CBN may mandate banks to pay customers interest on excessive charge


Sequel to repeated complaints from bank customers of excessive charges by their banks on withdrawals from Automated Teller Machine (ATM), the Central Bank of Nigeria, CBN, has warned that banks deducting monies illegally from their customers’ accounts for products and services, will be made to refund such monies with interest.
CBN’s Consumer Complaints Manager, Consumer Protection Department, Fada David, noted that the Monetary Policy Circular of the CBN gives certain guidelines as to how much should be refunded to customers if excess charges are discovered.
He said part of the punitive measures is that if excess charges are discovered, they are refunded to consumers with interest.