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Impact of Banking Charges Education on Students’ Ability to Compare Financial Service Costs in Nigerian Polytechnics

Abstract

Banking charges constitute an important component of financial transactions and may affect the cost of banking services for individuals and businesses. Understanding different banking charges is therefore an important practical competency for Accounting Education students, particularly as banking services increasingly involve electronic transfers, account maintenance, card transactions, automated teller machine services, mobile banking, internet banking, and other digital financial activities. However, students may have limited knowledge of the different charges associated with financial services and may experience difficulties comparing costs across banking products and transaction channels. Banking Charges Education provides students with structured knowledge and practical activities for identifying, interpreting, comparing, and evaluating the costs associated with different financial services. Such education may improve students’ ability to assess banking costs and make informed financial decisions. Against this background, this study investigates the impact of Banking Charges Education on students’ ability to compare financial service costs in Nigerian polytechnics. The study will be anchored on Experiential Learning Theory, Financial Literacy Theory, and Human Capital Theory. Experiential Learning Theory explains how students develop practical financial competencies through direct experience, reflection, conceptualization, and active application. Financial Literacy Theory emphasizes the knowledge and skills required to understand financial products, costs, risks, and decisions effectively. Human Capital Theory explains how investment in relevant financial knowledge and practical skills can improve students’ productivity, employability, and preparedness for workplace responsibilities. Collectively, these theoretical perspectives provide a suitable framework for explaining how Banking Charges Education may influence students’ ability to compare financial service costs. The study will adopt a quantitative quasi-experimental research design. The population will comprise Accounting Education students enrolled in selected Nigerian polytechnics. A multistage sampling technique will be used to select states, polytechnics, departments, levels of study, classes, and eligible students. Data will be collected using structured questionnaires, banking-charges knowledge assessment scales, financial-service cost comparison tasks, simulated bank statements, fee schedules, transaction scenarios, practical performance rubrics, observation checklists, and pre-test and post-test assessments. Banking Charges Education will be assessed using indicators such as awareness of account maintenance charges, electronic transfer charges, interbank transfer charges, intra-bank transfer charges, card-related charges, automated teller machine charges, mobile banking charges, internet banking charges, point-of-sale charges, cash withdrawal charges, cash deposit charges, cheque-related charges, account-opening charges, account-closure charges, statement-request charges, SMS-alert charges, transaction-notification charges, card replacement charges, debit-card charges, credit-card charges where applicable, foreign-exchange-related charges, international transaction charges, service fees, commissions, value-added tax on applicable charges, transaction levies, bank charges on statements, digital-payment charges, merchant charges, failed-transaction charges, reversal-related charges, dispute-related charges, and other applicable financial-service costs. Students’ ability to compare financial service costs will be assessed using indicators such as identification of applicable charges, interpretation of fee schedules, comparison of transaction costs, calculation of total transaction costs, comparison of bank charges, comparison of transaction channels, comparison of account costs, identification of hidden or additional costs, recognition of taxes and levies, interpretation of bank statements, evaluation of service packages, comparison of electronic and traditional banking costs, comparison of mobile and internet banking costs, comparison of transfer charges, comparison of withdrawal charges, comparison of card-related costs, comparison of account maintenance costs, comparison of payment-service costs, selection of cost-effective banking options, and overall financial-service cost comparison competence. Descriptive statistics will be used to summarize students’ demographic and academic characteristics, exposure to Banking Charges Education, knowledge of banking costs, and financial-service cost comparison performance. Inferential statistical techniques, including paired and independent t-tests, analysis of covariance (ANCOVA), correlation analysis, and multiple regression analysis where appropriate, will be used to determine the impact of Banking Charges Education on students’ ability to compare financial service costs. Where a quasi-experimental design is adopted, students’ cost-comparison scores before and after the educational intervention may be compared with those of a control group receiving conventional classroom instruction to determine changes associated with the intervention. Diagnostic tests will also be conducted to assess the reliability, validity, and robustness of the findings. The study is expected to find that Banking Charges Education has a significant positive impact on students’ ability to compare financial service costs in Nigerian polytechnics. Students exposed to structured Banking Charges Education are expected to demonstrate improved ability to identify, interpret, calculate, compare, and evaluate the costs associated with different financial services. Education on account maintenance charges may improve students’ understanding of recurring banking costs. Electronic transfer-charge activities may strengthen students’ ability to identify the cost implications of digital fund transfers. Interbank and intra-bank transfer exercises may improve students’ ability to compare charges across different transfer destinations. Card-related charge activities may strengthen students’ understanding of the costs associated with the use and maintenance of banking cards. Automated teller machine charge exercises may improve students’ ability to compare withdrawal costs across available channels. Mobile and internet banking activities may strengthen students’ understanding of the cost differences between digital banking services. Point-of-sale charge exercises may improve students’ ability to evaluate merchant transaction costs. Cash withdrawal and deposit exercises may strengthen students’ ability to compare