I went to my bank, Intercontinental Bank Plc, last week thursday to check my balance and discovered that the bank has deducted 2,500 with a strange coded narration. After several complaints i am now being informed today that it is maintenance charge. This was deducted from my two current accounts and it is bank wide. 200 naira was also deducted from my savings account (IPSA).

I believe the bank was trying to boost it's income considering the fact that 28th february was it's financial year end. This is nothing but a fraud. Why were customers not informed that a new charges is to start and given notices. Why was maintenance charges not put in the narration? What stops the bank from deducting 5,000 naira every month and not call it "teller printing charges"?

IB Plc is very good at just introducing spurious charges without notices. We were told atm was free, and suddenly we started seeing charges.

Their 2009 desktop calendar says when you have IPSA, Internet banking is free, debit card is free, salary payment is without charges. yet i am debited for all these.

It is especially sad, considering the fact that this is a bank that prides itself on integrity. If i am buying a service or product and the price changes, it is ethical to notify a customer who can then decide to still buy or take his business elsewhere, but in this case, because IB Plc has access to my money, i am at their mercy till i close my accounts.

I enjoin every customer to officially write a letter of complaint. I intend to write mine tomorrow. The bank should not get away with this fraud.

When did current accounts become PHCN meter that must have maintenance charges? What are they maintaining after taking COT?

@Ibadanchap,

My advise to you is to switch bank immediately, there are alot of banks in the system now, GTB is one of them. Dont accept such scam from ur bank, instead of them to be involved in the business of loaning money to small businesses they are scamming their customers!, i experience such with UBA and each time i gave them a pass for almost 2yrs, when i added up all my loss over that period it was runing into thousands. Take the bold step and switch accounts. In this recession we need all the money we can save, i wont allow my bank to lean on me, if their legs isnt strong enough for them to stand, then i'd rather they fall than hang on me.

I'm really surprise at the behaviour of the bank recently.
They recently sent a text that minimum deposit for the savings account is now 10k and that everybody having less than 10k in his account should increase it to 10k before Marc 31st, however the text did not say anything about the consequence of failing to do so.
I really observed some inconsistencies in the bank's behaviour recently and I'm sure there is more to it than what we know.
I advise all man to be vigilant, forget about Soludo's assurance anything can happen.Na my own I talk o.

Some of these banks borrowed money from banks that are running down overseas.

I am sure some of them will also run down, it's better to have accounts with strong banks like zenith, first bank etc, than all this mama and papa nothing spoil banks, especially at these times when shit could happen.

[center]Close your account with them immediately and use Oceanic, PHB, Sterling, FINBANK or FirstBank. Its much easier to open accounts with any of these banks,
I also recieved the same text and am tinking of closing my personal savings with them, however the only account I will have left with them which makes sense is my Company Current, because of my business, but if they continue charging much i might be forced to close it as well, afterall i have corporate acounts with STRLING BANK and FINBANK, and they are both serving me well,
I think these days we should be real and switch to some other unporpular banks like the ones i memtioned above, they cost less to open and they dont charge anyhow, afterall they all have capital bases above N25billion Naira, I will advise you guys to go for the above banks I have mentioned.[/center]

I really think there is something fishy going on at IB Plc. if you ask me, I'll say they are heading for the rocks. he who has ears, let him/her hear. RUN OOHH!!!

I also got the text from them stating that minimum balance in savings accounts will be N10k from march 31st. It's obvious the bank is experiencing some liquidity issues. Why will you jerk up minimum balance of savings acct from N1,000 to N10,000? That means your deposit position is very low hence forcing existing customers to deposit N10k in their accounts.

I dont think this problem is peculiar to them. Some of these banks now find it difficult to do one-branch banking properly as they dont have much cash to go round. That's why you go to a branch to withdraw and they refer you to another branch, even in Lagos!

I think CBN has to do something about these banks.

I am very disturbed with this bank's attitude. i have both savings, ipsa and a current account with them, since i got the 10k on savings account, i have decided to close all my accounts with them. they are no longer worth the risk. i have not forgotten my experience with allstates.

For those who have ears let them hear, there is no better sign for you to run with your money now.
Even those who didnt get the text should immediately close all their account with the bank once and for all before story enter. If you decide to join a New Bank pls dont go from fry pan to fire: Join either GTB, Firstbank, Union bank or Zenith bank. For those who have taken the bold step, i said well done!!!

Can you imagine that?? When other banks are begging for more customers and opening accounts at a very low amount this useless bank is increasing their their opening deposit. I have predicted this last year about this intercontinental bank. Thay are not as strong as they claim. Most of their assets are owned by foreign banks in terms of loan and credits. They have bit more than they can chew. I warned every investors that i knew not to buy intercontinental stock and see what happened. Intercontinental is among the few Nigerian banks that run to the western banks for loans at every opportunity they get, so now that these western banks are having problems what do you think will happen to intercontinental?? Intercontinental bank just drastically reduce their staff salary and use the cut to help their employee buy the bank's worthless shares. Can you believe that? i warned people to stick to our traditional banks like First bank, union bank e.t.c Most of these bank's ceos like Akingbola,Ovia e.t.c will end up in jail for deceiving Nigerians.

