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Ade0001 (m)
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Like i said in my earlier post, the un-popular and selfish decision has been reversed.
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Engineer96 (m)
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I cannot say for or against Intercontinental Bank. They know better the reasons behind the planned increase of the minimum balance of Savings Account to #10 000.
I received the text message requesting me to increase my balance to the said amount. However, what disturbed me is that I was given March 31st as deadline as if they gave me the money to keep for them. I am worried about what becomes the fate of my few thousands in my account if I don't beat the deadline.
I also received another message from the Bank apologizing for system breakdown. From what I have read here, if I had made an attempt to withdraw money on any of those days and there was systems breakdown and I was sent an apology message for that reason, it means that the Bank will charge me for the message which was as a result of its ineffeciency.If yes then CBN must query the Bank for that singular reason.
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jorge1980 (m)
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interesting thread! I bank with intercontinental and I must say their recent business ideas have been appalling.
The issue is not about bad mouthing or a smear campaign,Nigerians deserve correct information.The mere decision to rescind a planned increase(if that is realy true as there has been no counter message from the bank) shows a disorganized and panicky bank.Please forget all the ratings and international accolades! bigger banks in the US were even on better ratings yet they are begging for air. I just think the bank is looking for another avenue to raise money since the capital market is presently unfavourable they want to milk poor nigerians of their meagre savings.Well I've withdrawn all my money from the bank before I get another message that the mininum balance is now 50k.
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bayonle1 (m)
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@poster
i should have been the first to raise that,intercontinental bank has become real disappointing.they ve introduces customer unfriendliness and greed into their business,they are just infuriating,the removed 1000 naira from all my friends account and they call that maintenance charge.what in heaven~s name are they maintaining in a student account that gets just 6000 naira a month.they should just turn their branches in to churches.
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soloqy
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First of all people, I dont think Intercontinental is distressed and they are not going down anytime soon.
But being a customer myself, I can tell you that am less than impressed with them.
I have a personal current account with GTB and a Corporate current account with Intercontinental bank but I am in the process of moving my corporate current to GTB as well.
Everything Intercontinental does, is for the purpose of getting money out of the unsuspecting customer.
Can you imagine being charged 50 naira for using ATM with your own bank? Thats Criminal. You may say that 50 naira is small money but it adds up.
You cannot collect less than 100k now over the counter and you must use ATM. I magine using your ATM 5 times in a day. How much would that take from your account?
Remember the limit you can take at the ATM at a time is 20k.
What about the alerts? GTB gives me alerts with vital Information that you really need.
Lets compare the GTBank(and other banks alert) with the IBPLC alert:
IBPLC: DebitAlert! NGN 20,000 was debit from your account xxxx on 14-mar-2009 . Cash withdrawal un us. What nonsense is this? I know I collected money and I know when the vital info i need is what is left in my account after that transaction.
Now GTBank( and other banks) alert: Transaction notification: NGN 10000.00 CR(CASH DEPOSIT FROM XYZ) ON acct number xxxx. Your balance is NGN567899 .
The balance is one of the very vital info why people even subscribe to alerts. But it seems IBPLC would rather you not have any info about your account balance till they have murdered you with all their hidden charges. To think that they charge you ten naira for anytime they send this useless info in alerts is heart-wrenching.
What about getting your statement? Its like going for a visa where IBPLC is concerend. Normarly, a bank should send your statements if not phisically, then at least electronically via emal(which is also what GTB and others do). But IBPLC will make you beg and threaten and sue for your statement.
If they are not intentionaly criminal in their dealings, then they must know that thats how they come across to people.
Have you tried to get a new cheque book from IBPLC? Theirs is the most expensive across the industry. Dont take my word for it. Do your own research. Find out what others like GTB and Diamond and skye charge for a new cheque book 50/100 leaves and compare it with what IBPLC charges.
There is so much that when you think about it, you ask yourself the reason why you are using them. People are sucked in because IBPLC gives out loans but do you know that their interest rates are the highest in the industry? As at the time others were in the area of 21-22 late last year, IBPLC was hitting 26-28.
