I read a complaint some couple of days ago from one of the contributors to this column. The person had complained about how the United Bank for Africa had been feasting on his accounts while hiding under a so-called card maintenance charge of N52.50. It is only in Nigeria that this kind of a thing will happen and the regulatory agencies which are supposed to act as checks and balances to such an anomaly will remain quiet.
All over the world, card maintenance charge is done once in a year, but here in our country, it seems it is done every week. What is the deduction of N52.50 card maintenance for? I want to believe the executives of these banks are using this deduction and some other ones to maintain their lifestyles.
There are more than 60 million account holders in Nigeria and if the banks deduct N52.50 from these accounts every month, you will see that it is a huge sum of money that these banks are quietly and inexplicably realising. I want to believe that the bank executives are using this money to service their lifestyles, if not what are they doing with the money? Even their ATMs have become a device in the rip-off.
The annoying thing is that even our savings accounts are not left out. In those days, when you operate a savings account in a bank, the money increases as you leave it, but today, it decreases and no one is explaining this rip-off from the banks. For how long shall this mess continue? Where are the regulatory bodies that will save us from these people? Joshua Layiwola, Eric Moore Road, Lagos. +2349091176
