As effective from 31/07/2012, you can no longer make an online transfer from your GT savings account and l believe this was done with no prior notification. l needed to make an online transaction as l always try to avoid the madness from the banking hall. Ranging from poor customer service to endless hours on the queue, l was alarmed when l login to my online banking and could know longer find my a/c profile in the transfer field. l quickly call the telephone banking team, spoke with a guy called 'Deola' who informed me of this changes "due to 1 or 2 issues with the savings account.

GTB wants all transfers done via current a/c, to enable them charge COT. So my 18yrs old son, a student' now has to pay COT on his transfers to other GTB savings a/c holders. After been charge N100 per ATM withdrawal and N10 per SMS alerts. Then, why are we now subjected to further taxation for withdrawing our hard earned money? Except for Nigeria, I don't think there is anywhere in the world where people are charged such frivolous charges for using the ATM. Also, why on earth will a bank charge N10, or N15 in some cases, per SMS when the cost of sending bulk SMS is about N5? Possibly, an additional source of revenue and typical Nigerian banking convention of reaping where they haven't sown? Or, just levying charges for the fun of it?

l think the CBN Governor, Mallam Sanusi Lamido does not understand the importance of 'cash' in the system. It is totally unfair to continue to levy all these frivolous charges as if cash transactions are so 'bad' or barbaric which, in my opinion, is what the authorities and the bankers are making us to believe. In most of these developed countries aside from using the ATM or withdrawing cash over the counter, another popular way of withdrawing cash is to make a cash-backed purchase at a retail store which is a service offered to retail customers whereby an amount is added to the total purchase price of a transaction paid by debit card (ATM card) and the customer receives that amount in cash along with the purchase. This further shows how important 'cash' is globally.

A simple solution to attain a cashless system;
1) Make all inter and intra banks transfer free online. Then banks can now apply standard account charges (N500- N1500 per month) for this service, but not COT. This will be fair to all parties involved.
2) Encourage the use of Point of Sale machine for business.

With this fraudulent action from GTB and CBN many dissatisfied customers will start taking their business elsewhere, or keep their cash at home other than to be ripoff by Nigerian banks and CBN. Which nullify the whole essence of Mallam Sanusi Cashless system. l suggest that a fair trading standards and consumers right protection agency be set up to protect the rights and privileges of all. In other to prevent the CBN and bankers do has wish at liberty.

niyi123456: As effective from 31/07/2012, you can no longer make an online transfer from your GT savings account and l believe this was done with no prior notification. l needed to make an online transaction as l always try to avoid the madness from the banking hall. Ranging from poor customer service to endless hours on the queue, l was alarmed when l login to my online banking and could know longer find my a/c profile in the transfer field. l quickly call the telephone banking team, spoke with a guy called 'Deola' who informed me of this changes "due to 1 or 2 issues with the savings account.

GTB wants all transfers done via current a/c, to enable them charge COT. So my 18yrs old son, a student' now has to pay COT on his transfers to other GTB savings a/c holders. After been charge N100 per ATM withdrawal and N10 per SMS alerts. Then, why are we now subjected to further taxation for withdrawing our hard earned money? Except for Nigeria, I don't think there is anywhere in the world where people are charged such frivolous charges for using the ATM. Also, why on earth will a bank charge N10, or N15 in some cases, per SMS when the cost of sending bulk SMS is about N5? Possibly, an additional source of revenue and typical Nigerian banking convention of reaping where they haven't sown? Or, just levying charges for the fun of it?

l think the CBN Governor, Mallam Sanusi Lamido does not understand the importance of 'cash' in the system. It is totally unfair to continue to levy all these frivolous charges as if cash transactions are so 'bad' or barbaric which, in my opinion, is what the authorities and the bankers are making us to believe. In most of these developed countries aside from using the ATM or withdrawing cash over the counter, another popular way of withdrawing cash is to make a cash-backed purchase at a retail store which is a service offered to retail customers whereby an amount is added to the total purchase price of a transaction paid by debit card (ATM card) and the customer receives that amount in cash along with the purchase. This further shows how important 'cash' is globally.

A simple solution to attain a cashless system;
1) Make all inter and intra banks transfer free online. Then banks can now apply standard account charges (N500- N1500 per month) for this service, but not COT. This will be fair to all parties involved.
2) Encourage the use of Point of Sale machine for business.

