The Central Bank of
In a circular, with reference, FPR/DIR/CIR/GEN/04/009, dated
Giving a reason for the extension, the CBN said it has observed that the 14-day timeline "to resolve complaints on excess charges and loans has been inadequate."
The new timeline took effect from
The CBN had in 2011 directed all banks to set up Automated Teller Machine (ATM) help desks to handle all consumer complaints, by the extension, such complaints are now to be resolved within 30 days.
The new circular is coming a fortnight after the apex bank, on
The banks were directed to resolve all issues of non-dispensed or partially dispensed funds from their ATMs, on or before
Banks that fail to comply with the directed, according to the CBN circular referenced: BPS/DIR/CIR/01/008, titled "non-refund of monies to customers shortchanged by ATMs' non-dispense or partial dispense error," risk "appropriate sanctions for non-compliance."
The circular to all banks, signed by 'Dipo Fatokun, Director,
According to Fatokun, "this issue was brought to the notice of the chairmen of the Committees of Heads of e-Banking and Heads of Operations (of banks), at meeting held on
A major outcome of the said meeting, the CBN recalled further, "was that banks were directed to reconcile their accounts with a view to returning such monies to their owners.
"You are by this circular directed to return all the monies in your possession as a result of the ATM non-dispense or partial dispense error, not later than
Most Popular Stories
- James Foley Beheading Video Is Real Thing: White House
- McDonald's Packages Coffee for National Distribution
- Apple Stock Bounces Back Big Time
- Faith Groups Divest From Fossil Fuels
- Notes From the July FOMC Meeting
- Castro-Blanco Joins Fifth Street Finance Board
- Honda's Safe Approach Pays Off in Sales
- Ballmer Steps Down From Microsoft Board
- GE Healthcare Bringing Jobs to Massachusetts
- Target Slashes Annual Profit Outlook