Reps Query Illegal Bank Charges

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The House of Representatives yesterday adopted a motion seeking to investigate undue charges on the use of Automated  Teller Machines (ATM) and other related charges by Nigerian banks.

Consequently, the legislators mandated it’s committee on Banking and Currency to investigate the matter and report to the House within two weeks.

The House also claimed that the Central Bank of Nigeria ( CBN) was not doing enough to sanction banks that engage in the sharp practice.

According to the motion sponsored by the member representing Bunu/Ijumu federal constituency, Hon. Yusuf Ayo Tajudeen,  some commercial banks charge customers N65 for every single cash withdrawal made in ATM domicile in other banks, as against CBN’s directive that the deduction should apply from the 4th withdrawal transaction in other banks’ ATM in a month.

Yusuf said the CBN has not taken any reasonable and punitive measure to sanction banks engaged in this sharp practice as the the regulatory body of the banks.

“The docile approach of CBN to its responsibility responsibility, if allowed to continue many continue may give banks the impetus embark on other spurious charges which will grossly affect customer. The illegal charges from every cash withdrawal is an indirect measure applied by banks to short change customers who use other banks ATMs,” he said.

He lamented that banks do not comply with the CBN directive, which makes the first three withdrawals in other Banks ATM  free.

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