factsman:

When i joined this forum, i saw nairalanders as cultured, intelligent progressive minded individual who are excelling in their various fields of human endeavours. People that are endowed with high sense of discretion and great sense of humour. But alas, attacks on our banking system has generated a conflict of interest, and subsequently, this has made us to attack ourselves individually and collectively. I read with great shock and utmost disbelief our different views on this topic. Objectivity forbids taking a side to a story and expressing any form of bias or sentiment on an issue of national interest.
All topic aimed at attacking our banking system have created more problems than an enlightenment they were meant to provide. The initiator of such topics designed them with a sole aim of seeking other accomplice that would help in running down an institution rather than seek clarification on a seemingly confusing issue.E.g. INTERCONTINENTAL BANK OF FRAUD, OCEANIC LAY OFF 1500 IN ONE MONTH, WHAT IS WRONG WITH INTERCONTINENTAL ETC
Now lets talk, when are we going to stop destroying our banks on this forum WE HAVE DEALT MERCILESSLY WITH INTERCONTINENTAL, RUTHLESS WITH OCEANIC- what's more? Some people worked and prayed endlessly for these banks to remain an entity so when are we going to stop And directly or indirectly we got people working with them too.
Foremost, people should do their home work well before raising topics that would make us attack ourselves.
I have different accounts in top 5-banks here, ranging from savings account to current to business current to domiciliary ET AL.
Nigeria banks are different in style but the same in substance. By that i meant they are all looking for obnoxious profit in the face of a vicious com petion and it is you and i that will provide that profit. The ON different like i said is that the style of making you to contribute to their bottomline differs. TAKE IT OR LEAVE IT A BANK IS A PROFIT MAKING INSTITUTION AND NOT A CHARITY ORGANIZATION
What is the hullabaloo about INTERCONTINENTAL charging you N500 that we are attacking ourselves, PHB charged me N1000.00 when i never requested for the card and so on(PLESAECONFIRM). I got a text from Zenith for my Card, First bank and GTb said i should come and pick it up and i know all these cannot be free in its entirety. NO BE NAIJA

LET DROP BANKING LOOK AT DSTV, HITV AND CO, WHETHER YOU WATCH IT OR NOT YOU ARE PAYING AT MONTH END IN NIGERIA  WHERE THEIR IS NO LIGHT. WHY ARE THEY NOT LIKE YOUR RECHARGE CARD FOR US TO PAY PER VIEW AS IN SOME PART OF THE WORLD?

NAIRALANDERS HAVE NOT SEEN ANY WRONGDOING OR BEING CHEATED IN THIS BUT ON BANKING WHERE THE COST OF DOING BUSINES IS VERY HIGH ESPECIALLY COST ON DIESEL, SECURITY,staff remuneration etc
PLEASE LET STOP DESTROYING THESE BANKS OR ELSE PEOPLE WOULD MAKE ME TO THING THEY ARE PAID FOR SUCH AFTERALL YOU GOT OTHER OPTIONS IBPLC,FIRST,GTB,ZENITH,UBA AMONG OTHERS. - My regards

Are you implying that in other countries where they don't charge there is no running cost?

there's no doubt that the melt down is eating deeep into the economy but the banks are distressed. some fraudsters hv started clonning ATM cards. Once they sight a particular code on ur ATM CARD,they clone it nd make withdrawals. it may be difficult for them with chip and pin protected cards. thus, the CBN directive. On money paid on cards, some banks could issue this cards free on account opening but there charges on renewal.

Shaunscot:

I'd like to defend Intercontinental Bank(And Kpofpof) on this one.

First of all, its up to the bank to either stomach the cost of the cards  or pass the cost to the customers.

I dont bank with Intercontinental so i wouldnt know if they charged for their magnetic stripe cards.

However I bank with GTB and while my mag stripe card was free, Ive been told I'll pay for the new chip card.

