How to claim money deducted from your bank account

CBN

Steps to take if bank refuses to refund the money deducted from your account

In this article you will know how to deal with your bank when you encounter one or two problems while withdrawn and they didn't pay you, instead money is deducted from your account without reversing it.

Bank is an institution where one can place and borrow money and take care of financial affairs.

What to do if you encounter any problem with your bank
Below are the steps you should follow as regulated by the Central Bank of Nigeria

First step to take is to reach your bank through the fastest channels available,  like calling their customer care or social media.

However, if the result is not okay for you, then you are advised to visit the bank yourself and tender the complaint.

It is also important to know what impact communication took part on this issue, i.e, when you make a phone call, write down details of when you called, who you speak with, what you said, and the response you received. All phone calls are recorded so this can easily be review if there is an issue later.

Wait for two weeks (it might be less in some banks) for the issue to be resolved.

If after lodging your complaints, your Bank still fails to engage you and resolve the complaint within two weeks as provided in the ATM HELP DESK Circular, you have the right to escalate your complaint to the Consumer Protection Department (CPD) of the CBN.
You can direct your Complaints to CPD upon the failure of your Bank/Financial Institution to resolve your complaint within the 2 weeks timeline given by the CBN.

Contact CPD through the following channels:
E-mail: cpd@cbn.gov.ng
Letter: Director, Consumer Protection Department
Central Business District, Abuja
Your letter of Complaint should be addressed to the Director, Consumer Protection Department. You can submit your letter at the CBN Head Office or at any of the Central Bank of Nigeria branches of nationwide.
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

How to write an effective complaints letter
Your complaint, according to the CBN, 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)
• History/Date of the transaction in dispute;
• Amount claimed (if any);
• Attach relevant documents to support your claim and;
• Evidence to show that you have first lodged the complaint at your bank.

The CBN noted that consumer protection was a critical requirement for financial system stability and an indispensable component for effective regulatory and supervisory framework.