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Bill To Regulate Arbitrary Bank Charges Passes Second Reading - Politics - Nairaland

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Bill To Regulate Arbitrary Bank Charges Passes Second Reading by nwakibie3(m): 4:50pm On Dec 21, 2017
The House of Representatives on Thursday passed through second reading a Bill for an Act to amend the Banks and other Financial Institutions Act.

The bill, which seeks to mandate banks and other financial institution in Nigeria to state in writing, ”all charges and fees accruing to any transactions in the banks”, was sponsored by Jones Onyereri (Imo-PDP).

The bill seeks to amongst others, increase penalties to deter corporate and individual misconduct.

Mr. Onyereri, while leading the debate, said the bill seeks to amend the Banking Act and to among other things, regulate banks and other financial institutions.

He said there was a need to stop the incessant contravention of banking laws.

The bill, when amended will prohibit carrying on of such businesses in the country and streamline the operations of banks and financial institutions in Nigeria to conform with ‘international best practices’.

Nigerians have over the years complained over arbitrary charges foisted on them by banks, and some have now began to save their money via cryptocurrency to avoid the banking system and unnecessary charges.

The Consumer Protection Council (CPC), a government agency that protects the rights of consumers in Nigeria, had sanctioned some commercial banks over spurious bank charges.

CPC was reported to have recently ordered FCMB to refund N1.5 billion to the Bauchi State Government and a customer of the bank.

https://www.premiumtimesng.com/business/business-news/253195-bill-regulate-arbitrary-bank-charges-passes-second-reading.html

3 Likes

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by Celcius: 4:58pm On Dec 21, 2017
Wonderful. They're Corporate thieves.
Give loans, no. Give interest on savings, no. Give jobs, no...okayyy yes, but we no pay well.
Interest on loan you try collect, 29%/p.a. Interest on your fixed deposit, 8-10%/p.a

25 Likes 2 Shares

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by goldviaggra: 5:00pm On Dec 21, 2017
Good.
Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by Celcius: 5:05pm On Dec 21, 2017
Wonderful. They're Corporate thieves.
Give loans, no. Give interest on savings, no. Give jobs, no...okayyy yes, but we no pay well.
Interest on loan you try collect, 29%/p.a. Interest on your fixed deposit, 8-10%/p.a

2 Likes

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by seunmohmoh(f): 5:12pm On Dec 21, 2017
ok
Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by sunnyboi: 5:12pm On Dec 21, 2017
angry grin

1 Like

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by parkerchuks(m): 5:12pm On Dec 21, 2017
what s good move

1 Like

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by mytime24(f): 5:13pm On Dec 21, 2017
angry
Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by greatwhite(m): 5:13pm On Dec 21, 2017
Nice one.
Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by Ask4bigneyo(m): 5:13pm On Dec 21, 2017
Till then...

1 Like

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by JohnieWalker12(m): 5:14pm On Dec 21, 2017
Igbo kwenu

4 Likes

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by Everest1989(m): 5:14pm On Dec 21, 2017
I am here to read Nwamaikpe's comment.

4 Likes

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by Nobody: 5:14pm On Dec 21, 2017
The guy above me
Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by free2ryhme: 5:15pm On Dec 21, 2017
nwakibie3:
The House of Representatives on Thursday passed through second reading a Bill for an Act to amend the Banks and other Financial Institutions Act.

The bill, which seeks to mandate banks and other financial institution in Nigeria to state in writing, ”all charges and fees accruing to any transactions in the banks”, was sponsored by Jones Onyereri (Imo-PDP).

The bill seeks to amongst others, increase penalties to deter corporate and individual misconduct.

Mr. Onyereri, while leading the debate, said the bill seeks to amend the Banking Act and to among other things, regulate banks and other financial institutions.

He said there was a need to stop the incessant contravention of banking laws.

The bill, when amended will prohibit carrying on of such businesses in the country and streamline the operations of banks and financial institutions in Nigeria to conform with ‘international best practices’.

Nigerians have over the years complained over arbitrary charges foisted on them by banks, and some have now began to save their money via cryptocurrency to avoid the banking system and unnecessary charges.

The Consumer Protection Council (CPC), a government agency that protects the rights of consumers in Nigeria, had sanctioned some commercial banks over spurious bank charges.

