Few days ago we discussed the rights every Bank Customer has in his relationship with the financial institutions, in an article titled. What are your rights as a bank customer. We got responses from bank customers and bank workers alike wanting to know what responsibilities the banking regulator has spelt out for the customers of the bank.
A particular guy that sent a message to us via our Whatsapp number 08056679017 want to know what is expected of the customers of financial institutions in Nigeria. He was of the opinion that since bank customers have rights, they must have responsibilities. And I did promised him that I was going to write something about it soon.
While looking through my old articles, I was able to dust out some of the responsibilities the banking regulator (The Central Bank of Nigeria CBN) listed as the responsibilities of the customers of financial institutions in Nigeria. These responsibilities also refered to as duties are five (5) in number and are listed in the CBN Consumer Protection Framework (CPF).
Here is the list of responsibilities expected to be carried out by bank customers in the course of their daily dealings with financial institutions in Nigeria.
A responsible customer of a bank is one who keeps the under listed duties in his relationship with the bank.
- Duty of Knowledge and Understanding – The bank customer should endeavor to educate self about his rights and responsibilities and other financial matters. He should obtain accurate information from credible sources that will assist him in making informed decisions and comparison about banking products and services before subscribing for one. The bank customer is also expected to seek clarification if there are ambiguities and negotiate to ensure terms are favourable before subscribing for products on offering.
- Duty to meet or Honor Financial Obligations – Customers of banks are expected to meet all financial and contractual obligations as at when due. And when it is obvious that such obligations may not be met, it is the duty of the customer to inform the bank of the constraints before such obligations falls due.
- Duty to Protect Financial Instrument and Information – It is the duty of bank customers to protect financial instruments in their care from unauthorized persons. Instruments such as cheque book, bank cards, access codes, PIN, BVN and other financial instruments are expected to be kept away from unauthorized use by the customers.
- Duty to provide accurate and up-to-date information – Bank customers are expected to provide accurate and updated information about self and business to the bank. See 7 benefits of complete KYC to your banking relationship. Also provide clear mandates and report changes in a timely manner.
- Duty to report unethical practices, fraud and errors – Bank customers are expected to reviewed evidence of their financial dealings with their bank and make observations know timely and through the provided channels. If dissatisfied, the customer is expected to escalate his dissatisfaction with the bank employee or the institution to the regulator. Cases of fraud, illegitimate charges and uninformed changes in interest rates are expected to be reported to the regulator through the appreciate channels. And finally, Bank Customers should carry out due diligence to ensure that they are dealing with a licensed Financial Institution.
These are the five things that will make you a responsible bank customer.