South-East traders petition CBN, allege illegal, spurious bank deductions

CBN Emefiele

The South-East Amalgamated Markets Traders Association has decried what it described as “multiple and indiscriminate charges and deductions on customers” by commercial banks.

The association complained about the bank charges in an open letter to the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, made available to our correspondent in Enugu on Monday. It was signed by its President-General, Chief Gozie Akudolu, and its Secretary-General, Mr. Alex Okwudiri.

It said, “Part of the major responsibilities of the commercial banks, we know, 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.

“Most of the transactions, we also know, are the social responsibility of the banks. But today, the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature.”

According to the association, the cashless economy policy of the CBN has been of immense benefits to its members, especially as it curtailed to the barest minimum armed robbery attacks on them.

On what it described as “indiscriminate charges and deductions especially in online transactions, it 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 charge.”

The association said its members had individually approached the banks to complain but without success.

It, therefore, appealed to the CBN governor to prevail on the banks to stop “the indiscriminate charges and deductions and, if possible, refund all the deductions”.


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By Amos Kalu
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