They once used to be the best bank in the country. But because of the financial crisis, they are panicking. Can you imagine a bank that spends your money for you.

1. They started withdrawing 100/month on any account connected to internet banking.

2. They have increased the minimum balance for savings accounts to 10,000 naira.

3. The lowest minimum balance account is the savings account and thats 10,000 minimum balance.

4. They deduct 10naira per sms they send to your phone. So everytime you deposit and withdraw, they send an sms, and you loss 10 naira.

They keep saying this is to serve you better. Their share prices have dropped. They will eventually kill themselves.

If you have money with them, take it out before they go bankrupt!

Jin Kazama:

They once used to be the best bank in the country. But because of the financial crisis, they are panicking. Can you imagine a bank that spends your money for you.

1. They started withdrawing 100/month on any account connected internet banking.

2. They have increased the minimum balance for savings accounts to 10,000 naira.

3. The lowest minimum balance account is the savings account and thats 10,000 minimum balance.

4. They deduct 10naira per sms they send to your phone. So everytime you deposit and withdraw, they send an sms, and you loss 10 naira.

They keep saying this is to serve you better. Their share prices have dropped. They will eventually kill themselves.

If you have money with them, take it out before they go bankrupt!

this is gross irresponsibility. do you know how many families depend on this bank for their livelihood? you are so unfair especially in this time of uncertainty any rumour like this will go places and make people react in fear.

It is not a rumour. They sent text messages to savings account holders telling them they have increased the minimum balance to 10,000 and we need to refill our account by the end of this month. My mother has closed her account, I will soon close my account, my uncle and his wife also complained at a party on sunday.

It was last year that they started charging for internet banking 100 naira/ month

And yes they deduct 10 naira from your account for recieving alerts and sms.

Email them and see: customercaredepartment@intercontinentalbankplc.com

They will simply tell you "We are doing this to serve you better, Happy Customer Happy Bank"
Try it, email them and ask them customercaredepartment@intercontinentalbankplc.com

.

JJYOU:

this is gross irresponsibility. do you know how many families depend on this bank for their livelihood? you are so unfair especially in this time of uncertainty any rumour like this will go places and make people react in fear.

People like this guy makes me sick. If the bank is not healthy, let them collapse instead of doing business on false pretense. Let us know the real strong bank in Nigeria!!! Intercontinental and Zenith is not one of the strong banks.

Can you imagine that?? When other banks are begging for more customers and opening accounts at a very low amount this useless bank is increasing their their opening deposit. I have predicted this last year about this intercontinental bank. Thay are not as strong as they claim. Most of their assets are owned by foreign banks in terms of loan and credits. They have bit more than they can chew. I warned every investors that i knew not to buy intercontinental stock and see what happened. Intercontinental is among the few Nigerian banks that run to the western banks for loans at every opportunity they get, so now that these western banks are having problems what do you think will happen to intercontinental?? Intercontinental bank just drastically reduce their staff salary and use the cut to help their employee buy the bank's worthless shares. Can you believe that? i warned people to stick to our traditional banks like First bank, union bank e.t.c Most of these bank's ceos like Akingbola,Ovia e.t.c will end up in jail for deceiving Nigerians.

Finecat:

People like this guy makes me sick. If the bank is not healthy, let them collapse instead of doing business on false pretense. Let us know the real strong bank in Nigeria!!! Intercontinental and Zenith is not one of the strong banks.

Can you imagine that?? When other banks are begging for more customers and opening accounts at a very low amount this useless bank is increasing their their opening deposit. I have predicted this last year about this intercontinental bank. Thay are not as strong as they claim. Most of their assets are owned by foreign banks in terms of loan and credits. They have bit more than they can chew. I warned every investors that i knew not to buy intercontinental stock and see what happened. Intercontinental is among the few Nigerian banks that run to the western banks for loans at every opportunity they get, so now that these western banks are having problems what do you think will happen to intercontinental?? Intercontinental bank just drastically reduce their staff salary and use the cut to help their employee buy the bank's worthless shares. Can you believe that? i warned people to stick to our traditional banks like First bank, union bank e.t.c Most of these bank's ceos like Akingbola,Ovia e.t.c will end up in jail for deceiving Nigerians.

which of the ailment do you prefer oga? what you dont know is along with these banks going down is your country economy too. be very careful what you wish for. go to the banking threads you will see i am not their best fan. i have written something agaist their foreign currency account last year. however, i know we need to be careful so you dont cause undue distress because nigeria has much to loose than you know if they go down.

