Bank customers are complaining about the increase in ATM cards and are calling for CBN intervention

Some banking customers in the Federal Capital Territory (FCT) have disapproved of the continued increase in banking services despite the challenging economic environment and their protests.

Customers, who spoke in Abuja on Sunday, described the recent increase in Automated Teller Machine (ATM) card issuing fees as callous and frustrating.

They appealed to the Central Bank of Nigeria (CBN) to organize engagements with bank customers to enable them to make bottom-up decisions.

The Apex Bank in a recent circular increased the fee for issuing or replacing debit and credit cards from N1,000 to N1,500.

Mr Boniface Onne, a customer of the bank, lamented the CBN’s decision saying the apex bank should consider regulations that would reduce several banking charges.

Onne said customers are already exhausted due to the numerous transaction fees charged by banks, hence the reason for their protest.

”Honestly, bank charges are getting out of hand, the kind of deductions you get from banks on a transaction is exhausting.

“I have read the CBN circular which states that transactions below N5,000 are free, but we still receive notices of NIP transfer charges above N3,000 transactions.

”Moreover, banks declare profits every quarter with customers’ money and the CBN agrees with this.

“Although I know banks are in business, but this should not be to the detriment of their customers,” he said.

Chief Ifeanacho Ubaka, also a customer of the bank, urged the CBN to consider customers’ difficulties in decision-making.

According to him, if the CBN could organize constant forums with bank customers through various associations to enable them understand customers’ challenges.

”Banks charge us for almost all their services, the CBN must engage customers to enable us to connect with them and understand each other before they take any steps.

”Some customers are not even educated enough to read some of the transactions that CBN says banks should charge and those they should not charge.

”The fact is that for every transaction I make I get a debit alert, SMS debit, PIN, stamp duty, PoS and many others which I don’t remember now.

“Adding another N500 to the ATM issuing fee is unfair,” he said.

Mrs Sarah Onifade, a customer of the bank, commended the CBN for eliminating maintenance charges.

Onifade added that the CBN should control the excesses of banks in line with their regulations.

”I was given an instant debit card through my bank’s machine and was charged N1,000 but I later noticed that the card does not work on ATMs, especially those of my bank, only on PoS machines.

”I went to complain to my bank and they checked and said there was nothing wrong with the card, but the problem persisted.

”To avoid further frustration, I told them I wanted to change the card and get the one that takes days.

“They forced me and still charged me another N1,000 without considering that the problem was theirs and not mine.

“Let us now imagine that the CBN has added N500 to ATM fees and this kind of problem arises,” he said.

Victor Agabi, also a customer of the bank, said the country’s current economic situation does not justify any increase.

”I want to be very honest with you, most of the time I don’t deposit my money in the bank.

”This is because I don’t want incessant charges and charges on my money.

Miss Hafsat Aliyu, a student, appealed to the CBN to translate and broadcast its circulars in local languages ​​for better creation of awareness and understanding among both literate and illiterate banking customers.

The apex bank said the fee, effective from May 1, will apply to standard ATM cards issued by banks and other nationally regulated institutions.