In pursuit of being able to post the highest turnover and profit at the end of each financial year, many Nigerian banks have resulted into using outrageous charges to meet their targets, all at the expense of customers’ ignorance.

With all kinds of deductions being carried out in the name of charges, it is now impossible for depositors, especially those using savings accounts to get back the exact amount deposited into the banks. Some bank customers who spoke to FinIntell said even the little interest banks worked on their deposits are systematically erased.

The Short Messaging Services (SMS) introduced by Nigerian banks to ensure the security of account status has now been turned into a major way of fraudulently profiting off customers. Banks still charge as high as N10.00 per SMS sent to a customer even when bulk SMS providers in the country offer less than N1.00 per SMS.

Read More.......www.myfinancialintelligence.com/index.php/2011-09-27-04-13-15/banking/85022-outrageous-charges-of-nigerian-banks