Nigeria Banks Excessive Service Charges; A Whip Of A Task Master

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The complaints and cries of Nigerians over the excessive charges by banks through Automated Teller Machine (ATM) withdrawals and many other transactions has reached an alarming state.

The Nigeria Banks excessive charges has truly become a whip of the task master every Nigerian depositing monies in any of the banks unfortunately must receive.

The cries of Nigerians and warnings of The Central Bank of Nigeria (CBN),who had made point-blank that any bank that deduct monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest yet this directives falls on deaf ears even as Nigerians continue to wail over the harsh and un-ending pains of the task masters whips.Mr Fada David, Consumer Complaints Management, Consumer Protection Department, CBN, said this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.NAN reports that this is sequel to complaints by bank customers within the Federal Capital Territory (FCT) over Nigeria banks excessive charges through Automated Teller Machine (ATM) withdrawals and many other transactions.

The Whipping HAD not stopped:

A programme aired on Human Right Radio 101.1 on friday 11am which hosted one of directors in Consumer Protection Council, almost all the calls that came were all with a cry for help from our task master.

“This excessive charges do not only come from ATM withdrawals alone, other transactions where they can issue ATM card to in an exorbitant charges if you operate a domiciliary account and also charge you excessively if you dare make any Teller withdrawals”.

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Who will deliver us from all these unrepentant task masters?.

Nigerians are crying out as most banks within the cities have programmed their ATMs to dispense only N10,000 or less per transaction, thus ripping off customers withdrawing more than that amount.

Most of the complained that if they had to withdraw N100,000 or more through other banks ATM, it meant they would lose so much money.

They, however, called on the CBN and other relevant authorities to look into the matter so as to help us and deliver us from the task masters whip but i think we just have to stand up for our self!…

There’s a CBN’s Guide to Bank Charges circular to know those charges that these banks are allowed to charge and the correct amount.

As costumer you should consult this document to know how much you are expected to pay for every services.“When you go through it and in a situation where you see charges that you do not understand, you have the right to write your bank and get them to explain what the charges are.

“In a situation where it becomes clear that the customer was charged excessively, the customer should get them to reverse it.“You have the right to know how much you are charged from operating your account and make sure that the bank only charges the specified amount, do not fail to demand for your statement of account monthly to avoid accumulated deductions.

You should monitor your accounts, You have the right to demand for the right product and services. The bank cannot force you to go for a specific product or loan facility. You have the right to choose.

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“If they give you a product you do not like, you do not have to take it. It’s important for us to understand this for the whipping to stop.



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