Na like dat access bank do untill I withdrew all ma money from them. Now first don start their own. What do we do now, maybe na to carry ma money for nyash waka be dat.

VLadipo:


Mr man, it is not by force to run a bank.

Banks by statute have a corporate social responsibility to provide a measure of 'free services' to their customers.
That's why banks unlike most businesses are regulated by the CBN. A bank cannot just spring up and close down anyhow.
Haven't I been charged for ATM? Don't I have a minimum balance of NGN1000 in their care?

All over the world and even in academic curriculum, current and savings accounts are clearly defined and have their unique characteristics and features. Banks are free to create their personalised banking products and treat their customers who patronise those products anyhow they like.

I hope you know that you really do not know what you are talking about? At all!

You are not meant to make frequent withdrawals from a savings account and that is why all over the world, you will have penalty charges for such withdrawals. Why should there be charges on checking accounts when you could easily make free withdrawals on your savings account? It defeats the purpose.

By refusing charges on savings accounts, it means you want to run your savings account like a checking account and there by cheat the bank out of the transaction charges they would have imposed on you had you been using a regular checking account! Then why not just keep your money at home under the pillow? Is it by force to keep money in a bank if you're going to come online and rant over the mere equivalent of less than 50 cents charges on deductions?

Banks are business Mr man, and they charge for their services. Withdrawal charges on savings accounts are just one of the many charges they are mandated to make, believe it or not.

Nigerians just complain about every little thing, it so immensely annoying. Some of you need to experience life in other countries for real. Imagine this one telling me banks don't charge for savings withdrawal a[i]ll over the world[/i]?

SMH.

Just paid a visit to my FBN bank customer care about the withdrawal fee and the clueless customer care agent said its was a CBN policy

Hello VLadipo,

Do you have twitter account i can follow or better still an email address i can contact you with?

Onyinye

VLadipo:
Hello all,

I first got the alerts in early March. I was debited a total of NGN105.00 for withdrawal fee on my SAVINGS account.

Confused, I went to my branch to complain. From time immemorial, we have always known (and were even taught in school) that savings account do yield monthly interests if you do not withdraw more than once from the account within a month.
Hence, I was surprised to get this explanation from the customer service person I met that I was charged withdrawal fee because I withdrew more than once from my savings account. The normal thing should be no interest for that month.
She further explained that the directive was from CBN and that deliberations were still ongoing on whether the policy should hold. She promised that a reversal of the deduction could take place.

Now, just some moments ago, I got 2 alerts indicating that I have been debited a total of NGN105.00 as withdrawal fee for the month of March.
This is in addition to the senseless,unrealistic charges debited from my account as payment for SMS alert every month.

Now, isnt that crazy?

Guys, please can you relate to all these as regards your savings account in your respective banks?

What do I do temporarily while I think of leaving Firstbank for good?

The charges on my savings account have become unbearable and disgusting.

Thank you.

Regards,
VLadipo.

In bank,once there's ant loss of money ,their debit some mute customer to cover up,first and Ecobank are king in the day

Hello VLadipo,

I would like to assist you with this, do you have an email that i can contact you with?

My Best,
Onyinye

VLadipo:
Hello all,

I first got the alerts in early March. I was debited a total of NGN105.00 for withdrawal fee on my SAVINGS account.

Confused, I went to my branch to complain. From time immemorial, we have always known (and were even taught in school) that savings account do yield monthly interests if you do not withdraw more than once from the account within a month.
Hence, I was surprised to get this explanation from the customer service person I met that I was charged withdrawal fee because I withdrew more than once from my savings account. The normal thing should be no interest for that month.
She further explained that the directive was from CBN and that deliberations were still ongoing on whether the policy should hold. She promised that a reversal of the deduction could take place.

Now, just some moments ago, I got 2 alerts indicating that I have been debited a total of NGN105.00 as withdrawal fee for the month of March.
This is in addition to the senseless,unrealistic charges debited from my account as payment for SMS alert every month.

