CBN OFFERS GUIDELINE ON HOW TO STOP BEING A VICTIM OF EXCESSIVE BANK CHARGES

How to complain against excess bank charges, fraud, unauthorised deductions

In an attempt to rescue banking public customers who have been victims of extreme bank charges, the CBN has issued a guideline on complaint management.

This is a Guide on how and where you can lodge a complaint against Financial Institutions regulated by the Central Bank of Nigeria such as Commercial Banks, Microfinance Banks, Primary Mortgage Institutions and Discount Houses.

Contact Your Institution First The Central Bank of Nigeria (CBN) issued a circular in 2011 directing all banks to expand their existing ATM HELP DESK to handle all types of consumer complaints. Therefore, if you have a complaint against your bank, you MUST first report the complaint at the bank/branch where the issue originated and then allow 2 weeks (it might be less in some banks) for the issue to be resolved.

If your bank fails to resolve your complain If after lodging your complaint your Bank still fails to engage you and resolve the complaint within 2 weeks as provided for in the ATM HELP DESK Circular, you have the right to escalate your complaint to the Consumer Protection Department (CPD) of the CBN.

Complaints to Consumer Protection Department, CPD You can only direct your Complaints to CPD upon the failure of your Bank/Financial Institution to resolve your complaint within the 2 weeks timeline given by the CBN.

Contacting Consumer Protection Department: You can contact the CPD through the following channels: E-mail: cpd@cbn.gov.ng Letter: Director, Consumer Protection Department Central Business District, Abuja. Your letter of Complaint should be addressed to the Director, Consumer Protection Department. You can submit your letter at the CBN Head Office OR at any of the Central Bank of Nigeria branches nationwide.

The Complaint letter (petition) should contain amongst other things the following: Name, Address, Contact Phone Number & E-mail of the Complainant; Name of your Financial Institution; Personal banking details (Do NOT include PIN & Passwords, please;) History/Date of the transaction in dispute; Amount claimed (if any); Attach relevant documents to support you claim and; Evidence to show that you have first lodged the complaint at your bank.

you can also write to Financial Vanguard’s Bank Customers forum. The forum will assist in contacting the institution concerned for speedy resolution of the complaint.