ATM: CBN orders banks to repay excess charges to customers

ATM: CBN orders banks to repay excess charges to customers

The Central Bank of Nigeria, CBN, has 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.

Fada David, Consumer Complaints Management, Consumer Protection Department, CBN, said this in an interview with newsmen on Tuesday in Abuja.

Bank customers within the Federal Capital Territory, FCT, and many states have complained over excess charges by banks through Automated Teller Machine, ATM, withdrawals.

Last year, most banks programmed their ATMs to dispense only N10,000 or less per transaction, thus, customers part with N65 on every withdrawal.

According to Mr 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.

Previous Nigerian govt considering new policy of graduates studying extra one year before NYSC
Next IGP Idris to appear before senate today
Leave a Comment...