Igbo traders under the umbrella of the South-East Amalgamated Markets Traders Association (SEAMATA) have asked the Central Bank of Nigeria (CBN) to investigate charges from commercial banks.
The Igbo traders voiced out this concern in a recent open letter addressed to the CBN Governor, Dr GodwinEmefiele.
The traders lamented that what the financial oppression depositors and account operators were encountering had become unbearable.
According to the traders, most of the transactions that customers were charged for were the social responsibility of the banks. They made it known that banks make deductions and charges for virtually every transaction ranging from deposits to signature confirmation.
Part of the letter written by SEAMATA and signed by Chief Gozie Akudolu and Alex Okwudiri, President-General and Secretary respectively, read: “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.
“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.”