JJYOU:

which of the ailment do you prefer oga? what you dont know is along with these banks going down is your country economy too. be very careful what you wish for. go to the banking threads you will see i am not their best fan. i have written something agaist their foreign currency account last year. however, i know we need to be careful so you dont cause undue distress because nigeria has much to loose than you know if they go down.

What economy?? Nigeria's economy has been in comatose since the 1980s !!! The only remedy is for us to know what works and what doesn't! We need to know which bank is pretty and which ones are cosmetic. Same with the politicians. How can a country prosper when the major instutitions in that country are dripping with lies and deceits. The collapse of sick banks will only make the country better. Let the healthy banks take over the sick banks and do a proper re-cosolidation that is transparent and honest. QUIT FOOLING YOURSELF !!! and SOLUDO has to go. He's drinking in the barrels of lies that the banks are producing, he's so-called consolidation is plain fraud !!

Finecat:

What economy?? Nigeria's economy has been in comatose since the 1980s !!! The only remedy is for us to know what works and what doesn't! We need to know which bank is pretty and which ones are cosmetic. Same with the politicians. How can a country prosper when the major instutitions in that country are dripping with lies and deceits. The collapse of sick banks will only make the country better. Let the healthy banks take over the sick banks and do a proper re-cosolidation that is transparent and honest. QUIT FOOLING YOURSELF !!! and SOLUDO has to go. He's drinking in the barrels of lies that the banks are producing, he's so-called consolidation is plain fraud !!

MR KNOW IT ALL, FACT IS THERE IS NO STRONG SOLVENT BANK IN NAIJA. THEY ARE FIGURES COOKING INSTITUTIONS. i worked in the system far back as the 1980's basically it was one massive conhouse accepting deposits and fraudulent accounts for facilities they know are dodgy.

the returns the banks file into CBN in naija are the lies.

JJYOU:

MR KNOW IT ALL, FACT IS THERE IS NO STRONG SOLVENT BANK IN NAIJA. THEY ARE FIGURES COOKING INSTITUTIONS. i worked in the system far back as the 1980's basically it was one massive conhouse accepting deposits and fraudulent accounts for facilities they know are dodgy.

the returns the banks file into CBN in naija are the lies.

This JJYOU guy must be an ignoramous. You don't get it do you? Nigeria's economy has been destroyed for a long time. We know there are no strong banks in naija but some are stronger than the other. The banks like first bank,UBA, Union bank e.t.c that has been around for a while. They have survived the good times and the bad times are the ones that we need. they have some degree of steadiness in their hands. Not the get-rich quick banks like intercontinental.

Sweet T:

This JJYOU guy must be an ignoramous. You don't get it do you? Nigeria's economy has been destroyed for a long time. We know there are no strong banks in naija but some are stronger than the other. The banks like first bank,UBA, Union bank e.t.c that has been around for a while. They have survived the good times and the bad times are the ones that we need. they have some degree of steadiness in their hands. Not the get-rich quick banks like intercontinental.

in your rich and wise brain people and institutions are solid because has been around for a while or longevity. you are very clever. it didnt occur to you that banks like first bank,UBA, Union bank were all majority govt owned and propped up for years. so what is your point?. almost all the 3 will collapse immediately without govt patronage

@JJYOU[JEW]
am sure u dnt patronize intercontinental bank,bt if u must knw,all the POSTER said is true.Rite nw i and all ma siblings in school ve all quit d bank an dats as of yesterdae.A bank dat collects 50 bucks even 4 usin deir ATM is fuckd up.

JJYOU:

in your rich and wise brain people and institutions are solid because has been around for a while or longevity. you are very clever. it didnt occur to you that banks like first bank,UBA, Union bank were all majority govt owned and propped up for years. so what is your point?. almost all the 3 will collapse immediately without govt patronage

I guess this guy works for intercontinental bank. So Zenith and intercontinental banks don't get get deposits from politicians where do you think all the stolen money from the politicians end up? Kalu, Ibori e.t.c patronize these kalo kalo banks.

so make we no find work 4 intercontinental bank? Abi wetin yu talk HouseMates

i never had banked with intercontinental anyway,but atleast the other new generation banks i know do merely have a benchmark of an amount of money while opening the account,but you are guaranteed to withdraw to your #1 afterwards.so for any bank to institute such compulsion is actually a bad omen.it seems they have an ulterior motive.
i advice any one who makes a bulky savings to rather do it with those old banks like firstbank,afribank,unionbank and the likes.these are the banks that have kept good track records in the times of harsh economic situation,but the only thing is that their procedures are too outdated.they dont consider your time and satisfsction as anything.
Be wise in your dealings with nigerian banks especially now that there is economic meltdown because it,s negative impacts will soon manisfest.

see another post

https://www.nairaland.com/nigeria/topic-246518.0.html

thank god i no use them.