Another point to note is charging customers is at the discretion of the Bank.Zenith Bank charges me 65 Naira for using My Zenith Card on a Zenith ATM - Knowing this money goes to Zenith alone (Unlike the 100 Naira shared by Interswitch, Card owner and ATM owner), I use my Zenith card on any availabe ATM.

For those claiming that First Bank had been issuing chip cards, I would say that is False - You can ask a First Bank staff yourself.

My First Bank card just expired 2 months ago (Ive had it for 2 years) and I can assure you that the chip is empty.

lastly - I would like to say that maintining an ATM machine in Nigeria costs money(Power, Network, etc).Who knows what the charges will be with this new CBN directive that all banks should withdraw all off-site ATMs, The ATM consortiums will need to maintain the ATMs somehow wouldnt they?

Just my 2-cents, I'm well informed about the industry.

Thank you very much

@Factsman- Well spoken!! Thank goodness i have supporters!!!

Anyway i spoke with so much venom because of all the recent attacks on our banks by Nairalanders and if i have offended some people, i SINCERELY APOLOGISE, but i think we should be mindful of the way we speak at times especially about banks in nigeria. Boredom should not make one open a thread just to speak bad about a bank.

Anyway my advise is this- if you are not happy about a bank, just quietly move to another, at least if they loose about 50% of their customers, they would definitely have a second look at their policies.

Someone mentioned, Zenith bank that charges you N65 while using their own ATM, why dont we hear so much noise about that, why Intercontinental? We are not being fair on IBPLC!!!

Lets think about it, its someone's business you are all trying to run down.

agitator:

Are you implying that in other countries where they don't charge there is no running cost?

My point exactly.
You cant compare the running cost here in Nigeria to that of other countries.
While there is no power,internet and high rent in choice areas, in developed countries you have constant electricity, free Wireless Hot-spots and I'm sure u cant compare rents.
Why I included rent is because I'm privy to information that a bank had to withdraw their ATM in the Galleria just because the Bruces were requesting a 2M per annum rent (for an ATM space) - Its that bad.

Now back to the issue on ground

Unlike the magenetic stripe cards that cost these banks close to nothing to issue, these chip cards come with an extra cost.Like the popular saying that 'soup wey sweet, Na money do am'.

Now are the banks to blame for responding to the high increase in fraud rate?Or are they to blame for going along with the CBN directive?

Before anyone casts a stone - I dont work in any of these Banks.I have a lot of friends who do though.

nues aweso:

@Shaunscot, before you affiliate urself with lowlifes and scoundrels, now go back and read all Kpof kpof has spewed so far and tell me if your line of thoughts are same.

I get your drift.I'm defending her opinion. I guess she just didnt communicate it in the right way.

kpofkpof:

Thank you very much


Anyway i spoke with so much venom because of all the recent attacks on our banks by Nairalanders and if i have offended some people, i SINCERELY APOLOGISE, but i think we should be mindful of the way we speak at times especially about banks in nigeria. Boredom should not make one open a thread just to speak bad about a bank.

Anyway mu advise is this- if you are not happy about a bank, just quietly move to another, at least if they loose about 50% of their customers, they would definitely have a second look at their policies.

Someone mentioned, Zenith bank that charges you N65 while using their own ATM, why dont we hear so much noise about that, why Intercontinental? We are not being fair on IBPLC!!!

Lets think about it, its someone's business you are all trying to run down.

I'd suggest you dont insult people when trying to voice your opinion.
Demarketing is not new in Nigeria, Remember the Procter and Gamble Story on Sanitary pads?
Even ValuCard is doing that right now claiming that their VPay cards are the only EMV Cards (VPAY and VERVE cards are manufactured by Gemalto - Who I know manufacture Glo's SIM cards).

I believe its just insecurity on some parties.

Truth is - If ur Brand is good, it will speak for itself.

