EXCLUSIVE: What To Do If Money Disappears From Your Bank Account

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There seems to be so much ignorance by customers of Deposit Money Banks (DMBs) otherwise known as Commercial Banks in Nigeria as it relates to banking service issues.

On a daily basis, Nigerians, especially Bank customers, are heard and seen complaining endlessly about service failures.

Most common amongst the complaints as monitored on social media in the last two months by Newsclick Nigeria reporters, range from cash retract (using POS or ATM) where customers’ Bank accounts get debited without receiving value either for goods bought or cash from the ATM not dispensed.

Many customers further complain about either not receiving value even when their complaints are lodged or get such cash retract resolved beyond stipulated time as outlined by the regulatory Central Bank of Nigeria (CBN’s) clear timelines.

There are also of recent, complaints of money disappearing from Bank Accounts of customers even when the owners of such Accounts did not withdraw or authorise same.

These infractions have seen some Bank customers reacted mostly negatively and in some instances, put up weird action in banking halls of affected banks, in extreme cases – attempting to disrupt operations in a bid to have their issues resolved in their favour. Others launch open attacks on the Bank on social media thinking that will make the affected bank respond in good time to their complaints.

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However, Bankers averred that there are laid down procedure to resolving customers’ complaints and that customers do not have to be violent or intentionally taint their bank’s image before getting attended to.

A Banker with one of the new generation Banks in Lagos, Adaeze Christianah said it was totally out of place for customers to take complaints that did not emanate from social media to the platform hoping to seek redress that way.

“Nigerian Banks just like their counterparts in other jurisdictions of the world, are highly regulated and cannot toy with customers funds because there are clear guidelines and protocols on customer service issues and for every genuine complaint lodged, the DMBs are under obligations to deal with and resolve such in favour of the Complainant, and there is also timelines set for every complaints to be resolved,” she explained.

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Further findings indicated an outline of what Bank customers who have any complaints must follow and are sure to have such complaints resolved in their favour.

Below are the steps to follow to resolve all banking service issues from cash retract to excessive charges and money disappearing from customers’ accounts:

Lodge the complaint at your Bank (ask for complaint ID or Token)

You can contact the Consumer Protection Department of Central Bank of Nigeria (CBN) on your complaint.

Your letter of Complaint should be addressed to the Director, Consumer Protection Department, Central Business District, Abuja.

You can submit your letter at the CBN Head Office OR at any of the Central Bank of Nigeria branches nationwide or send it by email to:[email protected]

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NOTE: The CBN deals with all financial related complaints so far as it is against Financial Institutions within its regulatory purview.

How to Write an Effective Complaints Letter:

Your complaint should be clear and concise to avoid ambiguity.

The Complaint letter (petition) should contain amongst other things the following:

•Name, Address, Contact Phone Number & E-mail of the Complainant;
•Name of your Financial Institution;
• Personal banking details (Do NOT include PIN & Passwords, please;)
• History/Date of the transaction in dispute;
• Amount involved/claimed (if any);
• Attach relevant documents to support you claim and;
• Evidence to show that you have first lodged the complaint at your Bank.

3. You can make further inquiries and obtain additional information on the Complaints Handling Process of the Central Bank of Nigeria from the Complaints Unit of your Bank/Financial Institution or from CBN offices nationwide.

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