CPC Moves Against Banks Over Rip-off Charges

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CPC Moves Against Banks Over Rip-off Charges

By Admin
Abuja –Nigeria
The Consumer Protection Council (CPC) has finally commenced moves against banks in the country following rising concerns that customers of banking services have for many years endured excessive baking charges , unexplainable fees and unfair contracts that only protect the banks but not the customers, therefore the impunity must stop.

The CPC which said it was about time banking fees were regulated, warned that that banks have for long.

Director – general of the council, Mr Babatunde Irukera , who made this disclosure in Lagos, said excessive commissions on transactions, huge ATM charges, onerous overdraft interest charges, charges for introduction letters, periodic statements and regular forms like deposit and transfer forms, and the new stamp duty, were disincentives and a huge burden to bank customers who would readily pay reasonable charges for the services the banks render.

While describing the situation as unacceptable to the CPC, he hinted that ahead of its early next year show-down

discussions with regulators and stakeho!ders in the financial services sector on this issue vexed issue had since commenced .

He said the CPC was already moving towards finalising a broader memorandum of understanding

stressing that the onus was now on the banks to encourage Nigerians to keep their money with them and

excessive charges .

Irureka further hinted that the agency was already in talks

(CBN) ,with a view to saving consumers of banking services and restoring sanity in the way banking transactions were carried out so that the economy can grow.

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