Bank customers decry excessive charges, urge CBN intervention

Bank customers across Nigeria have expressed frustration over what they describe as excessive and unnecessary deductions from their accounts, calling on the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), and other regulators to address the issue.

Speaking on Sunday, many customers said the charges were discouraging, especially amid the current economic hardship.

Mrs. Helen Agodo, a First HoldCo Plc customer, said daily deductions from her account were becoming unbearable.

“There was a day I calculated all my debit alert charges, and it amounted to about ₦1,000 in just one day. Imagine the total if they do the same to 1,000 or 2,000 customers,” she said, adding that the situation was pushing some people to avoid keeping money in banks.

Miss Cheta Ugochukwu, a Guaranty Trust Bank (GTB) customer, described the charges as “unfair” and inconsistent with the spirit of the CBN’s cashless policy.

“My bank charged me about ₦1,146 for SMS alerts in one month.

“I also noticed I was billed ₦100 for the Electronic Money Transfer Levy instead of the ₦50 stated by regulation.

“This is unfair given the state of the economy,” she said.

Mr. Usman Idris, a Fidelity Bank customer, claimed that over ₦3,700 was deducted from his current account as a maintenance fee.

“When I sought clarification, I was told to write the bank officially.

Yet, when they withdrew my money, they didn’t seek my approval,” he lamented.

Mr. Roland Garba, a customer with Access Holdings Plc, also urged financial regulators to step in urgently to protect depositors from what he called excessive bank charges.

A bank official, who spoke on condition of anonymity, defended the deductions, insisting they were in line with the CBN’s approved guide on bank charges.