The House of Representatives, on Tuesday, resolved to investigate the issue of excess charges and illegal deductions by commercial banks in the country. The House noted that some Banks and Financial Institutions in Nigeria indulge in the unethical practice of fleecing their customers through excess charges and unauthorised deductions. It also noted that customers of different Commercial Banks were groaning over excessive charges on their accounts. “The House is concerned that the creation of charges not recognized in the Central Bank Guide to Bank charges is a common practice by Commercial Banks. “The House is also concerned about the wrong application of maintenance fees, banks overcharging maintenance fees, the inclusion of transactions exempted from maintenance charge, loan liquidation and bank-induced transactions amongst others.

Source: Nigerian Tribune July 12, 2023 04:13 UTC