With this fraudulent action from GTB and CBN many dissatisfied customers will start taking their business elsewhere, or keep their cash at home other than to be ripoff by Nigerian banks and CBN. Which nullify the whole essence of Mallam Sanusi Cashless system. l suggest that a fair trading standards and consumers right protection agency be set up to protect the rights and privileges of all. In other to prevent the CBN and bankers do has wish at liberty.

They want to be able to track customers in case something goes wrong cos pple have been using online transfers for fraud and a current account has reference so as to track the person

bukahands:

They want to be able to track customers in case something goes wrong cos pple have been using online transfers for fraud and a current account has reference so as to track the person

Crap!!!

bukahands:

They want to be able to track customers in case something goes wrong cos pple have been using online transfers for fraud and a current account has reference so as to track the person

Dont they carry out KYC on savings account too? Current account having references in no excuse please...that' shit, am tired of being ripped off by this bank...I am off to a better Bank. GTB is an over celebrated, over hype and unfriendly financial institution

I dont think GTB has totally stop the Transfer of money from Savings Account, what they said is that they are currently upgrading their system. The below picture is what was posted by GTBank on their facebook fan page this morning.

niyi123456: As effective from 31/07/2012, you can no longer make an online transfer from your GT savings account and l believe this was done with no prior notification. l needed to make an online transaction as l always try to avoid the madness from the banking hall. Ranging from poor customer service to endless hours on the queue, l was alarmed when l login to my online banking and could know longer find my a/c profile in the transfer field. l quickly call the telephone banking team, spoke with a guy called 'Deola' who informed me of this changes "due to 1 or 2 issues with the savings account.

GTB wants all transfers done via current a/c, to enable them charge COT. So my 18yrs old son, a student' now has to pay COT on his transfers to other GTB savings a/c holders. After been charge N100 per ATM withdrawal and N10 per SMS alerts. Then, why are we now subjected to further taxation for withdrawing our hard earned money? Except for Nigeria, I don't think there is anywhere in the world where people are charged such frivolous charges for using the ATM. Also, why on earth will a bank charge N10, or N15 in some cases, per SMS when the cost of sending bulk SMS is about N5? Possibly, an additional source of revenue and typical Nigerian banking convention of reaping where they haven't sown? Or, just levying charges for the fun of it?

l think the CBN Governor, Mallam Sanusi Lamido does not understand the importance of 'cash' in the system. It is totally unfair to continue to levy all these frivolous charges as if cash transactions are so 'bad' or barbaric which, in my opinion, is what the authorities and the bankers are making us to believe. In most of these developed countries aside from using the ATM or withdrawing cash over the counter, another popular way of withdrawing cash is to make a cash-backed purchase at a retail store which is a service offered to retail customers whereby an amount is added to the total purchase price of a transaction paid by debit card (ATM card) and the customer receives that amount in cash along with the purchase. This further shows how important 'cash' is globally.

A simple solution to attain a cashless system;
1) Make all inter and intra banks transfer free online. Then banks can now apply standard account charges (N500- N1500 per month) for this service, but not COT. This will be fair to all parties involved.
2) Encourage the use of Point of Sale machine for business.

With this fraudulent action from GTB and CBN many dissatisfied customers will start taking their business elsewhere, or keep their cash at home other than to be ripoff by Nigerian banks and CBN. Which nullify the whole essence of Mallam Sanusi Cashless system. l suggest that a fair trading standards and consumers right protection agency be set up to protect the rights and privileges of all. In other to prevent the CBN and bankers do has wish at liberty.

May be your son normally withdraw from other bank different from GTBank. I use GTBank and I have never experience a situation whereby they will deduct N100 for withdrawing from their ATM.

Which mean Gtb bank customers cannot make online transanction again?

Please i need respond on this issue.

Enesi47: Please i need respond on this issue.

i tried transferring to a GTB savings account from another bank...i got the error message "Bank unavailable "huuuuhhhhhh? i hope my funds are still available sha oh...i better start packing...oya pack well to other bank(s)...

Enesi47: Please i need respond on this issue.

i tried transferring to a GTB savings account from another bank...i got the error message "Bank unavailable "huuuuhhhhhh? i hope my funds are still available sha oh...i better start packing...oya pack well to other bank(s)...