The CBN needs to do a lot more in regulating our banks. There are a lot of hidden charges that had become rampant. For instance if you are an habitual ATM users like me, you will discover that Banks now has two balances, one is ledger balance and the other is available balance. Most times if a lot of money pass through your account, your ledger balance is higher than your available balance, and at the end of the month, like my bank does, the differences between the ledger balance and the available balance disappear with no sms informing you that your account is debited. The only sms I always receive is COT and VAT for such ledger balance disappearance.
That is just by the way. I needed my 6 month statement of Account from my bank (Name Withheld) . When I applied as I used to do, this time around, they did not honour my request telling me the balance in my account wont accommodate the charges for the printing of the statement of the Account. It was then dawn on me that all along, they had been debiting me each time I ask for statement of Account. But on this particular occasion, the fact that my account wasnt funded made me know. When I inquired how come I am going to pay 8,500 for just printing of statement of Account, I was made to understand that, there are lots of transactions in my account and that each page cost 250 naira only. A quick mathematics gives me the idea that for 6 months statement of account, I was able to amassed 34 pages. It then further dawn on me that withdrawing from the ATM which in some occasions might be 5 times in a day accounted for the heavy transactions which I am paying dearly for now.
Isnt it the practice of Banks that they should be sending customers their Statement of Accounts every month? Had they been sending it to me, would I not just compile the backlog of 6 months and make use of it? I dont seem to get it. Not sending the statement of Account is actually a deliberate action so that when a customer needs one, they can get more revenue from the transactions.
Then, how come printing just statement attracts 250 Naira? Why not a one time payment, why must it be 250 naira per sheet? Are they discouraging the use of ATM, using of current account? I am lost.
The Central Bank of Nigeria should do something. There are lots of Nigerians who are not learned enough to be conversant with the corny practice of these Banks.
All said and done, ever paused to ponder whether I actually paid that sum to obtain the Statement of Account? Your guess is as good as mine!! I did exactly as what you can do in this situation, yes, just as you would do.