Finecat:

Can you imagine that?? When other banks are begging for more customers and opening accounts at a very low amount this useless bank is increasing their their opening deposit. I have predicted this last year about this intercontinental bank. Thay are not as strong as they claim. Most of their assets are owned by foreign banks in terms of loan and credits. They have bit more than they can chew. I warned every investors that i knew not to buy intercontinental stock and see what happened. Intercontinental is among the few Nigerian banks that run to the western banks for loans at every opportunity they get, so now that these western banks are having problems what do you think will happen to intercontinental?? Intercontinental bank just drastically reduce their staff salary and use the cut to help their employee buy the bank's worthless shares. Can you believe that? i warned people to stick to our traditional banks like First bank, union bank e.t.c Most of these bank's ceos like Akingbola,Ovia e.t.c will end up in jail for deceiving Nigerians.

finecat i really wonder where you are getting all these wrong info.the bank has not reduced its staff salary at all infact last week it just paid upfront allowance to all staff.and it is not buying shares for staff(it is not access bank),pls do more research and stop peddling false information to the innocent public and you are saying ovia and akingbola will go to jail for deceiving nigerians when that is the same thing you are doing on this medium.
foreign banks will not loan you money if you dont have good standing they are not like us,they do a very thorough job
before they part with their funds.as per share price which share price in the country has not crashed drastically.
first bank shares last year was 70 naira last year, it is 15 naira today,union bank was 40 naira it is now 11 naira so what exactly are you talking about.
and i say that a bank that increases its minimum balance is not a distressed bank
finecat pls do more research,nigerians deserve the truth.

well,I have some coded information about few banks in nig as at 11th march,2009.( I work with CBN) and I can authoritatively tell you that FBN,IBPLC and UNB are the strongest in health.

I know how sensitive this issuse are.IBPLC had a system problem and were also trying to creat a niche for themselves by setting min balance of 10k for their saving accounts, It is a sign of good health.banks that are going down will do anything to get any account opened.

Min balance for intercontinental should not be seen as a liquidity ado.

ZIB was once on 500,000 min balance when they had more than enough funds.

Two of my inlaws bank with Intercontinental and they run turnover of 600m and 320m each and they have been sending their cheques to clearing without any problems.

ZIB was out of clearing for more than 4 times last week, and the likes of UBA,BPHP,FINBANK,and IZIB have laid off staff in hundreds while Intercontinental bank has not done such.

I just want you guys to really be well informed before moving your accounts,

I have key guys in more than 15 banks in Nig, Intercontinental is FAR FROM GRAVE

Thank God someone from the supervisory body CBN is confirming to me now coz i was almost believing these negative comments but i must say the situation has been saved by Oviaboy's comment.
Also, one thing is certain, in terms of social responsibility, i must say IBPLC is doing well. I know they give scholarship to students in Lagos, Anambra and some other states 50 each. I dont think they have any problem but the challenge is general and it is affecting every bank including the almighty Citibank of New York, Royal Bank of Scotland, HSBC in England, Commerz Bank of Germany and all the biggest banks WORLDWIDE.
Please, lets give them a break and i want to reiterate my belief in Intercontinental Bank.
As long as i remain an Arsenal Fan, I will be their customer and that will take eternity.

Ibadan chap please stop your rumour. Are you sure you are not from Adedibu dynasty? For your information the bank has even put the minimum balance on hold because of people like you that is being paid to misinform the public about the issue. Are you aware that FINBANK recently published report shows that their profit dropped by 75% why are we not making issue out of that. Zenith that was out of clearing why are we not making that an issue. WEMA that has not being able to published its financials for more than 3years why is that not an issue. Why IBPLC that has been meeting all statutory requirements. I think its high we all tell this Ibadanchap to get something more profitable doing.

Many of the esteemed members of Nairaland have displayed ignorance here and they seem to be acting a script. I bank with Intercontinental and will never use another bank. As far as Nigeria is concerned i still consider it as the best bank that is customer focused and they dont discriminate. I have attempted to bank with Zenith and GTBank and it is apparent they are not for the common people like me. When i heared about the issue of minimum balance i thought the bank was trying to go the way of Zenith and GTBank so i visited the bank. Their explanation makes a lot of sense to me. First, the branch manager of Gbagada where i bank said the review is to make them serve us better and to ensure that their staff close early enough to attend to their families. He also assured me that a distress bank will not be bold to embark on a review as every penny will count and that it is because of their strength that they are able to do this. It makes a lot of sense to me but unfortunately i think competition has taken advantage of this to drag the name of the bank in the mud. Unfortunately too, many of the Nairaland members have fallen for this. If raising the minimum balance to N10,000.00 will make me to spend less time in the bank i will rather close my account with First Bank and consolidate everything in Intercontinental. We should be careful the kinds of comments we make at this forum and refuse to be used by people. Whether we like it or not strong banks will soon decide who they bank with the influx of the Micro Finance banks. Thinking clearly, many of the people who are revolting and complaining about the increase should actually be banking with Microfinance banks or the Alajos (thrift collectors). Na by force to be happy? If you dont want to be a happy customer then go to microfinance.

