CBN compels banks to refund illegal charges

Central Bank of Nigeria has compelled banks that deducts monies illegally from customers’ accounts for products and services to refund the money with interest.

Consumer Complaints Management, Consumer Protection Department, CBN, Fada David says the Monetary Policy Circular of the CBN gives certain guidelines as to how much should be refunded to customers if excess charges are discovered.

David assured bank customers that the CBN monitors all banks regularly to make sure that banks do not short-change them.

The CBN response is in reaction to complaints by bank customers over excess charges by banks through Automated Teller Machine withdrawals.

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