Reps call for check on alleged banks’ ATM sharp practices

The House of Representatives has urged the Central Bank of Nigeria (CBN) to direct commercial banks to put in place online mechanism to check alleged drawback in customers’ transactions.

This, according to the lawmakers, is to determine the functionality of Automated Teller Machines (ATM) and vault cash levels with a view to minimising the incidents of debits without dispensation of cash by the machine.

The call was sequel to the adoption of a motion by Rep. Joseph Edionwele (PDP-Edo) entitled “Need to Investigate the Sharp Practices in Automated Teller Machines (ATM)’’.

Moving the motion, Edionwele explained that many bank customers who used the ATM services were being short-changed by malfunctioning ATMs.

He explained that the ATMs though unable to dispense cash, automatically debited the customer’s account and had it recorded in the bank’s transactions.

According to him, failure to complain such error may result in non-reversal, in the case of many ignorant customers.

“Many Nigerians may have unknowingly fallen victim of the sharp practices by banks considering the sizeable population of customers who may not be alerted on their communication devices on transactions in their accounts.

“If these sharp practices are not checked, banks’ customers may erode the confidence of the banking public in ATMs which can adversely affect the cashless policy being promoted by the CBN.

“The apex bank is the agency saddled with the responsibility to supervise the operations of commercial banks and other financial institutions in Nigeria,” he said.

Supporting the motion, Rep. Jide Jimoh (Lagos-APC) said that errors were being made by humans, not to talk of machines, and urged members to support the motion.