3 COMMENTS

  1. Nice article sir.In addition to those stated above, I am of the opinion that regulatory agencies such as the CBN can help put a clamp on excessive charges imposed by banks, simply by placing caps on charges from banks with clearly specified time frames while doing so. Failure to comply should attract huge fines or penalties on defaulting banks. I’m afraid if the activities of banks are not also checkmated, customers would wake up one morning to find an almost empty treasury to contend with, and that would be very disheartening!.

     
    • Thanks Olawale, I actually did a little desk research and I discovered that banks all over the world charge similar fees. The key thing to do is to compare various account products from different banks before choosing one with the best fees. Banks exert a huge influence over any economy, and some of these fees such as stamp duty is paid to the government as revenue so the government cannot easily sanction them.

       

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