The Central Bank of Nigeria (CBN) has advised bank customers to resist arbitrary bank charges illegally imposed on them by Deposit Money Banks (DMBs).
Reacting to claims by Igbo traders that depositors and other account operators with banks in Nigeria were suffering “unbearable” transaction charges.
CBN governor Godwin Emefiele had called on bank customers to arm themselves with the guide to bank charges, read the guide very well and resist any unlawful charges.
Emefiele said: “Go and read your Guide to Bank Charges, you should not allow any bank to just pass on any discretionary charges on your account that is not contained in the guide to bank charges”.
Emefiele urged bank customers to carry the guide as they will carry any holy book. According to him, if you find any bank charges that are not in the guide, raise an alarm. We have our Customer Protection Department, we have always advertised our own hotline emails where you can always reach us”.
The CBN governor advised bank customers suffering arbitrary bank charges to “tell the bank to reverse the charge because it is not meant to be there”.
A CBN staff in the Corporate Communications Department told The Nation that aggrieved bank customers like the Igbo traders can also approach the banks with their lawyers and accountants to effect a reversal of any illegal bank charges.
Southeast Amalgamated Markets Traders Association (SEAMATA) recently wrote to the CBN to investigate charges from commercial banks. (Nation)