JOIN CAFON TO DECLARE MARCH 1ST
"NO BANKING DAY" IN PROTEST OF
EXCESSIVE BANK CHARGES!
Dear Nigerian Banks Consumers.
For many years now, consumers of
banking services have been subject to series of poor and unsatisfactory
transaction and relationship terms.
We have endured excessive charges, illegal
fees and unfair contracts that only
protects the bank but does not protect the
consumers. Banks debit our accounts at will for
charges we never agreed to or were not
aware of; they charge us for every little
service; we pay for getting our
statements; introduction letters; and
now, some banks are charging N200 for the use of deposit and transfer forms!
Under the current CBN management,
abolished fees are being reintroduced.
ATM withdrawals that was free now cost
N65 on 3rd withdrawals. We pay N1000
for debit card issuance and renewals; we pay N105 for every online transfer; and
they still charge N105 as Annual Debit
Card Maintenance and now, a new Stamp
Duty charge of N50 on every credit of
over N1000 has just been introduced.
COT that was supposed to end finally in 2016 is now being reintroduced as 1% of
every withdrawal purportedly as
Monthly Current Account Maintenance
Fees! This is unacceptable! The fact is,
Consumers are being exploited by all the
banks and CBN is aiding and encouraging these exploitations. We cannot continue to
endure this exploitations! That is why
Consumer Advocacy Foundation of
Nigeria CAFON, a consumer rights NGO is
calling consumers to join us in protest of
Banking Exploitation by declaring Tuesday, March 1 2016 as NO BANKING
DAY!
Our Demands:
a) we want bank charges reviewed
downwards.
b) banks must clear fees with consumers BEFORE debiting our accounts.
c) bank forms and contracts must be
reviewed to include more protection for
consumers.
d) Consumer complaints must be resolved
promptly and satisfactorily. e) CBN must review the new Stamp Duty
Charge, Account Maintenance Charge
AND Debit Card Maintenance Fees.
We urge ALL consumers to boycott ALL
banking services in protest of these
excessive charges and policies. That means on Tuesday March 1:
1. Don't visit any bank or branches to
transact any business.
2. Don't use your ATM from 12a.m -12
midnight on March 1.
3. Don't log in to any of your accounts online and don't do any transfers from
12am-12 midnight.
4. Don't make any online payments from
12am- 12 midnight.
5. Don't issue any cheques or banking
instruments dated March 1, 2016. 6. Avoid doing any financial transactions
on March 1 but if you must, avoid the
banks!
We can all commit to observe a No
Banking Day Protest to press home our
demands. After all, if we don't patronize them, they can't be in business. If you
agree to join the protest, please share
with your friends and family until we
have mass awareness, so everyone can
observe the No Banking Day Protest.
It is not right, so let's use our Rights! Signed:
Sola Salako
President CAFON,
RBC By Sunday Osighwe.