Carmal90:
If you are an importet,or person that loves buying online with your mastercard most especially gtbank and you are encountering problem about not refunding at the same rate they charged, here is your answer...but it is just a clue ohhhh...

That cbn address is not delivering. You know any working one?



I would like to join your numerous customers to register my displeasure at your exploitative tendencies with regards to your foreign exchange rates (with particular reference to Naira Mastercard online transactions exchange rate). It is bad enough that you charge 226 naira to the dollar but to charge 199 naira to the dollar when crediting the same account (for instance when there is a reversal or refund for the same transaction) is, to say the least, wicked and down right exploitative.
This practice has been going on for quite a long time but I must complain officially now. Recently, I made an online transaction and paid via Paypal using my Mastercard debit card. I was charged nearly 226 naira to a dollar. A couple of days later, the transaction was cancelled and a refund issued. I was refunded at 199 naira to the dollar. Now lets us assume I make a transaction of $1000 and you debit my account at 225 naira then later the transaction was cancelled and refunded. Then you credit my account at 199 naira to the dollar. That means I would have lost 26,000 naira! Multiply that by, let's say, 100 of such a scenario.
The truth is that many Nigerian banks are defrauding customers via online foreign exchange transactions and it's high time CBN looked into the anomaly. I am copying this email to them to join the countless others they most have received on this matter.
I and many other concerned bank customers have initiated an online campaign to bring this anomaly to the public while hoping that CBN takes necessary actions to halt the trend. We have started on a small scale on Nairaland.com and will start a Facebook and Twitter campaign very soon. I read in the dailies that GTB posted an H1 PBT of 63 billion naira and I could not help but laugh and feel sad at the same time because it is sharp practices like the one I am writing about that translates to profit for banks. At the detriment of customers.
I hope CBN does something about this because, knowing GTB, you will give reasons for charging different rates for buying and selling foreign exchange. The usual excuses. But you should know that Mastercard is the same all over the world. And I do not think they charge different rates for different banks in Nigeria otherwise, why would a bank like Stanbic IBTC charge the lowest dollar rate among Nigerian banks (using the same Mastercard Naira Debit card) and refund at the same rate they debited the card?
Thank you.

This mail can be used for all banks,but am only with gtbank mail for now


NB..also copy this mail on a nairaland thread ni ohhh...


But make sure you peruse the mail very well and add the needed modification to it..

You should send and copy to the following address..

cpd@ cbn.gov.ng
cardservices@ gtbank.com
cardsupport@ gtbank.com..

buttercop:
I made a purchase of $48.83 on Aliexpress with my GTB MasterCard yesterday and checked my balance and#17,124 had been deducted so I took it that I charged just about #350, only to receive an email notification later that #18,066 had been deducted for my transaction meaning I was charged at #370 to $1. I mean my account balance reduced. It was #1000 short. I had noticed this kind of thing on my last two payments but because the difference was not much I didn't think much of it. I am very very pissed. I opened a GTB account after my Diamond Visa card couldn't make online payments. Do I have to open a Stanbic Account too cos GTB are rip offs? I have three accounts already. Imagine having to open a fourth.