Even in the midst of uncertainty and common man's strive hardly to feed and settle bills couple with recent unrest and fuel price increase,Nigerian banks have started charging customers for failed transactions, a move
that could further compound economic hardship already assailing the
masses.
The
charges were imposed following a CBN directive earlier this year that
directed banks to penalize customers who initiate direct debit
transactions on their account but lack funds to complete the
transaction.
In
an email notice sent out to customers by Stanbic IBTC on Thursday, the
penalty of one percent of the amount being transferred or N5000 of such,
depending on the highest fee, will be charged against the customer who
breach the new guideline.
If
there’s no money at the time of the failed transaction, the charge will
be withdrawn from the account whenever it is funded, IBTC said.
Direct
debit is a standing order initiated by an account holder that enables
the bank to debit a specified amount from the customer’s account at an
agreed date.
The
guide to charges by bank and non-bank financial institutions was
created to streamline the application of charges on various products and
services offered by banks and other financial institutions in Nigeria
to their customers.
This
guide came into effect in January, replacing the previous guide that
was issued in 2017. The guide was criticized by economists as dangerous
and insensitive because most Nigerians cannot afford to continue paying
for a service they never received — a criticism the CBN rejected as
unfounded.
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