Frequently Asked Questions (FAQs)
Excess bank charges are unauthorized, inflated, or incorrectly applied fees debited by banks contrary to regulatory guidelines, contractual agreements, or approved lending terms. These may include overcharged interest, unauthorized commissions, excess COT, wrongful penal interest, illegal management fees, and unapproved facility charges in Naira and FX accounts.
Most businesses are unaware they are being overcharged. Indicators include:
- Unexplained account balance reductions
- High interest not aligning with agreed rates
- Frequent unexplained debit entries
- Charges inconsistent with regulatory guidelines of the Central Bank of Nigeria
We review and recover excess charges on Naira and FX accounts such as:
- Overstated loan interest
- Wrong application of compound interest
- Excess Commission on Turnover (COT)
- Illegal management/commitment fees
- Unauthorized penal charges
- Charges above approved rates
- Wrong foreign exchange differentials
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