I was paying for something online with my GTB Naira Mastercard. It costs about $60.

GTB used the exchange rate of 330 per dollar for me for the transaction.

I was like, damn it! this is too much and I cancelled the order hoping to purchase when the rate reduced.

I was refunded for the transaction and GTB refunded the $60 back to me at the rate of 299 per dollar.

Shorting my money for me. Is this not fraud?

Billed at 330 per dollar on 31st May 2016 and refunded at 299 per dollar on 2nd June 2016.

I posted this on my Facebook and lots of people commented that they have also been victims of this fraud.

Is this the new way GTB makes their money by using their customers for Bureau de change??

If the transaction was more than $60, do you know how much I would have lost.

Please what do I do, as I need my complete money.

Mods Front page please.


UPDATE 3/06/2016
******--------------------------------------------------*******
I contacted GTB card services and the full money has been refunded by GTB.

Kudos to everyone that gave me reasonable advice.

while it is bad and sad at the same time, you should at least be happy you were not refunded at N199, N197 or N187/$ like some other banks would do.

this is how it has been. They will always refund you the official bank rate why they will sell to you at black market rate. You are even lucky you did not receive the usual #199

please we really need this in front page so others buying with their cards can have a rethink. so bank sell the currency to you and they bought from you too. that is what it implies. NIGERIA I HAIL OOOO

#EndTimeBanks

Alexkene:
I was paying for something online with my GTB Naira Mastercard. It costs about $60.
GTB used the exchange rate of 330 per dollar for me for the transaction.
I was like, damn it! this is too much and I cancelled the order hoping to purchase when the rate reduced.
I was refunded for the transaction and GTB refunded the $60 back to me at the rate of 299 per dollar.
Shorting my money for me. Is this not fraud?
Billed at 330 per dollar on 31st May 2016 and refunded at 299 per dollar on 2nd June 2016.
I posted this on my Facebook and lots of people commented that they have also been victims of this fraud.
Is this the new way GTB makes their money by using their customers for Bureau de change??
If the transaction was more than $60, do you know how much I would have lost.
Please what do I do, as I need my complete money.
Mods Front page please.

send a mail 2 them and threaten 2 copy consumer protection department of cbn, they will revert immediately

Thanks house for all the useful advice and info. I have mailed them and will update this thread with their response.

But is there really nothing that could be done concerning issues like this??
'Cause when matters like this arise, a lot of people always say one should accept it like that and be thankful it isn't worse.
Like seriously?? #suffering and #smiling is really real

As intelligent as you are, you didn't check the day's black market exchange rate before carrying out the transaction in the first place.

If it were to be when the official rate was #197/$1, I don't think you'll see the hand to type this. Thank your stars that Naira has been devalued.

nawa

As in ehn. That why am always conscious of the rate before any transaction.
Did a transaction morning. Was charged 350. Tho I had hope it will be 330

I contacted GTB card services and the full money has been refunded by GTB.

Kudos to everyone that gave me reasonable advice.

Thats nice, happy 4u. It would be gud if u paste the mail u sent, so others can learn how 2 deal with such situation