I am a customer here saying all i know so no one should come in and tell me i work for another bank and trying to bring them down.
Having said these, I dont think they are in distress but they are just a people that believe they can do anything and get away with it.
But they must realise that when so many people are dissatisfied with them that time is running out on them.I will just remove all my money and leave about 600naira.
Among my two sisters, one has already done the above that i plan to do. The other one plans to close down the account by next week.
This should be a cause for concern for them. But of course, they will be busy collecting all the 50 nairas atm awoof and all the other hidden charges till its too late and everyone would have wisened up and left them.
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toideve (m)
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@ oria2009
your an IBPLC worker, i'm disappointed at your bank. why must charge 50NGN for ATM transaction Access Bank also does that what are you guys reasons???
what a shame, i de go move my moni from your bank on monday
no time mehn
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dipo2much (m)
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Its true. You better go and withdraw your money from intercontinental. They are about to hit the rocks.
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ibadanchap
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When last did you check your statements for those who use Intercontinental. They deducted 2,500 from corporate current accounts just 2 days to the end of their financial year. They deducted 200 naira from IPSA savings. Now tell me if that is not a sign of a bank that is desperate. i have written to the bank to complain. They have not even bothered to reply.
Intercontinental Bank Plc deducts money anyhow without notice. They now inform you later. the 2500 was called maintenance charges. When someone takes my property without my permission, that person or corporation is a thief. So much for Mr. Integrity. I'm moving ASAP
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Pa-Ken
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I dont know much about the X,Y,Z of banking but i opened a current account with HSBC in the UK and for 4months my balance was £0 as i had my money in cash for the 1st 4months; Can some1 tell me the rational behind fixing minimum balance on a savings account; it's absurd; i mean i dont understand why banks in Nigeria do such thing
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ty_sante (m)
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I appreciate your concern but the the fact is that those who know exactly what's going on will never come forward to disclose the state of things. They instead send out idiots like Carfreak to defend nothing he knows about. He claim to work for CBN and his unfortunate boss Soludo told the whole country that the global recession will not affect Nigeria while other countries was busy facing the reality and preparing for the worst, Soludo gave everybody false hopes now see what is happening. One of my brothers was recently having a conversation with one of the Balogun siblings in Ijebu. This is the family that knows what is happening in the Nigerian banking system because they part-owned FCMB. You will be amazed at what this guy said. The problem is not particular to intercontinental bank but industry wide. Do you know that these banks can NOT afford to lend each other money like they used to do last year to cover their short falls during inspections and when they declare fake huge profits. He claimed that some banks are in hot water that they are considering reducing work force or cutting back on salary as much as in civil service pay scale to prevent mass lay-off. Can you imagine that?? It was only Otuba Shubomi that has the nerves to come forward and tell Nigerians that all was not rosy with Nigerian banks. That idiot called governor of CBN Soludo was busy lieing to Nigerians. Some banks like Intercontinental, Finbak, Citibank e.t.c that depend heavily on foreign loans or credits in addition to colluding with Politicians are the worst affected by the global downturns. So why wonder why Intercontinental increase minimum deposits. That is why Erastus has been running from post to pillar from Oba Eko to Ife to Kwara to various governors to solicits for business. Open your eyes investors, a word is enough for the wise. No one is saying go to the bank and close your account completely but invest in them wisely.
@ :)SWEET T  : U really served them right cus they neva knew they had lost already now coming too nairaland to twist matters for their customers who had already left. I was reading the paper yesterday <PUNCH> when i saw their sorry ass apologies, pleading for the inconvenience they had cus'd. That serves them right. See so i b GTB for life. (Bone, Any time collect your money no wahala, savings 500 minimum, no charges of as such instead interest,e-mail alert for every transaction, monthly statement of account). So for you new comers to nairaland from IBPLC u are very welcome, never mind what u got( it s what u caused for urself) So don't also forget to be a good nairalander and participate in other issues not just this. JJC |
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adanny01 (m)
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All the plenty of grammer guys hav been hammering doesnot shake me or change what i feel.