If Intercontinental Bank is as weak as people say it is - then time will tell.

i'm a staff of this bank and i promise you that management is currently making plans to refund any acct that was charged N500 for verve card. bank branches are to bear the cost. please bear with us. HAPPY CUSTOMER, HAPPY BANK.

Shaunscot:


I'd suggest you dont insult people when trying to voice your opinion.
Demarketing is not new in Nigeria, Remember the Procter and Gamble Story on Sanitary pads?
Even ValuCard is doing that right now claiming that their VPay cards are the only EMV Cards (VPAY and VERVE cards are manufactured by Gemalto - Who I know manufacture Glo's SIM cards).

I believe its just insecurity on some parties.

Truth is - If ur Brand is good, it will speak for itself.

If Intercontinental Bank is as weak as people say it is - then time will tell.

Well Said!!!. Thank you very much

Nairalanders- I Apologise.

I tried to close my account and they told me they have no branch manager n said i should come back in 2 weeks. 2 weeks later it was the same story. One of the workers wanted me to pay them 2000 to help me close the account. Please take note this was in maza maza branch in lagos.

Shaunscot:

My point exactly.
You cant compare the running cost here in Nigeria to that of other countries.
While there is no power,internet and high rent in choice areas, in developed countries you have constant electricity, free Wireless Hot-spots and I'm sure u cant compare rents.
Why I included rent is because I'm privy to information that a bank had to withdraw their ATM in the Galleria just because the Bruces were requesting a 2M per annum rent (for an ATM space) - Its that bad.

I think you'll find out the average cost of running an ATM is much the same as that of Nigeria. For your information nobody is gonna give banks free wireless hotspots. Even if you give them they won't take it. Its too unsecured. The banks in the UK and US have to pay loads of money for the prime spaces they occupy. The cost of staff per hour in a bank is much higher. I think you are bringing a lot of crock and sentiments into this. If you are not informed shut the heck up! It is said, we can consider a fool a philosopher when they keep quiet too!
All I can say is the banks in Nigeria are doing business the wrong way. Its very unethical to charge people for ATM cards, when they still charge people for withdrawing at their branches and in some cases a monthly charge for having ATM cards. Just completely senseless!!

The most important thing security wise,with regards to ATMcards whether vervecard or magnetic stripe cards is,never disclose not only your PIN,but also your CARDNUMBER to a thirdparty and always ensure you use your DEBITCARDS on secure websites.

i have fed up with intercontinental bank

kpofkpof:

Well Said!!!. Thank you very much

Nairalanders- I Apologise.

On behalf of all apology accepted and I admire the fact you did so .

I wonder what that bank derives from being so shaddy.
Remember they only just reduced their minimum required balance for savings account opening.
Their interest rates are by far alarming too.
Not to talk of the ripping you experience when you visit their outlets if you're not careful.

Does anyone of us bother to read the terms and conditions applicable to any product or service rendered by any of our banks?People apply for debit cards,internet banking and even open accounts with commercial banks without  reading  the Ts&Cs applicable.If the Ts & Cs is not printed behind the application form then the customer should ask before appending his/her signature.Having a debit card is not compulsory.If IB Plc asks for a token before a chip based card is produced for any of it's customers, it's up to the customer to decide if he/she wants to continue using the product or not.

Some Nigerians are very careless with their bank details and whenever a fraud is committed they believe the Bank is liable.If IB Plc wants to make our ATM transactions safer, I personally don't see any big deal if I'm asked to pay a token to enjoy safer banking services.

Nice week ahead to y'll.

I actually sent the money through U.B.A.

z-murda:

I think you'll find out the average cost of running an ATM is much the same as that of Nigeria. For your information nobody is gonna give banks free wireless hotspots. Even if you give them they won't take it. Its too unsecured. The banks in the UK and US have to pay loads of money for the prime spaces they occupy. The cost of staff per hour in a bank is much higher. I think you are bringing a lot of crock and sentiments into this. If you are not informed shut the heck up! It is said, we can consider a fool a philosopher when they keep quiet too!
All I can say is the banks in Nigeria are doing business the wrong way. Its very unethical to charge people for ATM cards, when they still charge people for withdrawing at their branches and in some cases a monthly charge for having ATM cards. Just completely senseless!!