O L E 10,000 minimum

This same bank messed their customers up last week.For good 3 days the network was down and people couldn't make any transaction.My brother went through hell before he could withdraw the 10k I paid into his account and immediately after fixing the problem they came up with this 10k minimum deposit.Something is definately wrong with this bank.
My people it will be painful to loose any money one has struggle to make to these corporate criminals, so a word is enough for the wise if you have big money there go withdraw am o.

I hope everyone has heard! Withdraw your money! Something is about to happen! Very soon the bank will say they are bankrupt and insured only for people with 20,000 and above in deposits. They will tell these people to collect 5000 each!

the fact that you predicted the bank will go down is not reason enough for it go down my friend,YOU ARE NOT GOD.all the banks in the world have liquidity challenges and nigerian banks are not an exception.
intercontinental bank is not distressed,a distressed bank does not go to clearing,but intercontinental goes to clearing
it pays its customers and does not have problems paying salaries of staff ,while other banks in the country even foreign banks have retrenched their staff due to the global economic meltdown the bank still employs its staff and there is no fear of retrenchment.
a bank that is fighting to stay afloat will grab all deposits it can get and not increase minimum balance or send customers away,if you really look at it logically,you will know that this is not the sign of a distressed bank.

this topic is really interesting. i cant really comprehend cbn governor's assertion that all nigerian banks are healthy? i withdrew money from 1 of her branch lastweek (weekend inclusive)and there was no problem with the bank.
.
In this face of global economic crises that even international organisations are scrambling for deposit and businesses and a bank is increasing his minimum balance to 10000 naira, i know Jin Kazama will agree that this is a pointer that the bank has more than enough deposit and not a sign of distress.
.
if you dont bank with the bank, can you really a balance information on them? I am a customer of the bank and i'm happy with the way my transactions is being treated. Or are you on the payroll of these other bank -firstbank,afribank,unionbank etc

All well and said, but could it be that most of us are agents of destruction and anarchy or of peace and tranquility.
Kudos to you boskyie1 for your depth of knowledge. you not only showed dexterity and confidence in the bank under review but it does shows that you are well groomed in the financial market.
A bank under distress i re-iterate does not go to clearing like he said, like wise as u rightly pointed out, all banks are busy knocking off their staffs but what we heard is that these ones have not done so, abi u get evidence against that?

one thing i know is that they might reverse the minimum balance issue as pinpointed by most. its a major point of worry 4 me self, sho na war now

i wonder what the likes of fincat would do if they were in the helms of affairs, the yeye guy don write test tire come dey show him anger at zenith and inter unneccesarily. ndo! you think all of us were born with silver spoon sheeee? u wan make these banks go down so that people like us wey dey find job no go get one for there abi?

i sign out jare!!!
Abeg house which firm OR BANK dey recruit jo?

My brother was just given scholarship by this bank so I think they are wonderful. But rumours has it that they cancelled this N10,000.00 minimum balance thing which they initially planned to commence in April. Anyway I have had no problems with them. I always get my alerts which I requested for.

Na wa o, my people!  It is quite easy to wish these banks dead o!  Infact with all that has been said about Intercontinental Bank and a little about Zenith, if wishes were horses, the banks should be in the grave yard by now.

Even though I dont like banks personally but I am forced by the reality of my situation to bank with them.  I think we should draw on the inspiration of Our Lord Jesus Christ who when an adulteress was brought to him having been caught in the act, he simply told them to go ahead and stone the woman to death if they have never committed any sin in their life.

I think when we make assertions, the question we should ask ourselves is, could there be an element of misinformation or half truth in our analogy.  A friend of mine works in the institution and has very good word about the system, the people and the management of the bank.  Indeed, in one of their meetings, he said their CEO mentioned the fact that his greatest wish is for his staff to live a good life and enjoy the best things of life.  He also told me that the bank is a praying bank and that they pray every month.

