Q & A OF EXCESS BANK CHARGES

EXCESS BANK CHARGE RECOVERY

1. WHAT ARE EXCESS BANK CHARGES

Excess bank charges are charges imposed on customers account that have the following character:

• Charges not supported by CBN Guide to Bank Charges (even if disclosed on the offer letter)

• Interest Charges above CBN regulated interest rate (even if disclosed on the offer letter)

• Charges not disclosed on the offer letter

• Charges that are above what was agreed on the Offer Letter. (Any interest rate reviewed upwards and was not agreed by the customer is invalid)

1. CAUSES OF EXCESS BANK CHARGES

• Application of higher fees, and introduction of fees alien to known Banking practice in violation of Guide to Bank Charges, What was Agreed on the Offer Letter, and Code of Ethics and Professionalism.

1. CAN EXCESS BANK CHARGES BE RECOVERED?

• Yes. Excess Bank charges can be recovered through CBN, and CIBN channels,

1. WHY ARE EXCESS CHARGE RECOVERABLE?

• Excess Charge are recovered to Boost the confidence of the Banking Public, and make the bank accountable for their actions.

4.2 ARE THERE LAWS SUPPORTING RECOVERY OF EXCESS BANK CHARGES?

Yes. There are laws and CBN Policies supporting Recovery of Excess Bank Charges. E.g. Sec. 3.2.4 (g) of the Monetary Policy. There are numerous circulars supporting recovery of Excess Bank charges.

1. WHO ARE THE TARGET AUDIENCE/PEOPLE WHO NEED THIS SERVICES

• THOSE WHO BORROW MONEY FROM BANKS, BOTH CORPORATE AND INDIVIDUAL PERSONS.

1. WHAT TYPE OF ACCOUNT IS VIABLE FOR EXCESS CHARGE RECOVERY?

• LOAN ACCOUNTS. Any account that is not a loan account is not viable. It is only on Loan account that huge excess charges are imposed.

• Excess charges are imposed on non-loan account, but the amount of excess is too small, to justify cost of recovery.

1. WHAT ARE THE DOCUMENTS REQUIRED FOR INVESTIGATION

• Bank statement

• Offer Letter

• Correspondences between the Bank and the Customer (if any)

1. WHAT OTHER TYPE OF SERVICES DO WE RENDER

• Loan Renegotiation/Restructure for customers whose facility tenor has elapsed and they have not paid back their loan, especially when the bank is mounting pressure on them. We can step in and calm the situation, and restructure the loan for the customer.

• We also recover debt for companies. Debts that are not disputed, with sufficient documents backing the transaction.

• We also conduct Fraud Investigation for Companies

• We conduct recruitment and Human Resources Management for Companies

• We give expert evidence/witness in court on Management issues (Finance, Management, etc)

• We Provide Financial Advisory Services for Companies.

• We also ensure financial regulatory compliance through advocacy.