Now, isnt that crazy?

Guys, please can you relate to all these as regards your savings account in your respective banks?

What do I do temporarily while I think of leaving Firstbank for good?

The charges on my savings account have become unbearable and disgusting.

Thank you.

Regards,
VLadipo.

bro,were in dsame shoe.dey deduct 100 in my saving account yesterday o

VLadipo:
Hello all,

I first got the alerts in early March. I was debited a total of NGN105.00 for withdrawal fee on my SAVINGS account.

Confused, I went to my branch to complain. From time immemorial, we have always known (and were even taught in school) that savings account do yield monthly interests if you do not withdraw more than once from the account within a month.
Hence, I was surprised to get this explanation from the customer service person I met that I was charged withdrawal fee because I withdrew more than once from my savings account. The normal thing should be no interest for that month.
She further explained that the directive was from CBN and that deliberations were still ongoing on whether the policy should hold. She promised that a reversal of the deduction could take place.

Now, just some moments ago, I got 2 alerts indicating that I have been debited a total of NGN105.00 as withdrawal fee for the month of March.
This is in addition to the senseless,unrealistic charges debited from my account as payment for SMS alert every month.

Now, isnt that crazy?

Guys, please can you relate to all these as regards your savings account in your respective banks?

What do I do temporarily while I think of leaving Firstbank for good?

The charges on my savings account have become unbearable and disgusting.

Thank you.

Regards,

VLadipo.

It is illegal, write a letter to Director of banking Supervision, CBN,Abuja.with your statement of account.
Drop the letter at any CBN office nearest to you and let them acknowledge receipt on duplicate copy.
Trust me, wait and see what will happen.

I was debited 2wice d same amount.I ve reportd to my branch of acc. domicle for reversal or icpc. they are now corporate robbers. its a pity!

VLadipo:
Hello all,

I first got the alerts in early March. I was debited a total of NGN105.00 for withdrawal fee on my SAVINGS account.

Confused, I went to my branch to complain. From time immemorial, we have always known (and were even taught in school) that savings account do yield monthly interests if you do not withdraw more than once from the account within a month.
Hence, I was surprised to get this explanation from the customer service person I met that I was charged withdrawal fee because I withdrew more than once from my savings account. The normal thing should be no interest for that month.
She further explained that the directive was from CBN and that deliberations were still ongoing on whether the policy should hold. She promised that a reversal of the deduction could take place.

Now, just some moments ago, I got 2 alerts indicating that I have been debited a total of NGN105.00 as withdrawal fee for the month of March.
This is in addition to the senseless,unrealistic charges debited from my account as payment for SMS alert every month.

Now, isnt that crazy?

Guys, please can you relate to all these as regards your savings account in your respective banks?

What do I do temporarily while I think of leaving Firstbank for good?

The charges on my savings account have become unbearable and disgusting.

Thank you.

Regards,
VLadipo.

I ported over to GTB from those thieves called Eco bank. No regrets at all I am only charged for atm withdrawal fee even though I withdraw from a foreign country and sms & email fees that's all. No other hidden charges whatsoever.

Kgdavid:


I hope you know that you really do not know what you are talking about? At all!

You are not meant to make frequent withdrawals from a savings account and that is why all over the world, you will have penalty charges for such withdrawals. Why should there be charges on checking accounts when you could easily make free withdrawals on your savings account? It defeats the purpose.

By refusing charges on savings accounts, it means you want to run your savings account like a checking account and there by cheat the bank out of the transaction charges they would have imposed on you had you been using a regular checking account! Then why not just keep your money at home under the pillow? Is it by force to keep money in a bank if you're going to come online and rant over the mere equivalent of less than 50 cents charges on deductions?

Banks are business Mr man, and they charge for their services. Withdrawal charges on savings accounts are just one of the many charges they are mandated to make, believe it or not.