I don't know who this intercontinental dude is fooling but all i know is


afin2009=oviaboy=enilowo=deewon=boyskie e.t.c.


A PR blitz indeed.

Sweet T:

I don't know who this intercontinental dude is fooling but all i know is


afin2009=oviaboy=enilowo=deewon=boyskie e.t.c.


A PR blitz indeed.

I agree with your analogy Sweet T
afin2009=oviaboy=enilowo=deewon=boyskie e.t.c.

i agree with afin2009
i agree with oviaboy,enilowo and deewon

Can't this bank be sued. This has to be against the law.

enilowo:

Ibadan chap please stop your rumour. Are you sure you are not from Adedibu dynasty? For your information the bank has even put the minimum balance on hold because of people like you that is being paid to misinform the public about the issue. Are you aware that FINBANK recently published report shows that their profit dropped by 75% why are we not making issue out of that. Zenith that was out of clearing why are we not making that an issue. WEMA that has not being able to published its financials for more than 3years why is that not an issue. Why IBPLC that has been meeting all statutory requirements. I think its high we all tell this Ibadanchap to get something more profitable doing.

Where in my post did i say IB did not meet statutory requirement? It would have been better if you just addressed the issues i raised. this would have portrayed you as at least intelligent. I WAS TALKING ABOUT WHAT HAPPENED TO ME AT IN PLC. Like i said i have officially written the bank (no reply yet) and will talk to my lawyer about the illegal deductions. Why dont you get a copy of their calendar? maybe i should scan and post a copy here and you can see the misinformation. When you are replying to a post, please comment on the issues and not raise other non related issues

Afin2009:

Many of the esteemed members of Nairaland have displayed ignorance here and they seem to be acting a script. I bank with Intercontinental and will never use another bank. As far as Nigeria is concerned i still consider it as the best bank that is customer focused and they dont discriminate. I have attempted to bank with Zenith and GTBank and it is apparent they are not for the common people like me. When i heared about the issue of minimum balance i thought the bank was trying to go the way of Zenith and GTBank so i visited the bank. Their explanation makes a lot of sense to me. First, the branch manager of Gbagada where i bank said the review is to make them serve us better and to ensure that their staff close early enough to attend to their families. He also assured me that a distress bank will not be bold to embark on a review as every penny will count and that it is because of their strength that they are able to do this. It makes a lot of sense to me but unfortunately i think competition has taken advantage of this to drag the name of the bank in the mud. Unfortunately too, many of the Nairaland members have fallen for this. If raising the minimum balance to N10,000.00 will make me to spend less time in the bank i will rather close my account with First Bank and consolidate everything in Intercontinental. We should be careful the kinds of comments we make at this forum and refuse to be used by people. Whether we like it or not strong banks will soon decide who they bank with the influx of the Micro Finance banks. Thinking clearly, many of the people who are revolting and complaining about the increase should actually be banking with Microfinance banks or the Alajos (thrift collectors). Na by force to be happy? If you dont want to be a happy customer then go to microfinance.

OVIABOY:

Min balance for intercontinental should not be seen as a liquidity ado.

ZIB was once on 500,000 min balance when they had more than enough funds.

Two of my inlaws bank with Intercontinental and they run turnover of 600m and 320m each and they have been sending their cheques to clearing without any problems.

ZIB was out of clearing for more than 4 times last week, and the likes of UBA,BPHP,FINBANK,and IZIB have laid off staff in hundreds while Intercontinental bank has not done such.

I just want you guys to really be well informed before moving your accounts,

I have key guys in more than 15 banks in Nig, Intercontinental is FAR FROM GRAVE

Did anybody remember these clowns that were lieing for intercontinental bank? Now the whole country knows better that intercontinental is a failed bank.

Finecat:


Did anybody remember these clowns that were lieing for intercontinental bank? Now the whole country knows better that intercontinental is a failed bank.

Finecat, plz ignore these ignoramus. They will always want to defend injustice without thinking critically & logically because thats wat put food on their table
Not until the so called working class & literates in 9ja startin to think str8 nothing will change in that country.
Ignorance is really expensive

Just wait, their goons will soon flood this thread with their deceitful posts!

Nobody is flooding to defend anything anymore. The day has revealed most of the truth! I am waiting for more revelations when the EFCC legal suits commence full time, hoping that these Madof like guys get the type of long sentence Madoff got. It is so painfil how this lot fooled the entire banking and investing public with their 'Ponz'i public offers. Now we know most of it is big time hype! Their PR folks don tire now!