bassdow: if i tell u my own experience haha, u go laff tire. I wanted to transfer my fixed deposit from Ecobank cos i was formally banking with zenith, Oceanic and first Bank. I have never liked Ecobank for no just reason so when Oceanic Bank became Ecobank, i first emptied my savings with them by transfering it to a new account @ UBA and i happened to be the type of person who always knows his exact account balance.
So when i put the money in UBA, i learnt that banks pays interest and i dont use ATM so i was surprised when my Account balance keeps going low by 10 naira every month with no increase.
If i should tell u d stress i passed through b4 i was able to open that account, u go pity. It got to a point where i was asking myself if i was being controlled. Well i need more advices so i know wether to fix my money with them go put it in Zenith.

dabrake:
Union bank annoys me a lot. Imagine one of the women at the counter telling me "my son, don't you have respect for your elders? Can you tell your mother to deposit money for you against her wish?"

I was like "You're kidding me, right?"
I wonder why they brought the typical Ile-Ife tradition-esque people into banking institutions without proper re-orientations.

dabrake:
Union bank annoys me a lot. Imagine one of the women at the counter telling me "my son, don't you have respect for your elders? Can you tell your mother to deposit money for you against her wish?"

I was like "You're kidding me, right?"
I wonder why they brought the typical Ile-Ife tradition-esque people into banking institutions without proper re-orientations.

saintneo: @op.....ukcars
Please I need info on the elance stuffs, respond to my PM. Or drop an email to contact you.

dabrake: My mum got a loan of 800k from them sometime around 2009 with an interest of (24 +/- 2)%. What annoyed me was that they did not tell her anything about load servicing/maintenance but at the end of the first 12 months, they deducted 100k. When my mum stormed, the bank, they saifd it was for loan maintenance. Simple communication, UBA lacked it.
In summary, after paying the 800k and the extra 22-26%, she paid an extra 300k(the loan spanned 36 months).

I hate UBA with a passion. I rather save my money in a 'kom-kom'

nwawuweneonye: First of all, UBA head office is 57 Marina and not 54. Most times. Poor service is indiviidual thing rather than brand or the bank in itself. This may as well happen in any other bank in Nigeria. Confirmation of reference b4 account opening has nothing to do with contacting the referee. All that is done is to. Take the copy of the reference to. The bank and confirm the suitability of the referee. There's no provision made for the phn nos of d referee let alone calling. There's what is called initial acct opening balance which varies frm currency to currency, for pounds, its 70 while dollars is 100. A new acct be it Naira denominated or foreign currency is not suppose to be opened using cheque deposit alone. This is CBN regulation. Most banks by pass certain regulations but whn the chips are down, u wouldn't knw whn d CBN hammer falls on them for such by pass. From ur naarration, it is though more of knowlegde gap on the part of the officer that attented to u rather than the banks mode of operation.

yungboss:
most of you are so ignorant...e.g YOU. Your mom should have read her offer, it was communicated in writing, 2% management fee ANNUALLY of the outstanding balance of your loan....or you guys don't read what you are given?

sleekysol: First of all I would want you to understand some basic facts, UBA isn't the problem as a matter of fact what u experienced was unfortunate because you dint get the full picture. CBN policies on account opening has become overbearing. UBA did their best to service you by opening the account but putting it on debit freeze. Your refrees were actually the issue most likely from another bank which could take 6months at serious cases to get back but thankfully banks have E-referencing now which will shorten the time for that. You need understand that CBN has a lot of policies and banks that fail will be sanctioned hence the reason for the supposed service failure here. Am talking on a general note because truth is am not a UBA staff but if you walked into any other bank you probably might find same challnge in getting your dorm account opened. Please Nlanders let's seek knowledge before condemning so much is happening around us that we take for granted but later get agrieved at.

eluquenson: @OP,
Your account is pending approval of one of your reference which account is domicile at GTBank
Your account name has been corrected & right now your account is . Just contact your pending reference to respond asap

ukcars: here is my email: talking2itoro AT yahoo.com , hope this issue can be resolved

oseiwe:
Chairman,
I would like those involved in this to get some kind of caution, the customer does not have to contact his reference, that is no his beat. Why should an account officer not ensure due diligence on a dom acct?
Someone should take a hit for dis failure.

eluquenson:

Account officer in UBA has already sent a memo to GTB, it is left for GTB to do their homework as they are yet to confirm status, if he has used UBA reference, they wouldn't have been any issue of reference confirmation.
@Oseiwe, I don't think you understand the rudiments of reference confirmation.

Tinyemeka:

What's 2% of 800, 000?

oseiwe:
Pls read my post very well.
U wrote dat d customer shld contact his reference, which is wrong.
Some acct officers do help to speed up d process by going to d reference banks by diaselves.
Why wld an acct officer open a dom acct witout exercising due diligence? He doesn't even knw d customer.
An acct ran on zero balance and d BOM says dat cheque can't be paid in? Knowledge gap.

yungboss:
most of you are so ignorant...e.g YOU. Your mom should have read her offer, it was communicated in writing, 2% management fee ANNUALLY of the outstanding balance of your loan....or you guys don't read what you are given?

dabrake:
Some people think because they are in a 'faceless' forum, they can abuse whoever they want to, thinking it is cool. How come you know we didn't read the literature on the booklet? Dude, you will see no such thing in that booklet(except they've, of recent, introduced it). By the way, does it make sense to you that after borrowing 800k, you will end up paying over 1.5M?

Or do you think someone will collect such loan if They indicate it explicitly that they will deduct 12.5% of the lent money annually for to 'service'/'maintain' the loan?

By the way, what is there to service? Is the money an electro-mechanical device?

yungboss:
2% of THE OUTSTANDING BALANCE, not on the N800,000...at the time the deduction was made, the loan would have reduced from N800k.
Find out what the balance was, then do the maths...it is stated in the offer letter, on the conditions precedent to drawdown of the facility.
''Management fee: 2% annually in advance''

oseiwe:
Pls read my post very well.
U wrote dat d customer shld contact his reference, which is wrong.
Some acct officers do help to speed up d process by going to d reference banks by diaselves.
Why wld an acct officer open a dom acct witout exercising due diligence? He doesn't even knw d customer.
An acct ran on zero balance and d BOM says dat cheque can't be paid in? Knowledge gap.

Tinyemeka:
So it's obvious that you did not read the fellow's post (and his complaint about a N100, 000 debit) before you jumped to conclusions, described him as ignorant and assumed that Management fee was what his mum and he failed to recognize, isn't it?

I don't want to assume that you are a UBA staff.

yinka2011: If you want good service at good speed with personalized account officer walk into [size=24pt]UNITY BANK ---YES UNITY BANK. [/size]thats where the change is happening.

yinka2011: If you want good service at good speed with personalized account officer walk into [size=24pt]UNITY BANK ---YES UNITY BANK. [/size]thats where the change is happening.

yungboss:
let me state how these loan stuffs work.
1.You apply for a loan of N800k...
It is processed,
2.Offer letter is signed and all future charges stated in your offer letter and the repayment schedule.
3. Management fee of 2% is stated to be taken annually based on the outstanding balance.
4. Insurance fee(depends on your place of employment) of 2%...
5.Interest (in this case,2009 year): 22% p.a.
6. tenor(in dabrake's mom's case): 36 months.
From Mathematics, the Total interest for the 3yr period was N289,022.60
excluding the one-off mgt fee take taken once every 12months based on the balance at the 12month.
These things are obvious when your Facility is booked...it's clear.
Late repayment fee (in the event of default) is 1% of the default amount
apologies to dabrake if i came too harsh...but it was due to my perception that he was mixing up things...