Bank Customers Tell CBN, NDIC to Step in Amid Exorbitant Charges From GTBank, Access, Others

• Customers from various banks have raised concerns about frequent and unjustified debit notifications, with some reporting charges as high as N1,000 for daily withdrawals
• Complaints also include excessive SMS alert fees and electronic money transfer levies exceeding official regulations, prompting customers to demand action from regulatory bodies
• Bank representatives maintain that these charges are in line with CBN guidelines, but affected customers continue to express frustration with the financial burden

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Despite their pleas to banks, customers of different banks have persisted in complaining about the frequent debit notifications from their accounts.

Speaking to the News Agency of Nigeria (NAN) in Abuja, a few of them urged the Nigeria Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), and other pertinent regulatory bodies to look into the situation. The charges, they maintained, were unwarranted and troubling.

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Mrs. Helen Agodo, a First HoldCo Plc client, claimed that the daily withdrawals from her account by her bank were becoming intolerable, and that on certain days, she would receive alerts of N1,000 in debits from her account.

“In fact, I do not blame some people who decide not to put their money in a bank.

“There was a day I calculated the debit alert charges that I received from my bank, and it was up to N1,000 just for one day.

“You can imagine the total amount the bank will get if they do the same deduction from like 1,000 to 2,000 of their customers,” she said.

Guaranty Trust Bank (GTB) Plc customer Miss Cheta Ugochukwu called the charges unjust. According to Ugochukwu, the development was not a sound or genuine business plan, according to NAN.

“Personally, I do all my transactions electronically, and I thought that was the basis for the cashless policy of CBN.

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“My bank charged me about N1,146 as SMS alert fees for one month. To me, this is too much.

“I wanted to disable my bank SMS alerts when the amount was increased and rely only on my app receipt, but upon second thought, I decided to leave it. Now, my mind is made up.

“I was even charged N100 as Electronic Money Transfer Levy, contrary to the N50 stipulated by the regulation.

“I wonder how they calculate this because it is unfair given the current state of the economy,” she said.

According to Mr. Usman Idris, a Fidelity Bank Plc customer, over N3,700 was taken out of his current account for maintenance.

Idris regrets that he was asked to send the bank a formal letter after reporting the matter to them for clarification.

“They told me to write because I asked for clarification, but when they wanted to withdraw my money, they did not ask for my clarification.

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“This is so sad,” he said.

In order to address the issues, Mr. Roland Garba, a client of Access Holdings Plc, urged the CBN, NDIC, and other regulatory bodies to get involved. According to a bank representative who requested anonymity, their bank charged clients in accordance with the CBN’s recommendations on bank fees.

Experts explain ways to avoid paying excessive charges

Legit.ng reported that Nigerians are already struggling financially, and the exorbitant fees for simple banking services like withdrawals, transfers, and account management have only made matters worse.

The situation has not altered despite numerous protests, complaints, and even social media memes; instead, new accusations have surfaced.

Value Added Tax, foreign exchange commission, ATM transfer fees, commission on turnover, POS transfer fees, interbank transfer fees, card maintenance fees, USSD charges, card issuance fees, check issuance fees, stamp duty, and transfer fees are just a few of the fees that existing banks charge.

Source: Legit.ng