Guest Join UsHey Guest,
Welcome, Join our awesome community where you can discuss on various topics :-
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Much More.. or Create an Account


{myadvertisements[zone_1]}
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Banks Charge Customers For Failed Transactions
#1
Quote:Nigerian banks have started charging customers for failed transactions, a move that could further compound economic hardship already assailing the masses.

The charges were imposed following a CBN directive earlier this year that directed banks to penalise customers who initiate direct debit transactions on their account but lack funds to complete the transaction.

In an email notice sent out to customers by Stanbic IBTC on Thursday and seen by Peoples Gazette, the penalty of one percent of the amount being transferred or N5000 of such, depending on the highest fee, will be charged against the customer who breach the new guideline.

If there’s no money at the time of the failed transaction, the charge will be withdrawn from the account whenever it is funded, IBTC said.

Direct debit is a standing order initiated by an account holder that enables the bank to debit a specified amount from the customer’s account at an agreed date.

The guide to charges by bank and non-bank financial institutions was created to streamline the application of charges on various products and services offered by banks and other financial institutions in Nigeria to their customers.

This guide came into effect in January, replacing the previous guide that was issued in 2017. The guide was criticised by economists as dangerous and insensitive because most Nigerians cannot afford to continue paying for a service they never received — a criticism the CBN rejected as unfounded.


https://peoplesgazette.com/just-in-nigerian-banks-begin-charging-customers-for-failed-transactions/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost

[Image: 12712811_cbn_jpegb02b08ccc03142a51fb9e5abd111ffbd]
 
Reply
{myadvertisements[zone_3]}


Possibly Related Threads...
Thread Author Replies Views Last Post
  Nigerians Pay N1.23 Extra On Petrol As Admin Charge Edoman 0 46 10-26-2020, 05:04 PM
Last Post: Edoman
  Banks Lose Over N1bn As Hoodlums Wreck ATMs, Branches Edoman 0 43 10-26-2020, 01:23 PM
Last Post: Edoman
  FAAN Increases Passenger Service Charge By 100% From September 1 Edoman 0 158 08-28-2020, 04:15 PM
Last Post: Edoman
  USSD: NCC Bars Telcos From Charging Customers Edoman 0 145 08-06-2020, 10:44 PM
Last Post: Edoman
  Banks Raise Lending Rates To 30 Per Cent Edoman 0 166 08-04-2020, 11:47 AM
Last Post: Edoman
  Banks to seize defaulter’s funds in other banks Edoman 0 177 07-14-2020, 12:35 PM
Last Post: Edoman
  Oil, power firms owe banks N5.59tn, says CBN Edoman 0 203 07-12-2020, 07:08 PM
Last Post: Edoman
  Uproar as FAAN increases passengers’ service charge Edoman 0 221 06-26-2020, 02:08 PM
Last Post: Edoman



Users browsing this thread: 1 Guest(s)

{myadvertisements[zone_2]}

About contripeople

Contripeople forum description.

              Quick Links

              User Links

              Advertise