Nigerians just complain about every little thing, it so immensely annoying. Some of you need to experience life in other countries for real. Imagine this one telling me banks don't charge for savings withdrawal a[i]ll over the world[/i]?

SMH.

Not true, if you don't withdraw from your savings account lets say for 10 months, the bank will still charge you for one service or the other on the account.

With those charges any interest on that account, is of no good.

,,,

Kgdavid:


I hope you know that you really do not know what you are talking about? At all!

You are not meant to make frequent withdrawals from a savings account and that is why all over the world, you will have penalty charges for such withdrawals. Why should there be charges on checking accounts when you could easily make free withdrawals on your savings account? It defeats the purpose.

By refusing charges on savings accounts, it means you want to run your savings account like a checking account and there by cheat the bank out of the transaction charges they would have imposed on you had you been using a regular checking account! Then why not just keep your money at home under the pillow? Is it by force to keep money in a bank if you're going to come online and rant over the mere equivalent of less than 50 cents charges on deductions?

Banks are business Mr man, and they charge for their services. Withdrawal charges on savings accounts are just one of the many charges they are mandated to make, believe it or not.

Nigerians just complain about every little thing, it so immensely annoying. Some of you need to experience life in other countries for real. Imagine this one telling me banks don't charge for savings withdrawal a[i]ll over the world[/i]?

SMH.

Quite on the contrary the person you quoted is very right. I use a Barclays bank savings account here in the U.K. and all kinds of transactions you can think of are done on my account. Countless withdrawals via the ATMs (all are free), online payments, payments at stores, etc. The banks back home know they're wrong hence their refusal to initially notify customers of these charges. Make no mistakes, they actually are reversing those debits to customers who take appropriate steps towards seeking redress. The bank is banking on the fact that a lot more people will not do anything to seek redress hence they've decided to take their chances on this one.

It is very unethical, and that's to say the least.

This was why I said he should have been the EFCC chairman instead of been a President.
GEJ would have boost our economy far by now.

Well, 2019 is not that far. Its just about 1000days ahead.

VLadipo:


My brother, don't mind them. It's their new policy.
I called first contact and the lady that responded told me that they now charge monthly access fee in addition to the withdrawal fee.
The first time I went to complain at my branch, the customer care lady I met told me it's a CBN directive. Even today, she repeated it until I called First Contact. Such a liar!

they are bunch of liars. If it's a directive from the CBN, why is it that other bank are not doing the same

thank u my brother for ur observation. i'm now ATM machine of first bank charging me recklessly for any withdrawal. they also charged me ncc late repayment of loan everymonth. i want to report them to consumer commission for assistance.

jdbabzy:


Quite on the contrary the person you quoted is very right. I use a Barclays bank savings account here in the U.K. and all kinds of transactions you can think of are done on my account. Countless withdrawals via the ATMs (all are free), online payments, payments at stores, etc. The banks back home know they're wrong hence their refusal to initially notify customers of these charges. Make no mistakes, they actually are reversing those debits to customers who take appropriate steps towards seeking redress. The bank is banking on the fact that a lot more people will not do anything to seek redress hence they've decided to take their chances on this one.

It is very unethical, and that's to say the least.

Don't quote me to follow in compounding ignorance. Every bank, i repeat, every bank imposes conditions on withdrawals froms avings accounts.

https://www.bankofamerica.com/deposits/savings/regular-savings-account.go

https://www.banking.barclaysus.com/terms-and-conditions-online-savings.html

https://www.sc.com/my/cb/fees_and_charges.pdf (scroll to page 7)

You see say marriage good

Infinitikoncept:
I vex collect my own #105 bank shaperly. My wife was like you mailed CBN cox of #105 & I did the calculation for 3million customers not complaining

this first bank na day light robbers

I was charged 105 yesterday

Kgdavid:


Don't quote me to follow in compounding ignorance. Every bank, i repeat, every bank imposes conditions on withdrawals froms avings accounts.

https://www.bankofamerica.com/deposits/savings/regular-savings-account.go

https://www.banking.barclaysus.com/terms-and-conditions-online-savings.html

https://www.sc.com/my/cb/fees_and_charges.pdf (scroll to page 7)

Guy, stop defending the indefensible.
Can all the posters on this thread be wrong?
Some have even given me suggestions on how to effect a reversal based on their experience. Others have offered to help. Yet, you are here blabbing balderdash.

