The Central Bank of Nigeria (CBN) has urged customers to report any illegal charges on any transaction.
In response to complaints about arbitrary bank charges, Mohammed Muazu, the Head Complaint Management Division, Consumer Protection Department of CBN, who reacted to complaints of arbitrary bank charges, said customers should study the CBN’s guide to bank charges to know how much they should be charged for any transaction.
Muazu has 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”, Muazu said.
“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.”
Muazu advised bank customers to ensure adequate understanding of any product before subscribing to them in banks.
Customers of various banks who spoke out in pain and disapproval while addressing the charges rate in Abuja on Sunday October 6th, 2024, said that the charges from banks are becoming exorbitant.
One Mrs Helen Agodo, a customer with First Bank Plc, said that , the daily debits from her account by her bank was becoming unbearable.
She insisted 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”.
“The charges are getting too much and the worst is that it is every midnight that you get the alert”.
“”I wonder how they calculate this because it is unfair given the current state of the economy”.