What i feel is this;
1. I need a bank to keep my money safe and get it back (EXACT amount) at the time i need it, conveniently.
2. I see no reson why i should own a restricted N10,000 in my acc
For Intercontinental bank to do what they are doing means i no longer can bank with them. I also believe that atleast 6 out of 10 of their savings acc holders share my view.
Their ATM left my wallet after i got their text. 4 long i've been trying to reduce the contents of my wallet
Hey! I just wondered! What will happen to a salary earner who gets his monthly thru them? Plan for a N10,000 deficit. What if his/her salary is N20,000 or worst N10,000?
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sleekdoc
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Lost faith in em since the 50 naira atm issue and a few other issues, since then been running low cash in my ipsa account , got the texts too about the 10k min balance and was further disappointed. Come monday ill jus take what i have left and leave jus 10k, jus to make erastus happy, at least that's what he wanted, its quite annoying sha
Skye bank is still the best my people, i really love that bank so much that i smile to myself anytime i see their signs or adverts. Skye is the best bank in nigeria (i hope ), mind u i dont work there o
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adanny01 (m)
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Ehennnnn! I forgot! All this things every body is complaining about Intercontinental bank, I've experienced it already with UBA apart form the huge min balance.
Examples
If u hav an Atm, Minus N100 monthly. Actually mine was like evry 2weeks
Min bal is N500 but they get to remove N100 still for havin ATM
For a fact, they neva allowed me withdraw less than N1000 even if i were buying recharge card. I stopped using the acc when a friend gave me N10,000 for safe keep which i kept in their acc, 2 weeks later my bal was N10,800 when my friend came for his money, i cud not get back exact that N10k. Using Atm i cud only get N9,000 (told u my min was N1000) which i had 2 use another source to make up.
Anoda fact my 1st Atm was wittdrawing from some1 else's acc!
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ebogentle (m)
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I hope over the next few years,for every Month of March that IBPLC is operating, those of you blowing hot air will humble enough to publicly express how wrong your predictions were? What's the smear campaign about anyway? If you dont like the service, quietly move away. Have you stopped to think that your smear campaign could actually lead to flooding of your so called destination bank, with the consequence that they will also effect some drastic measures such as this. Leave quietly if u r dissatisfied. But dont go on a campaign of calumny as part of your exit strategy. Cheers all.
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soloqy
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People expressing their dissatisfaction is not a smear campaign. All IBPLC needs to do is take a good look at this bad publicity and change.
In my own post, I said they were not in distress nor were they going down but people deserve to be heard.
A lot of people posting here would have preferred for it to be better with IBPLC and thats why people are planning to move funds but not close their accounts with them permanently.
Havent you read of those who have written to them about their grieviances and were not replied nor the issues addressed.
Its only a public outcry like this that get institutions to change. Without the bad publicity like this one, they wont change.
A lot of other companies have changed some of their wrong ways because of something like this.
Other Banks like Zenith and other companies have rather used such a forum to gather customer grieviances and work towards changing.
So its not good enough to move quietly. You just dont move quietly with all the wrong doings. They have got to read and learn.
