By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Africa Housing NewsAfrica Housing News
Notification Show More
Aa
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Reading: Association petition CBN, allege illegal bank deductions
Share
Aa
Africa Housing NewsAfrica Housing News
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
Search
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Have an existing account? Sign In
Follow US
Africa Housing News > Blog > News > Association petition CBN, allege illegal bank deductions
Association petition CBN, allege illegal bank deductions
News

Association petition CBN, allege illegal bank deductions

Fesadeb
Last updated: 2021/12/07 at 8:21 AM
Fesadeb Published December 7, 2021
Share
SHARE

The South-East Amalgamated Markets Traders Association has decried what it described as “multiple and indiscriminate charges and deductions on customers” by commercial banks.

The association complained about the bank charges in an open letter to the Governor of Central Bank of Nigeria, Mr Godwin Emefiele, made available to our correspondent in Enugu on Monday. It was signed by its President-General, Chief Gozie Akudolu, and its Secretary-General, Mr Alex Okwudiri.

It said, “Part of the major responsibilities of the commercial banks, we know, is to accept money deposits from customers and keep safe custody of the same, and perform such other transactions for and as directed by the customer through various bank instruments.

“Most of the transactions, we also know, are the social responsibility of the banks. But today, the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature.”

According to the association, the cashless economy policy of the CBN has been of immense benefits to its members, especially as it curtailed to the barest minimum armed robbery attacks on them.

On what it described as “indiscriminate charges and deductions especially in online transactions, it said, “When a customer makes an online transfer of funds, the transfer is charged a certain amount of money deducted from his/her account and the recipient’s account is also charged and deductions made for receiving the money.

“In addition, charges and deductions are also made for SMS, which most of the time were not received. Finally, at intervals, charges and deductions will be made on the same account as service charge.”

The association said its members had individually approached the banks to complain but without success.

It, therefore, appealed to the CBN governor to prevail on the banks to stop “the indiscriminate charges and deductions and, if possible, refund all the deductions”.

You Might Also Like

Millions of Nigerians Live on Untitled Land, Minister Dangiwa Warns

David Mark Warns Benue Residents May Take Up Arms if Security Fails

FCCPC Summons Air Peace Over Unpaid Refunds in Flight Cancellations

Over 6,500 Displaced in Benue Attacks, NEMA Confirms

Oil Prices Decline as Middle East Conflict Shows Signs of Containment; Gold Nears Record High

Join Our Whatsapp Group

Contact Image

Join Our WhatsApp Channel

Housing TV Africa is the First Housing News Television
in Africa on Startimes Channel 149 bringing you
Housing News, Mortgage News, Construction News etc

TAGGED: Africa housing news, Central Bank of Nigeria, Mr. Godwin Emefiele, trending news
Fesadeb December 7, 2021 December 7, 2021
Share this Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

© Africa Housing News. All Rights Reserved 2024

Welcome Back!

Sign in to your account

Lost your password?