Excess Bank Charges: CBN returns N60 billion to customers, vow to punish erring banks

Due to the high level of complaints by 13,000 customers over illegal charges on their accounts by banks, the Central Bank returned N60 billion from erring banks to the affected customers.

Speaking during a two-day customers sensitisation forum in Owerri, the Imo State capital, the CBN Director of Corporate Communications, Mr. Isaac Okoroafor said the recovery of the excess bank charges was made possible through the bank’s Consumer Protection Department.

Okorafor said the erring banks were meted with various penalties by the CBN as the Apex Bank promised to make sure no bank customer was cheated with excessive charges from their banks.

He added that the CBN adopted an intermediation strategy to monitor the banks and ensure they did not misuse customers' deposits.