CBN CHECK THE EXCESSES OF COMMERCIAL BANK

CBN CHECK THE EXCESSES OF COMMERCIAL BANK

If I say that Charles Soludo is not trying then I must have my head examined not just by psychiatrist but to see if indeed is brain and not butter I have in there.

My problem is not the man but the banks. How come Nigerian banks are in the habit of withdrawing money from people account without so much as telling them what such withdrawals or how they came about in the first place unless you insist.

When you want to go into any agreement for loan I expect the bank to tell you about all the charges both hidden and non hidden one to allow one to make an informed decision. But to be frank with you no bank does that. The maintenance fees of ATM cards, exchange card, credit cards and all sundry fees are hidden from the customer and only appear when you query the balance that the banks gives you.

I believe that banks should publish all charges they take from customer, the percentage on interest, cost of cheque book, withdrawal booklets, percentage of interest on loans, and all charges they charge the customer and make same available to the customer to allow the customer make informed decision about the bank before taking any contract facility with the bank. Similarly changes in the above should be communicated to the customer.

For example do you know that there are double charges on the same thing if one wants to transfer funds abroad through GT BANK? Let tell you the first charge the say is a flat rate of $10 for the transfer of all monies below $1000, now the same bank will ask you in another breathe to pay N1000 for telex for the transfer. Tell me how many time will you pay money for the same transfer. If the cost is $10 for all monies below $1000 why ask again for money. Some banks on their part may ask one to pay as much as 30% percent of the money they want a bank draft on which I think is outrageous.

The present way banks carry out their business kills off the poor and the middle class since they pay more as charges for any service such funds transfer, loans, bank draft.

The addition that customers should pay three hundred Naira (N300) for the first two page statement of account and hundred (N100) for subsequent pages by banks like GT BANK is very unfortunate owing to the fact that the statement of account is statutory right of every customer and not a favour.

Written by GOSPEL CHIZZY EMEREONYE

CEO MEEN DIGITAL RECORDING STUDIO