Report cases of illegal charges by banks- CBN

The Central Bank of Nigeria (CBN) has urged bank customers to report illegal and excessive charges by their banks to it (CBN).

The apex regulator gave the advice this in a statement titled: “Alleged Excess, Illegal Charges by Deposit Money Banks,” signed by its Director, Corporate Communications, Ibrahim Mu’azu, that was posted on its website at the weekend

According to Muazu, the central bank had received a series of complaints from bank customers alleging excessive and, in some cases, illegal charges from their respective banks.

He pointed out that the Revised Guide to Bank Charges clearly specifies allowable charges for all banking services and the CBN does not in any way condone the fleecing of banking customers under any guise.

“It was in the quest to provide a strong voice to banks customers and moderate the arbitrary charges that the CBN in 2012, established its Consumer Protection Department. For the avoidance of doubt, the CBN has investigated over 6000 complaints relating to unauthorised bank charges brought to its notice, following which banks have been compelled to refund the sum of over N6.2 billion to affected customers in 2015 alone.

 “The CBN wishes to reiterate its resolve to continuously enforce the provision of the Revised Guide to Bank Charges and urges members of the public to report cases of infringement to enable it investigate and apply sanctions on any erring deposit money bank,” he added.

Bank customers were also reminded to always forward their complaints to the Consumer Protection Department of the CBN.

In line with the federal government’s drive to shore up non-oil revenue, the CBN recently directed commercial banks as well as other financial institutions under its regulation, to with immediate effect commence charging N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and the Federal Government Financial Regulations 2009.

The fee, which was expected to be charged on all receipts given by any bank or other financial institution in acknowledgement of services rendered in respect of electronic transfer and other teller deposits from N1,000 and above, has continued to receive condemnation as there are allegation of multiple charges by the banks.

In the same vein, the CBN also recently introduced Current Account Maintenance (CAM) Fee, following the removal of commission on turnover.