Banks Must Pay Back Illegal Charges With Interest – CBN
If your bank had at any point deducted your money for any reasons you don’t know, and you sought explanation without any reasonable answer, and you still allowed it, you were just being generous.
This is because the Central Bank of Nigeria, CBN has said your bank ought to refund the money, and with accrued interest.
Mr Fada David, Consumer Complaints Management, Consumer Protection Department, CBN, said this in an interview with the News Agency of Nigeria on Tuesday in Abuja.
Mr. David’s assertion follows several complaints by bank customers within the Federal Capital Territory over excess charges by banks through Automated Teller Machine withdrawals.
The customers said as a result of the development, they dreaded making withdrawals using other banks ATMs because of the continued charge of 65-naira for every transaction.
According to David, the Monetary Policy Circular of the CBN gives certain guidelines as to how much should be refunded to customers if excess charges are discovered.
“Part of the punitive measures is that if excess charges are discovered, they are refunded to consumers with interest,” he said.
He, however assured bank customers that the CBN monitors all banks regularly to make sure that banks do not short-change them.
He also encouraged customers to read the CBN’s Guide to Bank Charges circular to know those charges that their banks were allowed to charge and the correct amount.
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