Banks must repay excess charges with interest – CBN – Business

The Central Bank of Nigeria (CBN) said that any bank that illegally deducts money from a customer’s account for products and services will be forced to return money to a customer with interest.

Mr. Fada David, Consumer Complaints Management, Consumer Protection Board, CBN, said this in an interview Nigeria News Agency (NAN) on tuesday in abuja.

NAN reports that this is a continuation of complaints from banking customers within the Federal Metropolitan Territory (FCT) for excess of bank expenses by withdrawing funds from the Automated ATMs.

According to customers as a result of the development, they were afraid to make withdrawals using other banking ATMs due to the ongoing charge of N65 for each transaction.

According to customers, most banks in the city center have programmed their ATMs in order to distribute only N10,000 or less per transaction, thus disrupting customers, withdrawing more than this amount.

Customers complained that if they had to withdraw N100,000 or more through ATMs of other banks, this means that they would lose so much money.

However, they called on the CBN and other relevant bodies to study this issue to help the poor Nigerians.

According to David, the CBN Monetary Policy Cycle gives some guidance on how much should be returned to customers if excess payments are found.

“Part of the punitive measures is that if excess payments are found, they will be returned to interested consumers,” he said.

David, however, assured bank customers that CBN regularly monitors all banks to ensure that banks do not change them.

He also urged clients to read the CBN's Circular Guide on Bank Charges to find out what charges they are allowed for the banks and the right amount.

“Consumers should consult this document to find out how much they should pay for services.
“When you go through this, and in a situation where you see charges that you don’t understand, you have the right to write your bank and explain to them what charges are.

“In a situation where it becomes clear that the client has been overcharged, the client should force them to cancel it.
"You have the right to know how much you pay for the operation of your account and make sure that the bank charges only the specified amount",
he said.

Also, Mr. Oludamola Atanda Consumer Education Division, Consumer Protection Department, CBN, urged bank customers to require monthly reports.

He said that this would help customers keep a close eye on their accounts.

“You have the right to demand the right product and services. The bank can not force you to go for a certain product or loan. You have the right to choose.

“If they give you a product that you don’t like, you don’t have to take it. It is important for us to understand this.

“There is also the issue of the right to privacy. My bank should not share my data with anyone. For example, a wife cannot come and say that she needs the details of her husband’s account.

“Only by a court decision can a person’s information be disclosed to a third party,” he said.

ALSO READ: It's a pity that CBN doesn't even have a gene that works well.

Sometimes Atanda said that customers complain about certain banking products because they were not properly informed about the products.

“If I take a product, my bank is responsible for educating me about this product.

“If this is a product of savings, the client should know how it works, how many times to withdraw in a month, how much interest to expect and the minimum deposit on the account.

“We say that you have the right to demand good service. This is what we want to inform customers ", he said.

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