Sidebar

Exclusive Reports

29
Fri, Mar

CBN Instructs Banks To Repay Excess Charges To Customers

Top Stories
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

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, made the statement 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, many 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.

BLOG COMMENTS POWERED BY DISQUS