traditional banking transaction costs. Cheque-related charge activities may improve students’ understanding of costs associated with cheque transactions. Account-opening and account-closure activities may strengthen students’ ability to identify one-time banking costs. Statement-request exercises may improve students’ ability to recognize documentation-related charges. SMS-alert and transaction-notification activities may strengthen students’ ability to evaluate communication-related banking costs. Card-replacement and debit-card charge exercises may improve students’ understanding of card-management costs. Foreign-exchange and international-transaction activities may strengthen students’ ability to recognize additional costs associated with international financial services. Service-fee and commission exercises may improve students’ ability to distinguish different forms of financial-service charges. Tax and levy activities may strengthen students’ ability to recognize additional amounts included in banking costs. Bank-statement analysis may improve students’ ability to identify charges deducted from customer accounts. Digital-payment activities may strengthen students’ ability to compare the cost of different electronic payment channels. Merchant-charge activities may improve students’ understanding of costs associated with payment acceptance. Failed-transaction and reversal-related charge exercises may strengthen students’ ability to recognize costs arising from unsuccessful or reversed transactions. Dispute-related charge activities may improve students’ awareness of possible costs associated with financial-service complaints and investigations. Fee-schedule interpretation may strengthen students’ ability to understand published banking charges. Total-cost calculation activities may improve students’ ability to determine the overall cost of using a particular financial service. Bank-to-bank comparison exercises may strengthen students’ ability to compare charges across different institutions. Transaction-channel comparison activities may improve students’ ability to determine whether electronic, mobile, internet, card, automated teller machine, point-of-sale, or branch-based transactions provide more cost-effective alternatives in particular situations. Account-cost comparison activities may strengthen students’ ability to evaluate different account options. Hidden-cost identification activities may improve students’ ability to recognize additional charges that may not be immediately apparent from a basic transaction amount. Tax and levy recognition may strengthen students’ ability to distinguish transaction charges from statutory deductions. Electronic-versus-traditional banking comparisons may improve students’ understanding of the cost implications of different service channels. Mobile-versus-internet banking comparisons may strengthen students’ ability to evaluate digital service costs. Transfer-charge comparisons may improve students’ ability to select appropriate transfer channels. Withdrawal-charge comparisons may strengthen students’ ability to evaluate different methods of accessing cash. Card-cost comparisons may improve students’ ability to assess the financial implications of card usage. Account-maintenance comparisons may strengthen students’ ability to evaluate recurring banking expenses. Payment-service comparisons may improve students’ ability to select appropriate and cost-effective payment options. Cost-effective banking-option selection may strengthen students’ practical financial decision-making abilities. However, the effectiveness of Banking Charges Education may be constrained by frequent changes in banking charges, differences in charges across financial institutions, limited access to current bank fee schedules, inadequate practical banking facilities, limited access to realistic bank statements, insufficient digital resources, unreliable internet connectivity, inadequate electricity supply, large class sizes, limited practical training periods, inadequate lecturer knowledge of current banking charges, outdated instructional materials, limited collaboration between polytechnics and financial institutions, insufficient exposure to real banking platforms, low student participation, and weak integration of contemporary banking-cost information into Accounting Education curricula. The study therefore expects current, practical, technology-supported, and adequately supervised Banking Charges Education to contribute significantly to improved financial-service cost comparison skills among Accounting Education students in Nigerian polytechnics. The study is expected to contribute to the literature on Banking Charges Education, financial-service cost comparison, financial literacy, Experiential Learning Theory, Human Capital Theory, accounting education, practical accounting education, banking services, electronic banking, mobile banking, internet banking, electronic transfers, interbank transfers, intra-bank transfers, automated teller machine services, point-of-sale transactions, card services, account maintenance, bank statements, transaction charges, service fees, commissions, taxes, levies, digital payments, financial decision-making, cost awareness, financial management, workplace readiness, employability skills, and professional competence among Accounting Education students in Nigeria. The findings will provide useful information to the National Board for Technical Education, polytechnic administrators, Accounting Education departments, accounting educators, curriculum developers, banking institutions, financial-technology organizations, professional accounting bodies, employers, industry partners, and policymakers regarding strategies for improving students’ understanding of financial-service costs. The study will also provide evidence-based recommendations for integrating Banking Charges Education into Accounting Education programmes, regularly updating instructional materials with current banking charges, providing realistic bank fee schedules and statements for classroom exercises, incorporating comparative financial-service cost analysis into practical accounting instruction, strengthening students’ ability to evaluate digital and traditional banking costs, promoting collaboration between polytechnics and financial institutions, and developing students’ financial decision-making and cost-comparison competencies for contemporary banking environments in Nigeria.

Keywords: Banking Charges Education, financial-service cost comparison, banking charges, financial literacy, electronic banking, mobile banking, internet banking, transaction costs, bank fees, account maintenance charges, transfer charges, card charges, financial decision-making, practical accounting education, Accounting Education students, Nigerian polytechnics, Nigeria.