It is worrisome to see how a corporate giant like Zenith bank flaunts CBN rules with reckless abandon.
Before 2016, COT was legitimate for current accounts. Savings accounts were exempted from COT charges but Zenith bank charged COT on every transaction on savings accounts going outside their bank. The charge this in addition to the CBN approved N100 per transfer.
This is illegal and corporate misdemeanor. They were even charging N3 per mille when COT on current account had reduced to N1 per mille. This ill-gotten money will be declared as part of their profit in 2015.
In 2016, because COT is absolutely outlawed, they have added the amount to the N105 and call it 'Transfer charges'. This is against the fact that all transfer charges are regulated charges as contained in the revised guide to bank charges sent by CBN to all banks including Zenith banks on March 27, 2013 which took effect from April 1, 2013 and is subsisting (REF: FPR/DIR/GEN/CIR/03/002).
Customers complaints to zenithdirect on this have been ignored, they will instead send the account officers to manage the customers to accept the charges. We plead the CBN governor though a former MD of Zenith bank to prevail on them to reverse all the illegal charges to the customers in line with the anti-corruption policy of the current government.