Janthony:
I had the same issue severally and I was even thinking of moving to Gtb

Got very bad experiences with Gtbank

shikshark:
This will be nice if implemented infact the fine is supposed to be 50k, bank can turn u to slave within five minutes telling you to bring this and that and at the end of the day it will still not suffice, ive seen a woman raking out of a bank........UBA, saying" if war is going to start in Nigeria, it will start from the bank" one can imagine the level of frustration shes been subjected to.

Meanwhile, what percentage will be given to the customer because i know some banks that will pay up to ten millon per day on fines because of their quack banking services.

And you would be surprised how stupid some of the excuses they give are. I remember sometime in 2017 when someone sent me 220k and 2hours later, I was yet to get the credit. I walked to GTB only for them to tell me the fund was blocked because my account was yet to get such an inflow in the past; I, out of annoyance, started shouting at the bank asking them to check how much I receive as salary every month and to particularly confirm that the 220k is more than the 3.6m I received a few months before that day, into the same account o. To make matters worse, they insisted that I get the person that transferred the money to call them to confirm he really made the transfer to me. That got me so pissed I almost pulled the girl's wig off her head. They only closed it out when a manager came out and I explained what the challenge was.
It can be super crazy sometimes, I swear!

who will they pay the 10k to

First bank is yet to give my money since last week o.

Hope Ecobank will survive this. Ole bank

LegendVibes:
The Central Bank of Nigeria (CBN) has issued a new directive that banks will pay a fine of N10,000 for every money transfer that exceeds four minutes.

The apex bank made this known in a circular, ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’ issued to all deposit money banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders.

CBN said any failed instant payment transaction not reversed into the customer’s account within 24 hours, based on the complaint of the sender and/or beneficiary will attract a fine of N10,000.

According to the letter signed by ‘Dipo Fatokun, CBN’s director, banking and payments system department, the regulation will be effective from October 2, 2019.

According to the apex bank, electronic funds transfer or a NIP happens between two distinct entities when the delivery from the sending entity to the receiving entity takes place within one minute (60 seconds), while a payments system where delivery to the receiving entity occurs beyond one minute is considered to be an ACH system.

According to the document, on an occasion where a sending entity erroneously sends value contrary to the customer’s instructions due to wrong account number, wrong amount, duplication among others to a receiving entity and requested the reversal in writing within 14 working days of the transaction, the receiving entity should oblige within one business day without recourse to the customer (beneficiary) of the receiving entity provided funds are available.

An automatic indemnity would be inferred against the sending entity making the reversal request.

https://www.torimill.co/news/9858/banks-will-pay-n10000-fine-for-any-failed-transaction-not-reversed-within-24-hours-cbn.html

will the Bank pay the 10k into the customers account or into CBN account?

after I successfully get my refund or reversal, how much is my cut in the #10,000 fine?

kolafolabi:
It happened to me yesterday but got reversed less than 3minutes...

my own Neva reverse o

Good. Access has been holding my money since August 21. I've written them several times, but they've not obliged me. I'll wait for October 2.

How do we the customers report this cases?

Abeg, Ghost have swallowed my 10k between First bank and Diamond bank since Dec. 2017 o.

Where do I make my complaints.?

kokomilala:
Good. Access has been holding my money since August 21. I've written them several times, but they've not obliged me. I'll wait for October 2.

October 2019? Lol.. just enter that bank and create a scene till the manager comes out or you call their call centre number,they will escalate it quickly and refund your money. Sometimes they foolishly forget to follow up investigation.

@Slymonster, thanks. I did that 11 yrs ago in Abuja. I literally turned the bank upside down. My money was refunded within days. I might revisit that option with seismic radicalism. Lol! �

Said Buhari, keep the good work in motion.

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LegendVibes:
The Central Bank of Nigeria (CBN) has issued a new directive that banks will pay a fine of N10,000 for every money transfer that exceeds four minutes.

The apex bank made this known in a circular, ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’ issued to all deposit money banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders.

CBN said any failed instant payment transaction not reversed into the customer’s account within 24 hours, based on the complaint of the sender and/or beneficiary will attract a fine of N10,000.

According to the letter signed by ‘Dipo Fatokun, CBN’s director, banking and payments system department, the regulation will be effective from October 2, 2019.

