Debit Alerts: The Legality of Electronic Money Transfer Levy by the Federal Government of Nigeria.
More than ever before, Nigerians are getting frustrated with the incessant bank debit alerts, being sent by their banks on account of one charge or levy. While these arbitrary deductions may sometimes go unnoticed by wealth customers, majority of Nigerians are not only aware, but irritated by it. However, considering the stress of going to the Bank to lodge complaints and the petite sum involved, they are forced to bear this pathetic situation. Essentially, Commercial banks are not charitable organizations. They are established to make profits. As a business organization, they make profits from charges levied on product and service rendered to their customers. This may include a flat fee of N 6.98 for the use of Unstructured Supplementary Service Data (USSD), a platform that enables customer to carry out internet banking transactions. Similarly, commercial banks equally charge customers with ATM card, a quarterly card maintenance fee of N 50, and a host other cha...