By Temilade Adegunlehin
Bank customers have protested against the various types of charges deducted by banks from their accounts saying the charges are outrageous. The customers appeal to the Central Ban

CBN building

k of Nigeria (CBN) to intervene by regulating the bank charges.

In  addition to the traditional charges of Commission On Turnover (COT) and Value Added Tax (VAT) some banks have introduced different kinds charges on current accounts.

These charges include monthly account maintenance fee, cash handling fees, processing fees etc. Also, traditionally banks do no impose charges on Savings account. Some banks have done away with this tradition by imposing charges on Savings account.  A cross section of banks’ customers who spoke to Vanguard however condemned these charges as “unfair” and “outrageous”, adding that the CBN should regulate what banks charge their customers

Mr. Badejo Oluseun, a company director said, “ I believe bank charges should be regulated because from the recent developments in Nigeria banking sector ,it is quite clear that if banks were allowed to have a free hand,  we would discover that the economy has been hijacked by some greedy people. Bank charges must be regulated or else it will get to a point that it will no longer make sense for depositors to keep their funds in banks due to unaffordable  so called ATM charges, transaction charges, hidden charges etc .

Banks should not decide charges because I honestly think it will be dangerous to leave shareholders and depositors at the mercy of a system which is only interested in taking and   in giving nothing back.”

Mr. Femi Babatunde, a media consultant also said, “ Bank charges should be regulated to provide checks and balances in the banking industry and also to protect the interest of customers. It will also foster an atmosphere of accountability if public funds domiciled in the banks.”

On his part, Mr. Akinyemi Oladele,  a psychologist  remark that regulating bank charges would promote fairness in the industry while Mrs. Modupe Udegbe a private worker noted that regulating banks’ charges would, “Be a right step in ensuring honesty and transparency in the business and banking  sector .Also it will serve as a check to banks that charges outrageously.”

A clergy, Pastor Louis Ebegbuna  said that  CBN should regulate banks’ charges  so that there will be total control  and forestall  mismanagement and bad governance .

Mr. Josiah,  Yahaya a civil servant said, “ I am of the opinion that bank charges should be regulated ,and my reasons are that, if charges are regulated all the banks will have a level playing ground which will help in curbing some of the excesses that banks apply in order to get business going. It could also help the authorities  to have an assessment of charges from all banks and make necessary adjustments if need be”

Abisa Oluwadamilola who is self employed remarked that, “ Bank charges should be regulated in order to forestall  what is going on in the banking sector and also to assist the proletariats that cannot afford the high charges which individual banks are charging and this must be regulated by the Central Bank of Nigeria .”

Surprisingly, some bankers agree with the position of the customers that the CBN should regulate bank charges.  A banker, Mrs. Esther Lawrence  said that regulating banks’ charges would promote uniformity in the system .

Another banker, Mrs. Aisha Ikechuckwu noted that it all depends on the charges customers want the CBN to regulate. She said the most thing is  the CBN should continue to oversee the activities and charges of banks. She added that it would however be detrimental to  free market values if the CBN impose on banks what to charge their customers .