One of my clients, who happens to have been my school mother in my secondary school, came to me complaining that her bankers are treating her unfairly as the amount of money she is paying for interests and bank charges is getting enormous and affecting the cashflow of her business. I decided to look at her bank statements. Afterall, I have more than 12 years banking experience. I noticed that her bank was taking advantage of the fact that a lot of people don’t know that the Central Bank of Nigeria (CBN) provided guidelines on the type of fees and maximum percentage that can be charged on any banking transaction. After months of going back and forth with her bank, they finally refunded her N9,000,000 for excess bank charges.
The CBN, as a regulatory authority of Financial Institutions, always gives guidelines to Financial Institutions on Bank Charges. The statute of limitation is six years for the resolution of customer complaints.
Have you ever conducted a thorough review of your bank statement?
Have you ever considered the possibility that charges from your bank are not in line with CBN guidelines?
Are you content with just reconciling bank statements with that of your business financial account statement without thorough review, simply because the accounts are balanced?
If your answer to any of these questions is "NO", then contact us for a FREE CONSULTATION. A forensic financial review of your bank statement can help improve your cash-flow by recovering excess charges on your bank transactions.