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What to do When You Are Unnecessarily Charged by Your Bank

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EMEFIELE

Current bank account owners in Nigeria have at one time or the other been faced with heavy excessive debits from their banks.

Most Commercial Banks in Nigeria are fond of charging their customers fictitious and excessive charges which sometimes go unnoticed by depositors. 

The end of these punitive charges may well be in sight as the Central Bank of Nigeria has intervened. 

The apex bank has issued a press release confirming that it “has received series of complaints from customers of Deposit Money Banks (DMBs) alleging excessive and in some cases illegal charges from their respective banks.” 

The Central Bank of Nigeria on Saturday said it has recovered about N6.2bn from Deposit Money Banks as excessive charges imposed on their customers in 2015.

The apex bank in the statement issued by the Director,Corporate Communications Department, CBN, Alh Muazu Ibrahim warned banks against imposing illegal charges on their customers.

The CBN in the statement said it was concerned about the rising number of complaints bordering on excessive bank charges, noting that in 2015 alone, the apex bank investigated about 6,000 of such cases in 2015 alone.

If you are interested in getting heard and getting a refund as well the CBN says you should report cases of infringement to enable it investigate and apply sanctions on any erring Deposit Money Bank (DMB).

You are also requested to forward complaints to: Director, Consumer Protection Department; email: cpd@cbn.gov.ng

The Banking industry is one of the most regulated industries in Nigeria and the CBN has been known to enforce its rules and apply sanction where applicable. You have got nothing to lose


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