It is no longer news that Banks rips-off their customers, but the rate at which they do it these days is becoming alarming. Banks capitalise on the ignorance of their customers as regards banking rules and regulation to rob them of their money. This situation is very dangerous when the bank account of the holder is running on steady overdraft or loan facility.

Below are some common ways at which Banks rip-off their customers.

1 COT is expected to be charged only on valid withdrawals but alas!.

2 Outrageous ATM charges.

3 Loan and overdraft interest above the interest margin allowed. Most bank violates this regulation.

4 Backdating value dates of Debit transactions
5 Excess overdraft interest by applying dual rates for overdraft charges.

6 Charging VAT on interest. VAT is excepted on interest.

7 Hidden loan charges by calculating interest with rate outside monetary regulations and agreed rates.

8 Using unauthorised rates for miscellaneous fees.

9 Charges for SMS notifications are suppose to be free when compare to world class best practice.

* Returned cheques * Renegotiation fee * Above-the-limit charges
* Facility approval * Management fee * Commission on cheques
* Maintenance fee * COT Shortfall fee * Transfer fee

Source- Adesanya and partners.

Be informed and know how charges are made from your account with banks because the act is meticulously exhibited that only when an expert is consulted will you be able to know most especially those transacting in millions. Even electricity distribution companies is not left out of these. Get expert opinion.