Point taken and thanks for correcting me.My bad.

While I wont stoop low enough to tell you to shut the heck up, I'll still go ahead to defend my point that you cant compare operating costs.
Maybe NOT wireless hotspots in the UK but infrastructure-wise,its still cheaper.

I wouldnt know about the US but in the UK,You can get internet for as cheap as 15GBP a month.The cheapest Internet service in Nigeria costs more than that.

Also, the rents you try to compare - I know of regulations (rental caps) for certain areas in the UK and while I wouldnt know if there is a regulation for ATM rent space, there sure as hell isnt in Nigeria.

I have nicely made my point (without resorting to insults).I believe you should do same next time.

playah P:

I sent 10,000 USD to my mother and it got missing,
She went to get the money and she was told to get her passport but when she got back the next day, she was told that the money has been collected, That was like my life Hustle back then,
I actually sent the money through U.B.A.

Wow what a story, very hard to believe because i thought the maximum amount of money you can wire overseas from the USA is $5000! I even tried to send $5400 to Nigeria for a project before and i was denied by western union. I was told that the federal regulations do not permit any amount over $5000. I was told it's another tool the federal government is using to prevent money laundering. I very much doubt that you can send $10000 at once. Naija people and lies sha.

I think it has to do with an institution where there are no laid-down rules on certain transactions. For all I know most banks take one form of charge or the other to stay in biz, eg. Finbank charge N100 monthly for their cards irrespective of the number of times the cards were used. Intercontinental debits N50 each time u make an ATM transaction. Its a matter of choice but then CBN should look into it, I believe a form of uniformity can bring an end to these irregularities. Nairalanders should also endeavour to use subtle word to drive their points we musn't call names.

Finecat:

Wow what a story, very hard to believe because i thought the maximum amount of money you can wire overseas from the USA is $5000! I even tried to send $5400 to Nigeria for a project before and i was denied by western union. I was told that the federal regulations do not permit any amount over $5000. I was told it's another tool the federal government is using to prevent money laundering. I very much doubt that you can send $10000 at once. Naija people and lies sha.

lololololo.

GOOD,   anybody can come up and make up any story,  i have'nt used intercontinental bank before but i don't think everything people say bout them is true.

@fine cat
YOU generalized your statement,   NAIJA people are truthful and honest. You should not generalize it cos i lied, 

most of you people criticize banks instead putting up suggestions on ways check it,  I was hoping that the first person to comment would pounce on what i said and probably use it to criticize UBA.
its easy for anybody to make-up any story like i did,

@playah p

Did you actually lie?? 

Some customers do make things for uneasy for these banks. But I don't think one would prefer losing his or her money to fraudsters over some certain payments made by these financial organisations. I mean by saying that one who is ready to do anything to keep his or her money safe. At times, so of these banks do frustrate people.

pls if any bank charge you for any service and you are not ok with it kindly close the account and move to other bank.we (nija)should stop this habit of free things it does not promote devt.if the market is not monopolistic you don`t need to complain you simply leave them and go to their rival.

I found out we have plenty selfish retards in this country. Reason why we have many issues unsolved

@ kpofkpof ( pof pof ) If you are following trend of things, even in the UK, US etc, they are trying to fight fraud, they are introducing and re-introducing all measures in place to curtail fradulent activities. Intercontinental is trying to safe guard your money- get that into your dead brains.

lets call a spade a spade, banks are not suppose to charge u for issuing debit/credit card,
they can only charge u token for replacement if the card got lost or damage, as a measure /control to ensure that customer keeps their card with care. ( source CBN Directive)
so case closed.

tayoTFC:

@ kpofkpof ( pof pof ) If you are following trend of things, even in the UK, US etc, they are trying to fight fraud, they are introducing and re-introducing all measures in place to curtail fradulent activities. Intercontinental is trying to safe guard your money- get that into your dead brains.

lets call a spade a spade, banks are not suppose to charge u for issuing debit/credit card,
they can only charge u token for replacement if the card got lost or damage, as a measure /control to ensure that customer keeps their card with care. ( source CBN Directive)
so case closed.

