The Central Bank of Nigeria (CBN), said any bank that deducts monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest.

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 excess charges by banks through Automated Teller Machine (ATM) withdrawals.

The customers said as a result of the development, they dreaded making withdrawals using other banks ATMs because of the continued charge of N65 for every transaction.

According to the customers, most banks within the city centre have programmed their ATMs to dispense only N10,000 or less per transaction, thus ripping off customers withdrawing more than that amount.

The customers 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 poor Nigerians.

According to David, the Monetary Policy Circular of the CBN gives certain guidelines as to how much should be refunded to customers if excess charges are discovered.

“Part of the punitive measures is that if excess charges are discovered, they are refunded to consumers with interest,” he said.

David, however, assured bank customers that the CBN monitors all banks regularly to make sure that banks do not short-change them.

He also encouraged customers to read the CBN’s Guide to Bank Charges circular to know those charges that their banks were allowed to charge and the correct amount.

“Consumers should consult this document to know how much they are expected to pay for 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,” he said.

Also, Mr Oludamola Atanda of the Consumer Education Division, Consumer Protection Department, CBN, urged bank customers to demand for their statement of account monthly.

He said that it would help customers to monitor their accounts closely.

“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.

“If they give you a product you do not like, you do not have to take it. Its important for us to understand this.

“There is also the issue of right to privacy. My bank should not share my details with just anybody. For instance, a wife cannot come and say she wants details of her husband’s account.

“Only by court order can an account details by revealed to a third party,” he said.

Atanda said at times, customers complain about certain bank products because they were not properly informed about the products.

“If I am taking a product, my bank has the responsibility to educate me on that product.

“If it is a savings product, a customer should know how it works, how many times to withdraw in a month, how much interest to expect and the minimum deposit on the account.

“We are saying that you have the right to demand good service. Those are the things we want to let customers know,” he said. (NAN)

https://www.financialwatchngr.com/cbn-to-order-banks-to-repay-illegal-charges-with-interest/

Welcome idea. In fact,they hv a lot of money to refund me. They hv long been over charging me. They charge me for ATM card maintenance every month.

Meanwhile, I got FTC this evening. This is decated to any presidential aspirant that can take Nigeria out of the mess the country has found herself. Things are not like that here in Europe.

"The Central Bank of Nigeria (CBN), said any bank that deducts monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest."


We are only good at making laws..but to implement it na war.

Check my signature!!!!

Access bank in Trouble

Lie, nothing go hapun

welcome development


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Good. ahn ahn they'll be debiting anyhow

Zenith bank is in trouble.

maximunimpact:
The Central Bank of Nigeria (CBN), said any bank that deducts monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest.

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 excess charges by banks through Automated Teller Machine (ATM) withdrawals.

The customers said as a result of the development, they dreaded making withdrawals using other banks ATMs because of the continued charge of N65 for every transaction.

According to the customers, most banks within the city centre have programmed their ATMs to dispense only N10,000 or less per transaction, thus ripping off customers withdrawing more than that amount.

The customers 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 poor Nigerians.

According to David, the Monetary Policy Circular of the CBN gives certain guidelines as to how much should be refunded to customers if excess charges are discovered.

“Part of the punitive measures is that if excess charges are discovered, they are refunded to consumers with interest,” he said.

David, however, assured bank customers that the CBN monitors all banks regularly to make sure that banks do not short-change them.

He also encouraged customers to read the CBN’s Guide to Bank Charges circular to know those charges that their banks were allowed to charge and the correct amount.

“Consumers should consult this document to know how much they are expected to pay for 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,” he said.

Also, Mr Oludamola Atanda of the Consumer Education Division, Consumer Protection Department, CBN, urged bank customers to demand for their statement of account monthly.

He said that it would help customers to monitor their accounts closely.

“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.

“If they give you a product you do not like, you do not have to take it. Its important for us to understand this.

“There is also the issue of right to privacy. My bank should not share my details with just anybody. For instance, a wife cannot come and say she wants details of her husband’s account.

“Only by court order can an account details by revealed to a third party,” he said.

Atanda said at times, customers complain about certain bank products because they were not properly informed about the products.

“If I am taking a product, my bank has the responsibility to educate me on that product.

“If it is a savings product, a customer should know how it works, how many times to withdraw in a month, how much interest to expect and the minimum deposit on the account.

“We are saying that you have the right to demand good service. Those are the things we want to let customers know,” he said. (NAN)

https://www.financialwatchngr.com/cbn-to-order-banks-to-repay-illegal-charges-with-interest/

Breaking news!!!
Trump has pulled out of the Iran nuclear deal!
Nairaland pls update abeg!!!

Uba is worst

diamond bank must pay well for their stupid stamp duty

It has become a norm with all my banks to charge me unnecessarily

long over due.

They will still devise others means to codedly extort!

Wat concerns me with dis. Are dey distributn cash?

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Don't mind the mofos

that's how diamond bank deceived my friend in opening diamond extra account. what they failed to tell him was that his balance can't be less than 5k.

and the guy has 9k, he can only withdraw 4k when what he needs is 8k

UBA don suffer

FCMB is the worst bank in term of secret deduction or charges

Dem no go refund, no be naija we Dey?

I saved some money in my First Bank account after withdrawing it to some certain level the rest is being pecked little by little illegally.

Welcome idea. Eco bank are in trouble.. Always charging me for checking my account balance, asin #20 on a stead!!.




Leggo!!

;DD
UBA will not like this

First bank ,,,,

Good move,hope the banks would adhere

Union bank
Stopped using the bank since last year but every month i receive dubious deduction alerts for sms charges. How? I didn't deposit neither did i withdraw.
Thieves.

UBA

Thank God say I no get bank acct...less hypertension

Thanks for this info but how do we get the CBN regulations? ACCESS use to charge stamp duty without seeing the stamp, I was amazed when I transfer money from UBAto other bank the postage stamp was fixed to the transacting document immediately

Ecobank is so good at doing that and their ATM have been programmed to dispense only 10k per withdrawal

start with Diamond