Even though this does not excuse the possibility of the bank taking one of two wrong decisions, it only confirms to me that the bank desires that all should be well with anyone it comes in contact with.  That in my opinion may be the reason why the bank has the slogan Happy Customer Happy Bank as its slogan and also created different avenues for the customers to give them feedback, which I think is a novel ideology especially in a Nigerian banking industry where the customers at a point were reduced to mere numbers.

I think what is missing in our environment is a strong consumer rights protection body especially for the banking industry, which would have enabled us channel our grievances to, in the event that we think we are not getting the right treatment from the banks.

As for me, I know there is power in what the tongue confesses.  If we wish any bank dead, it may turn around to affect us either directly or indirectly.  I wish that all the banks in Nigeria whether old or new generation bank will rise above the present economic situation and that all comes out with their shoulder high.  As for any bank collapsing, I doubt if that will happen given all the necessary measures that I have read in the newspapers recently.  I understand the CBN Governor, who I would love to hate, was called to join some other Central Bank Governors worldwide to join in proferring solution to the present global economic crisis.  Talk about prophets not being respected in their home town!

I have no knowledge of my own and I do not know where the present economic crisis will lead any or all the banks in the country to.  I am however comforted with the fact that the good Lord who made it possible for a black man to be the number one man in the world at this very auspicious time, will stamp the feet of Nigerian banks in the sands of time.  There shall be no loss of bank(s).

Let's pray for Intercontinental Bank, Zenith Bank, GT Bank, First Bank, Access Bank, Union Bank, PHB, UBA and all the others.  The Lord will help them weather the present storm they are all passing through.

Dear Mr/Mrs/Miss I too know,

I don't what your problems are. If any arguement must be valid, there should be facts and figures.

I have been in banking relationship with Intercontinental Bank for not less than 10 years now and over the years I have enjoyed my relationship with the Bank.

Back to all idle people going arround with rumours of no iota of truth, intercontinental bank is not distressed as a distressed bank would have been suspended from Clearing, it connsistently pays its customers and they have no liquidity squeeze to meet financial obligations.

Even if the you argue that the bank is distressed, how come the bank has been showered with rains of awards in the last eight months by different international notable and reputable Institutions on the basis of Financial Strengths among others.

It is aparent that this is bad belle because the bank is currently celebrating its 20th aniversary and has surpassed all its contemporaries by all standards. In fact the bank was awarded the second fastest growing bank in the world in 2008.

When others were merimenting, Intercontinental Bank was busy burning its candle and when time has dawn on their contemporaries now and seeing Intercontinental bank in the fore front, they are being forced to burn their candles which has become too late/difficult for them.

Please spend your precious time to do other creative things than rubbishing the image of other banks and if you must do that it shld be with facts and figures.

Lest I forget, a bank that is distressed will not increase the minimum deposit for its products. Also, if the truth must be said, some of the so called banks that recently did not go for clearing for even one day has not been mentioned here, even banks that have not published Annual Reports for some years are there without being called names.

Every player and stake holder in this country lives in a glass house and to this end please stop throwing stones. enough is enough.

This is interesting, I won't be supprised if all the pro-IBPLc posts are comming from one person. The truth is, whether they are going distressed or not, I have withdrawn all my money from that bank, my accounts with them are as good as closed.

The issue here is not about bad belle or not, its about bank managements insensitivity to the welfare of their customers. They increased ATM charges to 50, they introduced 100 internet maintenance charges (don't know what they are maintaining), they charge SMS fees. meanwhile they cannot offer a single benefit to the customer (just like other Nigerian banks).

I'll advice everyone to ignore the above posts and follow their hearts. if you are having any doubt about the bank, move your money to a more secured bank, afterall its you money.

But let no one come here and cry one day that his/her money is trapped in one bank. in this era of economic downturn, we all need to tighten our belts and shine our eyes well well.

I read with rapt attention and disdain the scatting comments on intercontinental bank Plc and come to an informed conclusion that some of the contributors were either embittered or outrightly biased against the bank. From an objective point of view what is happening in the bank is not new or strange. Banking services is very much deregulated in Nigeria and anybody can choose the bank of his choice provided they meet his/her expectations. If a bank decides to increase its minimum balance on savings account so be it as long as customers can get better services. The charges being touted as being unwieldy are common place in other banks.

