Customers should review the Central Bank of Nigeria’s (CBN) advice on bank charges to determine how much they should be charged for every given transaction.
Head Complaint Management Division, Consumer Protection Department, Mohammed Muazu, recommended clients to analyse their online bank statements supplied by their banks to check differences between the CBN’s recommendations and what they were being charged.
Customers have the right to refuse services from a bank if they charge more than what is specified in the CBN guidelines, he said. Muazu counselled bank clients to make sure they fully comprehend any product before signing up for one at a bank.
Customers of different banks have complained about their banks deducting money from them arbitrarily; some say the fees are getting too high and pointless.
First Bank Plc client Mrs. Helen Agodo complained that her bank was making too many daily withdrawals from her account, sometimes amounting to over N1,000.
Guarantee Trust Bank (GTB) client Miss Cheta Ugochukwu characterised the accusations as unjust, asserting that most banks prioritised profit over customer satisfaction. She claimed that the charges are becoming excessive and that you receive the notice every midnight.
