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Igbo traders write open letter to CBN on commercial banks’ charges, deductions

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Igbo traders under the aegis of South-East Amalgamated Markets Traders Association (SEAMATA) have called on the Central Bank of Nigeria (CBN) to investigate charges from commercial banks.

The Igbo traders raised this concern in an open letter addressed to the CBN Governor, Dr. Godwin Emefiele on Monday.

The traders complained that the financial oppression depositors and account operators were going through had become unbearable.

According to the traders, most of the transactions banks charge customers for were the social responsibility of the banks, decrying that the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature.

SEAMATA’s letter which was signed by Chief Gozie Akudolu and Alex Okwudiri, President-General and Secretary respectively, reads in part:

“We are directed to formally bring to your notice the indiscriminate act of financial oppression which our members and all depositors and operators of bank accounts experience on a daily basis from commercial banks through indiscriminate charges and deductions.”

Read also: Northern groups warn Igbo traders in north against obeying IPOB stay-at-home order

“Part of the major responsibilities of the commercial banks, we know, is to accept money deposits from customers and keep safe custody of the same and perform such other transactions for and as directed by the customer through various bank instruments. “Most of the transactions, we also know, are the social responsibility of the banks. But today, the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature.

“When a customer makes an online transfer of funds, the transferor is charged a certain amount of money deducted from his/her account, and the recipient’s account is also charged and deductions made for receiving the money.

“In addition, charges and deductions are also made for SMS, which most of the time were not received. Finally, at intervals, charges and deductions will be made on the same account as the service charges.

“Sir, the banks are pressing our necks real hard and we are financially choking. Our members had individually approached the banks to complain but without success.

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