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mycode (m)
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I am of aware of a site that is taking public rating and reviews of nigeria banks. I think you may give the bank the ratings that they deserve. Check out http://www.nigeriabanksreview.com. Most banks should be ashamed of themselves with the level of services that they provide nowadays. The irony of the whole thing is that the staff get high pay, Trust me. Our deposits are part of the high paying salary to the staff, otherwise I cannot imagine the reason for criminal upward increase in the deposit level and deduction of money for online transactions. |
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safex101
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Please i need advice,i am presently running a saving account with BANK PHB (the worst and unreliable bank their network is always down,) that is not the problem now, my major fear now is this Intercontinental Bank,i presently run a fixed deposit with them,i av presently up to 600,000naira with them which i put on a fixed deposit in their benin branch,i was planning to invest more after the initial 3month we bargain for elapse,i av been afraid even when i received their sms regarding the increase of their minimum balance to their saving account,i still have a saving acct there which dey said they will be transferring my interest to,by April my interest for 3months suppose to b 14k and some change,but if they hold 10k that is i will be left with just 4k,that is to say i traded 600,000naira for three months and my profit was 4k. I AM FED UP,i made a mistake for chosen to invest with Intercontinental Bank,GTB promised me better offer but one of the staff at Intercontinental Bank used their normal sugar coated tongue to deceive me. Now the question is that,should i wait till middle of April that i can have my 600,000naira and my 4k interest and run away or should i call the banker and ask them to cancel the stuff and forget abt the interest and run away,because i am really afraid of losing my hard earned money,i remember the case of hallmark bank the way some of my people lost money then. Make i run?  ? |
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soloqy
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Nothing will happen to your money there in the next three months. I think the issue here is their tendency to introduce hidden charges and not that they are distressed.
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kaypinchi (m)
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Nothing will happen to your money there in the next three months. I think the issue here is their tendency to introduce hidden charges and not that they are distressed.
Banks that failed in the past went down like a pack of cards. Usually within 3 months. The fall usually starts with rumours like this sort. Even top banking gurus were kept in the dark about the real stories. Some even had money locked in Any1 with counter info about this issue should post such ASAP. We should defend what we are not privy to. Let us be guided. |
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sheyee (m)
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People expressing their dissatisfaction is not a smear campaign. All IBPLC needs to do is take a good look at this bad publicity and change.
In my own post, I said they were not in distress nor were they going down but people deserve to be heard.
A lot of people posting here would have preferred for it to be better with IBPLC and thats why people are planning to move funds but not close their accounts with them permanently.
Havent you read of those who have written to them about their grieviances and were not replied nor the issues addressed.
Its only a public outcry like this that get institutions to change. Without the bad publicity like this one, they wont change.
A lot of other companies have changed some of their wrong ways because of something like this.
Other Banks like Zenith and other companies have rather used such a forum to gather customer grieviances and work towards changing.
So its not good enough to move quietly. You just dont move quietly with all the wrong doings. They have got to read and learn.
GBAM !!!!!!!!! True Talk Please i need advice,i am presently running a saving account with BANK PHB (the worst and unreliable bank their network is always down,) that is not the problem now, my major fear now is this Intercontinental Bank,i presently run a fixed deposit with them,i av presently up to 600,000naira with them which i put on a fixed deposit in their benin branch,i was planning to invest more after the initial 3month we bargain for elapse,i av been afraid even when i received their sms regarding the increase of their minimum balance to their saving account,i still have a saving acct there which dey said they will be transferring my interest to,by April my interest for 3months suppose to b 14k and some change,but if they hold 10k that is i will be left with just 4k,that is to say i traded 600,000naira for three months and my profit was 4k. I AM FED UP,i made a mistake for chosen to invest with Intercontinental Bank,GTB promised me better offer but one of the staff at Intercontinental Bank used their normal sugar coated tongue to deceive me. Now the question is that,should i wait till middle of April that i can have my 600,000naira and my 4k interest and run away or should i call the banker and ask them to cancel the stuff and forget abt the interest and run away,because i am really afraid of losing my hard earned money,i remember the case of hallmark bank the way some of my people lost money then. Make i run? ? Bros, go move your money, cos when Savanah Bank wanted to go down they stil receive cash deposit a day before, so be warned. |
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samparian (m)
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My people, i dont know much about banking but i know that when a bank cannot honor its customers' cheques,, then there's a problem. I had such a problem with Hallmark bank when i issued a
cheque to a client and he couldnt cash it in their Kano branch. They told him the cheque could only be cashed in Maiduguri branch, where i was. I had to go personally to the Maiduguri branch
manager who tried to tell me everything was okay. I quickly pulled all my funds and returned to Intercontinental which i had left because of their refusal to give me loans/over draft.
I've been banking with Equity now Intercontinental and they've handled my affairs well.