According to the apex bank, electronic funds transfer or a NIP happens between two distinct entities when the delivery from the sending entity to the receiving entity takes place within one minute (60 seconds), while a payments system where delivery to the receiving entity occurs beyond one minute is considered to be an ACH system.

According to the document, on an occasion where a sending entity erroneously sends value contrary to the customer’s instructions due to wrong account number, wrong amount, duplication among others to a receiving entity and requested the reversal in writing within 14 working days of the transaction, the receiving entity should oblige within one business day without recourse to the customer (beneficiary) of the receiving entity provided funds are available.

An automatic indemnity would be inferred against the sending entity making the reversal request.

https://www.torimill.co/news/9858/banks-will-pay-n10000-fine-for-any-failed-transaction-not-reversed-within-24-hours-cbn.html

hmm hope they will credit the account person with the failed transaction

This is a good development... First Bank beware

Why is every one shouting UBA
UBA take note.

Good. If The 10,000 Is Going To The Customer. Very Bad If It's Going To The CBN.

GTB will go bankrupt with this new development. Their interbank transactions take minimum of 20 minutes.

2019 ke?! E too tey oo

As i said one day, knowledge is key

apikipiki1:
Biko which account will d fine enter?

same question here oo

For almost a year now Zenith Bank has refused to reverse the failed ATM transaction on my account despite doing everything possible. I eventually overlooked it but they did another one last week this time around on POS. I have vowed to get my money back including the previous one which I earlier left for them. Please someone should tell me how to complain to CBN.

For almost a year now Zenith Bank has refused to reverse the failed ATM transaction on my account despite doing everything possible. I eventually overlooked it but they did another one last week this time around on POS. I have vowed to get my money back including the previous one which I earlier left for them. Please someone should tell me how to complain to CBN. Fraudulent banks everywhere in Nigeria.

For almost a year now Zenith Bank has refused to reverse the failed ATM transaction on my account despite doing everything possible. I eventually overlooked it but they did another one last week this time around on POS. I have vowed to get my money back including the previous one which I earlier left for them. Please someone should tell me how to complain to CBN. Fraudulent banks everywhere in Nigeria

shikshark:
This will be nice if implemented infact the fine is supposed to be 50k, bank can turn u to slave within five minutes telling you to bring this and that and at the end of the day it will still not suffice, ive seen a woman raking out of a bank........UBA, saying" if war is going to start in Nigeria, it will start from the bank" one can imagine the level of frustration shes been subjected to.

Meanwhile, what percentage will be given to the customer because i know some banks that will pay up to ten millon per day on fines because of their quack banking services.

% d customer gets is all I want to know shikena�

nonsence

femeritus:
For almost a year now Zenith Bank has refused to reverse the failed ATM transaction on my account despite doing everything possible. I eventually overlooked it but they did another one last week this time around on POS. I have vowed to get my money back including the previous one which I earlier left for them. Please someone should tell me how to complain to CBN. Fraudulent banks everywhere in Nigeria

I can assure you your money is with the POS operator. let him/her check the daily transactions report sent by his bank for the particular day.
Going back to your bank to fill form for refund is simple delay.

itsmine:

I can assure you your money is with the POS operator. let him/her check the daily transactions report sent by his bank for the particular day.
Going back to your bank to fill form for refund is simple delay.

I have a similar issue..

I paid 4k for my electricity bill via POS at Ikeja electric but the transaction failed and no receipt was printed. Unfortunately my bank (access bank) debited the money for my account and it was not reverse.. I complained to the NEPA official on seat and he doubled checked and confirmed no payment went tru.


I called out my bank later in the day and dey called in the night. Dt it will take 5-8days to make investigation and reverse my money back to my account because I have no receipt of transaction failed.

Please note the Pos at Ikeja electric no d print receipt for unsuccessfully transaction..


With that reply I got from Accessbank.. It seems to me .. I may never get it back.. I dey vexx

Just2endowed2:


go to twitter...copy cbn and tweet the bank...they will respond and give u direct call sharperly

Thanks man... i got a reversal ytday. It worked like magic!!!

Jaytecq:


Thanks man... i got a reversal ytday. It worked like magic!!!

big company fear twitter like kilode

mtn, airtels, banks. just that twitter complaint doesnt work on government institutions and politicians.

currently battling with Nipost twitter handle on a case of fraud by their staff