Why was Firstbank not placing charges on savings account from the word go?
Why are other banks not towing the same line?

FYI, savings account has its natural restrictions which most people are aware about. You cant issue cheques and you cant carry out some levels of transactions. Also, you cant enjoy overdrafts and bank facilities using a savings account. This we are all aware of. Multiple withdrawals is NEVER part of the restrictions.
If I had to use my ATM card to withdraw 100k, I would have to do the withdrawal five times (20k per withdrawal). Doesnt that amount to multiple withdrawal? So how do you reconcile that?

My wife has not touched her Firstbank savings account in 2 months; yet she was charged NGN105.00 admin fee just this afternoon.

Is any of your relations a Firstbank employee or shareholder? Only that explain your stand on this matter.
SMH

VLadipo:


Guy, stop defending the indefensible.
Can all the posters on this thread be wrong?
Some have even given me suggestions on how to effect a reversal based on their experience. Others have offered to help. Yet, you are here blabbing balderdash.

Why was Firstbank not placing charges on savings account from the word go?
Why are other banks not towing the same line?

FYI, savings account has its natural restrictions which most people are aware about. You cant issue cheques and you cant carry out some levels of transactions. Also, you cant enjoy overdrafts and bank facilities using a savings account. This we are all aware of. Multiple withdrawals is NEVER part of the restrictions.
If I had to use my ATM card to withdraw 100k, I would have to do the withdrawal five times (20k per withdrawal). Doesnt that amount to multiple withdrawal? So how do you reconcile that?

My wife has not touched her Firstbank savings account in 2 months; yet she was charged NGN105.00 admin fee just this afternoon.

Is any of your relations a Firstbank employee or shareholder? Only that explain your stand on this matter.
SMH

Thank you!

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adult91:
union bank is still d best. I underrated them but they are just too good

tell me more abt them

toocoded:
@ first, i was very mad when i saw these charges, but then i began to reason it out that the mother bank (cbn) gave them a lead on by introducing stamp duty charge (N50) and total removal of COT. so i began to ask maself, how are they suppose to survive, pay their workers, maintain their servers, apps like online/mobile banking, get their international recognitn&certifications, adverts and so on. Bad credit and so on and u still want them to give d best? Bikonu, lets analyze these things b4 we spit out vernom cos our government caused all these. My advise, if u are no longer comfortable with these banks charges, please withdraw your money, close all your accounts and try the orthodox means (put/save ya money 4 house). Gracias.

I thought you were going to offer a logical advice after doing your analysis, but I'm not surprised that you asked people to keep their money under their pillows if they do not agree with the bank robbing them in the brightest of day.

If you had done a diligent analysis, and carefully read what people are talking about, you would not have come up with that line of thought.

There's nothing wrong paying bank fees if you know the reason you're being charged. And if you were opportuned to have banked with a real bank and not these Nigerian kalokalo organisations, you'd understand that the agitations against the daylight robbery is very much needed.

When you opened an account, you signed a contract with the respective banks at the prevailing terms. Now, since almost every thing in life is dynamic, there's bound to be changes along the line. As a contract partner, if there are changes to the terms of agreement, these should normally be communicated in order to allow the other party to decide if they want to continue on the basis of the new conditions.

However in Nigeria, what you see is that anyone can just wake up and implement a new policy without any prior notifications which is not how things should be done.

For me, the best way to tackle this menace is to go for a kind of class action and make one of these kalokalo houses a scapegoat. But then, the average Nigerian is an impatient being. He is busy looking for instant miracle instead of walking the real walk however difficult and agonizing it is.

