SOUTH-EAST TRADERS PETITION CENTRAL BANK OF NIGERIA ILLEGAL BANK DEDUCTIONS

The South-East Amalgamated Markets Traders Association has criticized what it described as multiple and indiscriminate charges and deductions on customers by commercial banks. In an open letter written to the central bank of Nigeria and signed by its President-General, Gozie Akudolu, the association complained about the bank charges.

It said, Part of the major responsibilities of the commercial banks, is to accept money deposits from customers and keep safe custody of the same and perform such other transactions for and as directed by the customer through various bank instruments. But today, the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature, Akudolu stated.

On what it described as “indiscriminate charges and deductions especially in online transactions, Akudolu said, when a customer makes an online transfer of funds, the transfer is charged a certain amount of money deducted from his/her account and the recipient’s account is also charged and deductions made for receiving the money. In addition, charges and deductions are also made for SMS, which most of the time were not received. Finally, at intervals, charges and deductions will be made on the same account as service. The association is calling on the CBN to attend to its complain as individuals have complained to the banks without success.