Banks are in the business of accepting deposits and lending money to customers. The advent of internet banking and online services has broadened the opportunities for revenue generation through bank charges. A bank charge covers all fees incurred by customers from making various transactions through a bank. These charges include monthly card maintenance charges, withdrawal charges, overdraft charges, etc.

In recent times, there have been numerous complaints from customers about excessive bank charges with no basis for some of them.

In a statement in February 2016, the Central Bank of Nigeria (CBN) compelled banks to return N6.2 billion in excess charges to customers for the year 2015.The statement captioned, “Alleged Excess, Illegal Charges by Deposit Money Banks (DMBs)”, said that CBN had “received series of complaints from customers of Deposit Money Banks alleging excessive, and in some cases, illegal charges from their respective banks”.

Understanding and tracking bank charges on your account is very important. We explain in this article how to detect if your bank account is being overcharged.

Know the approved bank charge

The CBN sets regulations that prevent banks from charging excessive fees and it is the responsibility of every bank’s customer to know the approved charges for all types of transactions incurred from his/her bank.

The CBN, earlier last year, reviewed its guide on charges on various products and services by DMBs, other financial institutions and mobile payment operators on their customers’ accounts. This was expected to enhance flexibility, transparency and competition in the Nigerian banking industry.



READ MORE: https://nairametrics.com/how-to-know-if-your-bank-account-is-being-overcharged/


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