Hidden Fees, High Charges and Unidentified Tariffs create alarm among Ecobank Customers

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Monrovia, Liberia- Over the years, banking regulations in Liberia have been very weak; especially at the detriment of customers. Most Banks have arbitrarily imposed fees on customers and clients in various ways without having the courtesy to formally inform them. Accounts and transactions have been charged with tariffs unknown to customers, and this have at some points, cause serious embarrassments for them.

Recently, customers of Ecobank Liberia have been complaining about an unknown charge debited to their accounts after internal (Ecobank-Ecobank) transactions. According to reports, the original and known tariff for Ecobank to Ecobank transfers was $0.00, however, unknowingly to customers, the bank has been charging each transfer among Ecobank customers a $1.00 fee, a fee they didn’t inform their customers about. Some customers of the bank who spoke to The Liberian Billboard said, these fees were clandestinely debited to customers accounts after each Ecobank to Ecobank transfer because many of them couldn’t easily notice a $1.00 charge to their account.

According to Mr. Louis Blopai Caesar, Jr., an Ecobank customer, he noticed the charge when he requested his banking statement and found out that his account Has been debited with the $1.00 charge since 2013. Documents in the possession of The Liberian Billboard reveal apologies from the Ecobank Facebook page and a representative of the bank named, Trokon Jackson. In an email sent to Mr. Caesar, Jackson of Ecobank is seen apologizing for the wrongful debit of $1.00, and informing him of text messages the bank sent to customers about new tariffs between April-July 2018. Jackson in the email, also informs Mr. Caesar about a $3.00 charge for withdrawals below $2,000.00 made in Ecobank banking halls but went short of saying what further action the bank would take on the issue.

Meanwhile, in subsequent communications between Mr. Caesar and the Ecobank Liberia Official Facebook Page, the bank promised to reverse the charge on all customers affected, however, that is yet to happen. New information reaching us says, the legal and administrative teams of the bank are knocking heads on how to resolve the issue, as this would cost the bank millions of dollars in reversing those charges to the many customers affected.

Many other customers who spoke to The Liberian Billboard expressed serious anger at the bank for the practice and threatened to close their accounts if nothing is done.

Messages and emails sent by The Liberian Billboard to both Mr. Trokon Jackson and the Ecobank Liberia Official Facebook Pages didn’t get any response up to press time.