Banks are meant to be institutions where people save their money for varying periods of time. People also run business accounts with the banks by depositing and taking out money as often as they like. The banks in turn can use the money saved with them to engage in transactions and deals that will yield some profit. Normally, Banks provide a lot of information for their customers that can change their lives. A bank can help set a customer up in business by giving out loans and tips about how to make the business succeed. At the end of the day, it is the bank that will gain more by getting good interest on the money that the customer borrowed.
In Nigeria, Banks are gradually become a law unto themselves. A good number of them are deducting money from the accounts of their customers for providing them basic services like text notifications, e-mails, ATM services, provision of withdrawal slips and booklets [ very ridiculous ], account maintenance fees, inter-State withdrawals, cashing cheques etc etc. It is saddening that many bank customers are not informed of these charges when they are opening their accounts. This spurious deductions are carried out without consideration for the feelings of the customers. Yet, we are supposed to be in a democracy in Nigeria. The Bank workers who are stealing their customers blind are the same people that complain about corrupt Politicians and Policemen. Who id fooling who here?
Nigerian Banks have to realize that there other ways of making money. They need to stop fleecing their customers. These are the same banks that have largely failed to inspire Nigerian youths and graduates to become entrepreneurs by investing in them. And yet, when these same youths and graduates they ignored save money with them, they charge them all kinds of ridiculous amounts of money. Enough is Enough. Nigerian Bank Customers have decided to do something about their plight. That is why this blog was created this morning. God is on our side concerning this campaign. Feel free to join us. This blog is for all of us. We need your support and ideas. The battle to stop unjustified bank charges in Nigeria has started!!!
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Although I don't live in Nigeria, however, I sympathize with my Nigerian brothers and sisters who are victims of this fraudulent activity and unjust fees that is imposed on the public. My suggestion is I want the banks to show transparency in all their dealings like
ReplyDelete1. Issuing either on monthly or quarterly basis, all transactional fees as is,either trhrough thier online web portal or through mail.
2. Improve its communication approach to customer, and then set out objectives on how to correct such error in a timely manner. For instance, I bank with Bank of America, although they don't charge all this outrageous fees, hypothetically if they did, it will take less than 10 mins on the phone with a customer service agent to correct this fees. Again not hours, nor day and months but mins.
3. I like the Federal Reserve or the Central Bank to set fees standards (fee ceiling), eliminate all unnecessary fees this banks has imposed on customers. Moreover, I believe they should campaign more on "TRUTH IN BANKING ACT", that is if they have one. This would help when one opens an account, account managers would explain all the details of the account, thus by signing on the documents, they bind themselves that they have have said all the truth and should be held accountable should they default on their terms of agreement.
4. The federal Reserve should set up a whistle blower program to encourage employees of this so called banks to report when this banks are in violation. This employees are also victims of this fraudulent activity regardless, and through them, we can impact change.
5. Finally, the Reserve bank should open communication line between themselves and the banks and also for the customers to better reach a resolve when customers have issues again
To sum it up, they should set a regulatory and supervisory committee, to make certain that there are checks and balances in the banking system, and to curb all this mess.
Manny, thanks for your concern about the issue at hand. All your suggestions and ideas have been noted. They will be forwarded to the intended regulatory authorities. Please spread the news about this blog to your friends and loved ones. We need more content on this blog. Cheers.
ReplyDeleteUBA AND HER FRAUD
ReplyDeleteI used to maintain an account with UBA which I opened when I was serving in Lafia in 2005
Upon my relocation t o Lagos, I discovered my money was never complete. This got to a head when my uncle sent #200,000 into my account to help him buy a printer. When I went to withdrawal the money, it was not complete. That got me furious and I demanded to get my statement of account. It took me two weeks to get that through a private means as I couldn’t pay the money the amount they demanded for the statement of account. It was then I was made to realize that for every #1000 paid into my account from any branch that is not my main branch, the bank deducted #5. If the transaction is from outside the state, then it is #10 for every #1000. ATM charge is #105 for a month whether you use it or not.this is minus the normal ATM bank charge. The question is, do you think these charges are customer friendly. Who would continue to bank with such a bank.
The practices of the banks in Nigeria bring untold shame to the reputation of our people simply because fraud has now been institutionalised by these banks.
ReplyDeleteIs there any explanation for a charge to obtain a statement of account?
For a customer who has willfully deposited money to a so-called bank which we know funds the banks business ventures,is it fair that he will be charged for sms alerts when he clearly indicated that he wished not to recieve them?
Is it the responsibility of the customer to maintain the ATMs?
Is Nigeria so corrupt that we introduce corruption into industries and institutions we did not even build but borrowed.
It is a shame.