Some bank customers in the Federal Capital Territory (FCT) have frowned upon the continuous increase in bank service charges, despite the challenging economic environment, and have expressed their outcry.
Customers who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday described the recent increase in the Automated Teller Machine (ATM) card issuance fee as insensitive and frustrating.
They appealed to the Central Bank of Nigeria (CBN) to organise engagements with bank customers to enable them to make bottom-top decisions.
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Recall that the apex bank, in a recent circular, increased the fee for the issuance or replacement of debit and credit cards from N1,000 to N1,500.
A bank customer, Boniface Onne, bemoaned the CBN's decision, saying the apex bank should consider regulations to reduce numerous bank charges.
Onne said customers were already exhausted due to many transaction charges by banks hence the reason for their outcry.
" Honestly, bank charges are getting out of hand, the kind of deductions one gets from their banks over one transaction is exhausting.
" I read the CBN circular that says that transactions below N5,000 are free but we still get NIP transfer debits alert over N3,000 transactions.
" Also, banks are declaring profit every quarter with customers' money, and the CBN is okay with that.
" Though I know that banks are out for business, that should not be at the detriment of their customers," he said.
Chief Ifeanacho Ubaka, also a bank customer, urged the CBN to consider customers' plights in its decision-making.
According to him, if the CBN can organise regular forums with bank customers through various associations to enable them to understand customers' challenges.
" Banks charge us for almost all their services, the CBN needs to engage customers to enable us to rub minds with them and understand each other before they take some steps.
" Some customers are not even literate enough to read some of the transactions CBN said banks should charge, and the ones not to charge.
" The thing is that for every transaction I make, I receive a debit alert, SMS debit, NIP, Stamp duties, PoS and many others that I cannot remember now.
"Adding another N500 on the ATM issuance fee is unfair," he said.
Mrs Sarah Onifade, a bank customer, commended the CBN for scrapping maintenance fees.
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Onifade added that the CBN should check banks' excesses in line with its regulations.
" I was given an instant ATM through the machine at my bank and was charged N1,000, but subsequently, I noticed that the card does not work on ATM machines, especially on my bank's own, only on PoS machines.
" I went and complained at my bank, and they checked and said that nothing was wrong with the card, but the issue persisted.
" To avoid further frustrations, I told them I wanted to change the card and obtain the one that takes days.
They obliged me and still charged me an additional N1,000, even though the problem was theirs, not mine.
" Imagine now that the CBN has added N500 to the ATM fees and that kind of issue comes up," she said.
Another bank customer, Victor Agabi, said the country's current economic situation did not warrant any increase.
" I want to be very honest with you; I do not deposit my money in the bank most of the time.
" This is because I do not want incessant charges and debits from my money.
Hafsat Aliyu, a student, appealed to the CBN to translate and disseminate its circulars in local languages to improve awareness and understanding among both literate and illiterate bank customers.
The apex bank said the fee, effective May 1, would apply to standard ATM cards issued by banks and other regulated institutions nationwide.