I'm an old member of nairaland and i'll honestly say that No matter their reason(intercontinental), it was a big mistake to increase the minimum balance to 10k. 
Ofcourse it will cause panick!!!!!!!
Everybank in the world is shaking cause of the recession!!
China, UK, USA(where it all began), Japan, Australia, you name it. the share prices of their banks are also dropping and many of their banks are still alive right now because of government bail out
money and total buy outs!
Nigeria is a country where the slightest change in bank policy can cause serious panick. we've had our fair share of failed banks. we're all on edge.
I'll tell you all right now that NO BANK IN THE WORLD is IMMUNNE right now.
I've got over a million bucks in Intercontinental bank and i'm not running to any where. No bank is immune. so, lets stop bad mouthing
where we might be running to may be worse 
I just pray all our banks survive the global recession
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allboyz (m)
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Hmmm . , after all said . . .the end point is that . .INTER planned or were planning to make 10k a minimum balance is a saving's acc . . .i say here that's its very wrong . .
i use Oceanic bank,GTB and UBA . . .among this 3, GTB comes first . . why didn't they panic? or is the Global crisis not affecting them too? Oceanic would even allow you to open an account with #200.00 . . .
My Cheque bk with GTB didn't last 1 wk, and Check BK with Oceanic was issued on the 4th day . .can u imagine that,my frends cheque bk at inter was going about 2wks . . .there are lots of chavs in our banking industry and the figures are very much incorrect. . . . we have to wisen up
im a customer o0o . . and i can fill the pain of the #50 deduction from the ATM in your OWN bank . .its absurd.
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otokx (m)
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see me see prosperity o, since october last year, my ATM card expired. The following month IBPLC sent me sms that i should go to my branch in UNIPORT to pick up a new one. That is how i have been going till today no way. The customer service girl there said i should apply in december till today nothing. I even emailed their customer care who now sent me a new sms that my ATM is now ready at my branch still nothing. The worse part is i believing their last sms went to pay 6k into that account which was supposed to go dormant within 2 weeks now am hearing all this rubbish about hidden charges. Even the red devil of UBA is not this bad. Am going to next week take my withdrawal booklet to their HQ branch at olu obasanjo and remove that 6k. In their mind they will be charging me for an ATM that i have not seen per month ko. How can they just wake up and say 10K minimum eh? They should tell that to new intending customers not old ones. Its just that in this country the consumer has no rights but only to move out or one could have taken them to court for this misadventure.
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tkb417 (m)
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It is good to see some pro-intercontinental posts here eventhough they all sound like they come from the same person. But can these guys explain the meaning of the increase in opening balance?? we even heard the bank reduced it's staff salary and use the reduction to buy their worthless stocks for the staff. is that true?? Now with this post, why should i take anything from you seriously? what you posted are all false why do you think you have a right to inform people? ure sick. Your negative campaigns everytime about 9ja banks are just bollocks!!! remember you predicted in 2 months (from February), one of the banks will collapse? can you remember? we are about entering April and nothin has happened. woe to all you naysayers who havent done anything to help this country. as you wish bad for this country, na so bad bad go dey follow you and your family. No be curse Is it only in 9ja that banks are havng isssues? is it an isolated case? isnt it a global thing? why are we producing idiots on this blog in torrents? schmucks!!! Topic i dunno about the changes highlighted in Intercontinental but i know all banks are drawing up survival strategies in this trying times to survive. Im not supporting any added costs to the services they are rendering. If i had an account with them and they'll charge me money unnecessarily for atms usage and sms, then i'll close my accounts sharp sharp. no be by force to bank with them |
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Pennywise
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A lot of Nigerian banks have been reaping a long time where they did not sow. That is because there is no real competition for non govt clients.Our govt has dilly dallied over the years about removing all govt related accounts from these commercial banks.
If all govts take their accounts away from these banks they will employ codes, ethics and services that will be deserving of customer patronage.
Many people will see a correlation between Intercontinental recent appointment by the Kwara state govt to manage its employee pay role with this recent position of the bank.
All govt accounts should go to the CBN. Let the banks truly hustle for patronage.