I believe this is the line you are referring to in the CBN directive

No card issuer or its agent shall bill or charge a customer for an unsolicited card unless and until after the card is fully activated by cardholder

You have the right to return your card and request for your money.
Once the card is activated,they have every right to charge you for the card.

Nigerian banks,,,,,,,,always defrauding their customers.

Banking in Naija is a necessary evil, i personlly dont have love fo bankers, there are always out to cheat you in any transaction. i bank with intercontinental bank, my cheque book was printed with wrong serial number, yet i was charged for it, i pointed out the mistake to them when i had problems using it in another branch, i was asked to make a fresh aplication for another one. i did that and the bunch of hustler called workers in the bank repeated the same error, yet i was still charged for it.

I had similiar issues with access bank, but this time two cheque booklets was printed and my account deducted when i didnt make any request, my atm was deactivated for two months, yet i was receiving sms for atm account maintenance. i felt bad after several reports to address the situation yield no friut and made to move my close my account with the bank, bam the my account officer didnt let me rest as he told me , if he losses me as a customer, he will be sacked.


For all those making comments of putting your money in your pillows, the bank wont let you rest from sending hoards of bleached skin ladies after you irrespective of your gender. Our saviour is the Govt and the bank regulators.

Same thing with First Bank. Someone stole money from my account using ATM and the bank sent me SMS alert 24 hours AFTER the scam had been done!! First Bank siluko road, Benin City, Edo State.

Our problem in this country is that we just want everything to be free. So what then is the use of money? If you cannot cope with the way banks are behaving now in the present economy, i suggest you dig a hole in your house and hide your money inside. You dont expect to buy a home theatre with 3 speakers for 15000 and then when you want to buy one with 6 speakers it will be the same price, NEVER.

Everything is on High now from tomatoes to building materials, so thats just the way it is. I'v been a customer of IBPLC for 4 years and so far so good i'v not had any problem with them. I only get to pay 50 naira for any ATM withdrawal and i'm ready to pay 50 naira than stand in a long queue. And you should have come up with a better Subject like "extra charges by intercontinental bank" instead of "Extortion" It just shows your aim is to damage the banks name rather than make a complaint.

Hmm! So after some people work hard and design new technology to eure safety of customer's funds, are the banks supposed to pay them with sand?

I personally do not like some of the extortionist charges of Nigerian banks, but I am with them on this one. It costs money to design the technology, money to deploy it to the cards and money to deply for public use.

Also costs money to maintain the security network too. Don't forget a lot of ATMs are not powered with public electricity from PHCN.

We can't always have everything free.

Problem with our banks is dat they are not innovative. They cannot come up with products that customers want. For this reason they are always looking for ways to make more money from existing customers.

That explains why they charge for issuing chip and pin cards. In the UK a few years back, these cards were issued free of charge. Other perks you get with opening a current account includes free insurance for your mobile phone, home content insurance, free break down cover and some even go as far as creditting your account with 50 pounds just for opening an account - No questions asked.

These banks are able to offer mouth watering products cos they partner with other companies to give customers products they need. That way the bank can do business with its customers money and at the same time satisfy the customer. Same cannot be said with our Nigerian banks.

Stop complaining about your bank. If you are not satisfied then do your research and change to another that u will like.

They are all not the same u know. Just decide those things that are important and compulsory for you to have in ur FI, do ur reaserch and chnage to a bank hat will give u just that. Finish!

stop complaining about Intercontinental this, intercontinental that. If u are not happy, change!

No be by force now.