UBAFICON - Union of Banks and Other Financial Institutions Customers of Nigeria

A union that seeks to bring together all customers of banks and other financial institutions in order to ensure that their voice is heard and their rights peotected Read More

Following are the some of Our Services :-

  • Tracing and recovery of illegal and dubious bank charges for both corporate and Individuals bank customers in Nigeria.
  • Loan Adjustment Services.
  • Training (for both Corporate and Individual bank Customer)

Tuesday, 23 December 2014

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 Fidelity Bank Plc VS E Francord Nigeria Limited

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AB Micro-finance Bank Limited VS Mr. Anekwe Kingsley Oliseloka

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Union Bank admits stealing almost N30,000,000.00 from ROKANA INDUSTRIES LIMITED

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Diamond Bank admits Stealing 171,253.56 from C.A CHIKAS AND ASSOCIATES NIG. LTD

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How Fidelity Bank Stole and Later returned over N500,000 to CUBS INDUSTRIES LIMITED.                                                                                                 

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Monday, 22 December 2014

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The document below is a case we handled between our client CENO TECHNICAL COMPANY LIMITED AND SKYE BANK.Read through the document and it would speak for itself what our banks do.

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Wednesday, 29 January 2014

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CBN issues banking charge guide, COT to go in 2016, Cancels ATM maintenance fee

The Central Bank of Nigeria (CBN), via a circular on Thursday announced the ‘Revised guide to bank charges’, wherein it clarified for customers the appropriate tariffs and charges allowable.

Specifically, the CBN cancelled the N100 monthly Automatic Teller Machine card maintenance fee introduced by some banks recently, pegging the maintenance fee at N100 annually. It also pegged the mandatory cost of Short Message Service alert at N4 subject to the Nigerian Communication Commission directives.

The circular, which takes effect from April 1, read, “In order to reflect current developments in the market and provide clarity on banking terms, the CBN recently conducted a review of the guide in consultation with all the banks and discount houses, Bankers’ Committee, financial experts and also considered inputs received from other stakeholders to produce the revised guide to bank charges.”

On electronic transfers, the CBN guide stipulates N70 charge on transactions below N500,000; N100 charge on transactions between N500,000 and N1million; for transactions above N1million, a charge of N500 will be applicable.

Other Customer Charges

1. Issuing fees for a debit card should not be more than N1,000;

2. International withdrawals per transaction on debit cards to be charged at N240 rather than N1,000 being currently charged by virtually all the banks;

3. The CBN pegged the interest on savings deposit accounts at a minimum of 30 per cent of the Monetary Policy Rate per annum.

ATM Charges
The Punch reports that “The Bankers’ Committee, had during a meeting in November 2012, scrapped the N100 interbank charge on the use of ATM cards. The Governor, CBN, Mr. Lamido Sanusi, had said customers would no longer pay N100 on ATM withdrawals whenever they use banks other than theirs from December 17, 2012. Following the scrapping of the N100 withdrawal charges on ATM by the Bankers’ Committee, some banks had recently introduced the N100 monthly maintenance fee on ATM cards. The development had drawn the ire of bank customers, who complained bitterly that the banks were exploiting them and indirectly taking back the suspended third-party ATM card withdrawal fee.”

Also, “some banks charge as high as N50 for SMS to alert their customers of transactions on their accounts, far above the N4 that all Global System of Mobile communication providers charge for each text message. Other arbitrary charges include N500 monthly maintenance fee for every current account, depending on the bank; and N5 inter-state commission for every N1,000 transferred into or withdrawn from savings accounts in a state different from where the savings account is opened or domiciled. Consequently, customers have cried out against the fresh charges introduced by the banks.”

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