised customers to always study their online bank statements sent by their banks to check variations between the CBN’s guidelines and what they were being charged.

”If your bank charges you more than what is in the CBN guideline, you have the right to say no. Let us try to know our rights.

”Most customers do not even review their statements when their bank sends to them.

”Review your account statement every month and if you see what you do not understand, complain.

”Do not sleep on what you do not understand.

”CBN is not your first line of defence, we only listen to escalated complaints,” he said

Muazu advised bank customers to ensure adequate understanding of any product before subscribing to them in banks.

A bank official who pleaded anonymity, said their bank charged customers in line with the CBN guidelines to bank. (NAN)

A.I

Oct. 6, 2024

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