Illegal Bank Charges: CBN Charge Customers on Action to take

In Response To Growing Concerns Over Arbitrary Deductions And Questionable Charges By Nigerian Banks, The Central Bank Of Nigeria (CBN) Has Reiterated Its Stance On Protecting Consumers. Mohammed Muazu, Head of the Complaint Management Division in the Consumer Protection Department of the CBN, has called on customers to report any illegal or unwarranted bank charges, emphasizing the importance of being proactive in understanding and managing personal bank accounts. Muazu’s statement comes at a time when many Nigerians have expressed frustration over exorbitant and seemingly unexplainable deductions from their bank accounts. He encouraged customers to familiarize themselves with the CBN’s Guide to Bank Charges, a document that outlines how much banks are legally allowed to charge for various services. According to Muazu, awareness and vigilance are essential for consumers to safeguard their finances. Understanding Your Bank Charges Muazu stressed the importance of thoroughly reviewing bank statements, which are now commonly sent electronically, in order to identify any discrepancies between CBN guidelines and actual deductions. “If your bank charges you more than what is in the CBN guideline, you have the right to say no. Let us try to know our rights. Most customers do not even review their statements when their bank sends them. Review your account statement every month and if you see what you do not understand, complain. Do not sleep on what you do not understand. CBN is not your first line of defense, we only listen to escalated complaints,” Muazu said. In his view, many consumers fail to monitor their accounts regularly, thus allowing questionable charges to persist. This lack of awareness has made it easier for banks to charge fees that often go unnoticed or unchallenged.

source: reportafrique.com

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