CPC was reported to have recently ordered FCMB to refund N1.5 billion to the Bauchi State Government and a customer of the bank.

https://www.premiumtimesng.com/business/business-news/253195-bill-regulate-arbitrary-bank-charges-passes-second-reading.html



Them go dey post billions after tax profit yet none was made from loans to SMEs na to deduct na im dem sabi

9 Likes 1 Share

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by Talk2david1(m): 5:15pm On Dec 21, 2017
Banks won't like this
Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by Godsonkemz(m): 5:16pm On Dec 21, 2017
These charges are getting out of hand. It's either its for atm card maintenance fees or stamp duty charges or VAT or interbank transfer charges despite paying to obtain an ATM debit card. They preach cashless economy but impose charges that discourage cashless method. All these charges without interest. Soon aggrieved customers will start boycotting putting their monies in the bank to adopt the traditional method of safe box.

12 Likes 1 Share

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by lakesider(m): 5:16pm On Dec 21, 2017
Only Bill that makes sense this year ..
When will they make laws that require that you register your employee and their salary with the governmemt and that any work exceeding 10hrs per week requires employment contracts .

8 Likes 2 Shares

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by priceaction: 5:17pm On Dec 21, 2017
Gt the main culprit. I have withdrawn my service to bank with them over a year now. Charging me here and there. I can't just do any transaction in peace. They will greet u for new year, birthday, weekend and still charge you double on top. I even leave my ATM with them. I don't need it. Same with skye bank. I dont need them again.My main bank remain access bank and stanbic ibtc. At least , my transaction fees are minimal.
Since yesrdy uba has been deducting from 2k upward from each account. Does anyone notice? They have been blaming system error. System error never dey do general credit but na debit e dey do. Thieves. They needed money to do balancing after their ogas don use am launder for big men and never get their money back.

7 Likes 1 Share

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by InyinyaAgbaOku(m): 5:17pm On Dec 21, 2017
You don't mess with Igbos

1 Like

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by Iolo(m): 5:21pm On Dec 21, 2017
lakesider:
Only Bill that makes sense this year ..
When will they make laws that require that you register your employee and their salary with the governmemt and that any work exceeding 10hrs per week requires employment contracts .

Anyone can draft such a bill and get a sponsor in the senate or house to present it.

1 Like 1 Share

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by thoollz: 5:24pm On Dec 21, 2017
InyinyaAgbaOku:
You don't mess with Igbos
Don't tribalize this thread, Na beg i dey beg.

When GTBank deducted almost 1k from my savings account for SMS notification. I went straight to the bank the following morning to get an indemnification letter to deactivate d SMS. I no need am.

Gtbank go dey find customers ontop d millions dem get, just to scam them.

7 Likes 1 Share

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by Kirinwa: 5:25pm On Dec 21, 2017
Oh it took Inoson's case with GTB for them to wake up? Banks if they deduct even #100 from each account with over 5million customers. Its #500 million monthly profit not to talk of where they tear eye dey deduct #2500 or even close accounts of dead people running into millions. Banks na the new MMM joor.

It remains MTN and other networks incessant charges.

7 Likes 2 Shares

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by themanderon: 5:29pm On Dec 21, 2017
Banks are nothing more than legalized ponzi schemes. Robbing peter to pay their share holders cheesy.

4 Likes 1 Share

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by handsomeyinka(m): 5:43pm On Dec 21, 2017
Banks of thieves Nigeria ltd
CEO...Buhari
CHAIRMAN...Jonathan Goodluck
ACCT OFFICR....Ibrahim Babangida
GATEMAN.....Dino Melaye
BANK CUSTOMERS....lalasticlala,Oga Seun Osewa,Tinubu,Aunty Ngozi,Diezani Madueke,Stella Odua

3 Likes 1 Share

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by Emotivator(m): 5:44pm On Dec 21, 2017
themanderon:
Banks are nothing more than legalized ponzi schemes. Robbing peter to pay their share holders cheesy.
They don't even pay their shareholders. They lavish the ill-deducted monies on perks for 2% of the top officers.
Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by tribalistseun: 5:52pm On Dec 21, 2017
I checked the amount this people deduct every month and it's not funny. They even charged me for saying happy birthday to me.

Am currently searching for my last Kobo in their hands, na my ceiling sure pass

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by segebobo: 6:44pm On Dec 21, 2017
Annoying part, u will pay 2 collect atm, pay 2 use d card on another banks machine, pay for debit & reversal when d machine refuse 2 vomit money, still pay monthly again if u keep ur card jeje in ur wallet

2 Likes

Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by honestivo(m): 7:29pm On Dec 21, 2017
very necessary law
Re: Bill To Regulate Arbitrary Bank Charges Passes Second Reading by erico2k2(m): 7:38pm On Dec 21, 2017
Celcius:
Wonderful. They're Corporate thieves.
Give loans, no. Give interest on savings, no. Give jobs, no...okayyy yes, but we no pay well.
Interest on loan you try collect, 29%/p.a. Interest on your fixed deposit, 8-10%/p.a
My bank is 1st bank, I get Interest paid on my savings account.

1 Like

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