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pixiraver (m)
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The problem with Nigerians is we like free stuffs, you get an alert when you withdraw or receive money you need to pay for that service, it is simple! I don't support the 10,000 naira minimum deposit but have we asked ourselves how this banks make their money? Here in South Africa you are charged for withdrawing money from your account via your Bank's ATM machine, you are charged monthly for using the internet banking and you are also charged for even depositing money into your account. The Bank is a business organization which means they need to make money to pay their staffs etc. We should stop crying about their charges, they are only making our lives better, imagine going to the likes of UBA, First Bank, Union Bank etc queuing up for hours and you see this old women chatting away and ignoring you, how would you feel? It's not by force using the internet banking but if you want to use such facility you must pay for it. Have you considered how much money you might spend taking a bus or putting fuel in your car just to visit the bank to check your account balance? Make una shut up jare, una too like awoof  (i do own a buying and selling website called www.awoofshop.com where you can get stuffs for free ) We just need to know how to take care of this charges, for example you use the internet banking why should you also subscribe for SMS alerts? Mumu people, |
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Becomrrich
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Intercontinental bank is one of the best 5 banks in nigeria. I used thier service before. I think it was ok. better than the old generation banks.
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touchmeder
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this na common sense if i had to pay 50naira for every time i withdraw from MY OWN BANK'S Atm then i'm out of such a bank, coupled wit the money for sms alert and the 10k balance. i wont accept any of that.
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safex101
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The problem we are having with this thread is that, Intercontinental Bank staff have all register on here to start defending their bank,but non of them has answered the question of y the increase in the minimum balance of the savings acct.
Nobody is want Intercontinental Bank to fall,if we do we will have not gone to bank with them in the first place. I do not patronize bank because of sentiment, my sister is wking in a bank,but i am not banking with their bank,because i do not want to.
Tomorrow i will email my sister who is a banker for many years to ask her if she has a clue regarding the situation with Intercontinental Bank,to kn my stand,because i can't afford to loose my hard earned money.
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fyneguy
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@Oviaboy
If truly you work for CBN, then CBN is compromised! Let me ask you: what could make any bank jerk up its minimum balance from N1,500 to N10,000, on savings accounts?!. Please tell me.
Nobody prays for IBPlc's downfall but their activities lately leave much to be desired.
There was a time they deducted N1,000 from all accounts as VPAY service fee. First, they did not tell anybody what the service was all about. Second, I did not apply for the service; I only got to know they deducted N1k after requesting for my statement. Honestly, IBPlc has been carrying on like an armed robber.
On the latest one- N10k minimum balance- when I got the sms, I thought it was some scam sms from those yahoo boys. I really wonder what inspired such a decision at this TIME! Do you really blame people insinuating the bank has some liquidity problems? If the bank is able to get 100,000 existing customers to leave N10,000 in their accounts, it means IBPlc would have increased its deposit position by N1 billion (very cheap funds). This is cheaper, easier and more profitable than looking for new customers or deposits, because a new customer may deposit N1 million today and withdraw same the next day but in the case of a high minimum balance, the bank has a lot of funds to play with. Dont also forget that many account holders will die and their N10k will remain in the bank which the bank may not inform the next-of-kins about.
IBPlc should desist from exploiting its customers. That's the point we are trying to make here.
Well, I suppose they are under-rating the implications of their actions and inactions in this regard. Let them adjust or face the reality flashing them in the face.
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faakay (m)
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Men, this INTERCONTINONSENSE dey mess up gan!!!! So you mean you can't withdraw less that 100k from the counter. So you are forced to use the ATM and charged 50 box per 20k withdrawaL! haaaaaaaaaaaaaaaaaaa SCAMMER NLA!!!!!!!!!!!!!!!! Everybody make una divert go GTB! its da BesT!!!!!!!!!!!!!! This bank fit Liquidate ooooooooooooooooooooooooooo!!! If you get eaRs! Open it WidE!!!!!!!!! Carry your Money ComoT! or! dem caRRY am GO! |
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