Consumer Advocacy Foundation of Nigeria (CAFON), a consumer advocacy group in Nigeria declares Tuesday March 1st as #NoBankingDay, in protest of excessive bank charges which include:
1. N65 charge on every 3rd withdrawal from other banks.
2. N1000 for Debit card issuance and renewals (which is free in many countries).
3. N100 annual Debit card maintenance fee.
4. N105 charge on every online transfer.
5. Monthly account maintenance charge of N1 per mille.
6. Various deductions from Savings Accounts.
7. A new Stamp Duty charge of N50 on every credit over N1000. And many more…
This protest is to alert the banks on the following demands:
· Review all banking charges downwards.
· Banks must notify consumers on any fees or charges BEFORE deduction from accounts.
· Bank forms and contracts must be reviewed to include more protection for consumers.
· Consumer complaints must be resolved promptly and satisfactorily.
· CBN must review the new Stamp Duty, Account Maintenance Charges and Annual Debit Card Maintenance Fees.
As a show of support, we expect consumers of the banking system to do the following:
1. Don’t visit any banking hall on 01 March, 2016.
2. Don’t use your ATM cards.
3. Don’t log in to any online banking and don’t transfer any money from your phones, tablets, or laptops.
4. Don’t make any online payments.
5. Don’t issue or present any cheques dated 01 March, 2016.
6. Avoid doing any banking transactions on 01 March 2016.”