In this time of global financial meltdown, we learnt that the bank has continued to attract inflow of funds from multilateral institutions whereas its counterpart are reeling under the inavailability of such in their coffers. In country where banks like Access, Skye, Wema, Oceanic, GT are borrowing heavily from CBN to cover up panic withdrawals from customers and they've been in and out of clearing i think we should be cautious about heaping blames on a bank that has mananged to keep its head above waters. The false rumours in the industry occasioned by some scallywags who take delight in de-marketing their peers have not helped matters.

I think Intercontinental Bank is still very much better in many indices than the so-called peers who are being seen as the gladiators of banking industry today, whereas they are rotten within. Ride on the happy customer bank.

We all should be careful about the use of our words as once written or spoken it becomes difficult to fix the damage it would have caused.I believe we all have friends,siblings and relatives working in banks and in particular intercontinental Bank.If we confess negatively about the instution and make people stop transacting business with them,what would you have achieved but rather you have have put families in trouble as they might not be able to meet their obligations.
I believe that it is only logical that for every service rendered by any organisation it should be paid for.The internet banking service you are complaining of being charged for is not free to the bank as they make payment to their ISP.Were do they pass on the cost to?At the end of the year you expect them to pay dividend to share holders,how will they achieve this if they keep on offerring free service.
Agreed there are banks willing to receive as little as N500 to open account with them ,my advise to you is be weary,if the bank is asking you to maintain a minimum balance of N10,000 then you should enquire further or look at the reason for that,sure it is to serve you better,

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??

Finecat:

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??

finecat i really wonder where you are getting all these wrong information.the bank has not reduced its staff salary at all infact last week it just paid upfront allowance to all staff.and it is not buying shares for staff(it is not access bank),pls do more research and stop peddling false information to the innocent public
as per share price which share price in the country has not crashed drastically.
first bank shares last year was 70 naira last year, it is 15 naira today,union bank was 40 naira it is now 11 naira so what exactly are you talking about.
and i say that a bank that increases its minimum balance is not a distressed bank but if you want to take your money pls do it is your money only be sure of where you are taking it to

Guys should be as sincere to the innocent public as possible.

our comments could be determinant to some poeple's decisions.

Intercontinental bank is very healthy as far as CBN could report.The bank is paying salaries,upfront payment,building schools and hostel for universities.Their manager's cheques are never returned for account fundings,and the bank was even able to pay back about $160m (over 20billion Naira) on obligation that is not due yet.

How else do you rate a bank?

I do not want to make commentb on ther banks here because I still need to be professional.

I love you all , stay with intercontinental for now, when the story changess I will let you know.

[table]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??[/table]

Dear Finecat, I like you as a person and your willingness to be informed.  Indeed, I thought myself that the bank may have made a mistake by not doing so much of awareness creation before embarking on this campaign.  Like I mentioned in my earlier post, I contacted my friend who worked in the bank to confirm the motive behind the increase in minimum balance and his explanation to me was that it was one of the little ways of the bank encouraging a savings culture as it was observed that some of their customers were in the habit of spending all they earned.  He even mentioned to me that the bank carefully segregated those they expected should increase their balance and that it was not a general rule.  I may request that if anybody working in Intercontinental Bank is on the post, they may try to throw further light on who and who are expected to increase their minimum balance.

My friend told me is salary has not yet been reduced and he is not aware that management of the bank has proposed such measure.

On a second thought, I have read reports in the dailies that some banks in the country have evicted some of their personnel and thrown them into the labour market.  I havent heard that about Intercontinental Bank.

I think we should just pray for all these banks that the Lord will help to come out stronger from the present economic crisis.

OVIABOY:

Guys should be as sincere to the innocent public as possible.

our comments could be determinant to some poeple's decisions.

Intercontinental bank is very healthy as far as CBN could report.The bank is paying salaries,upfront payment,building schools and hostel for universities.Their manager's cheques are never returned for account fundings,and the bank was even able to pay back about $160m (over 20billion Naira) on obligation that is not due yet.

How else do you rate a bank?

I do not want to make commentb on ther banks here because I still need to be professional.

I love you all , stay with intercontinental for now, when the story changess I will let you know.

i smell trouble. We've seen this before during Babangida's regime. The banks seems to be making loud PR noises when they are in trouble. I wish honest Nigerian banks well. I hope things does not get out of hand. This OVIABOY must be in intercontinetal PR department. I think the bank realized their mistakes when they saw massive closure of accounts by customers and therefore begins a desperate public relation. Oga ooo