The proof that this charges in firstbank are unethical is that their staff cannot provide proper reasons for the debits

let everyone of us send them a mail and copy cbn and cpc.
I already sent them this mail.

Dear First Bank,
I write to inform you of your fraudulent and illegal deductions from my account with your bank.
In January 2016, I got a debit alert of 105naira as "ADMIN FEE"‎ which continued every other month. 
In February 2016, I got ‎another different debit alert of 600naira from my account termed "WITHDRAWAL FEE" which also continued every other month.
At this point, I say "enough is enough" with the thievery by first bank. How dare you badge into my savings with your bank without informing me of a new policy?‎ You make profit by giving out my savings as loans to your clients without sharing profit with me, and you also want to charge me for withdrawing from my savings.
I will not allow you (first bank) punish me because of TSA.
Kindly refund my hard earned money back to my account EFFECTIVE IMMEDIATELY!
Thank you.
Name of account:
Account no:
‎Central Bank of Nigeria and Consumer Protection Council are duly copied in this mail.

[quote author=Ilaje44 post=44537751]

I thought you were going to offer a logical advice after doing your analysis, but I'm not surprised that you asked people to keep their money under their pillows if they do not agree with the bank robbing them in the brightest of day.

If you had done a diligent analysis, and carefully read what people are talking about, you would not have come up with that line of thought.

There's nothing wrong paying bank fees if you know the reason you're being charged. And if you were opportuned to have banked with a real bank and not these Nigerian kalokalo organisations, you'd understand that the agitations against the daylight robbery is very much needed.

When you opened an account, you signed a contract with the respective banks at the prevailing terms. Now, since almost every thing in life is dynamic, there's bound to be changes along the line.
Oh please! Dont u dare go ITK on me!!! If its your own biz, how do u run it, huh?

VLadipo:


Guy, stop defending the indefensible.
Can all the posters on this thread be wrong?
Some have even given me suggestions on how to effect a reversal based on their experience. Others have offered to help. Yet, you are here blabbing balderdash.

Why was Firstbank not placing charges on savings account from the word go?
Why are other banks not towing the same line?

FYI, savings account has its natural restrictions which most people are aware about. You cant issue cheques and you cant carry out some levels of transactions. Also, you cant enjoy overdrafts and bank facilities using a savings account. This we are all aware of. Multiple withdrawals is NEVER part of the restrictions.
If I had to use my ATM card to withdraw 100k, I would have to do the withdrawal five times (20k per withdrawal). Doesnt that amount to multiple withdrawal? So how do you reconcile that?

My wife has not touched her Firstbank savings account in 2 months; yet she was charged NGN105.00 admin fee just this afternoon.

Is any of your relations a Firstbank employee or shareholder? Only that explain your stand on this matter.
SMH

The bold letters is the point I have been talking about .

Savings accounts no longer serves its purpose.

@ Jazminee stop selective response virtually everybody here had same issue of illegal deductions including myself, y d selective response?


Stop ur thieving activities!!!

[quote author=toocoded post=44540268][/quote]

Please don't be silly now, will you! Though it could be difficult for you to decipher, but I can assure you by my life, that I do indeed know a lot more than you.

And if the society were not that rotten, no one will advice first bank before they change their yeye thief thief policies. They would just repent unconditionally after being severely punished for the daylight robbery they are perpetrating.

And lastly, if you run a business, I hope you don't emulate FBN. One day, you may steal from someone who is crazier than you, and he will certainly make sure that you pay for all your iniquities. There's nothing bad in being honest.

decub:

Even the calculation they did for me at the bank is wrong cos they said it's 1/1000 multiplied by the cumulative of the debit transactions. Similar thing happened to me in January but that was monthly charge which they later reverted. I think they might revert this too.

I'm drafting a petition. I might post here for you to see....thry told me the same of 1naira per 1000 and told them that for them to charge me 20k plus I needed to have done transaction of over 20m from that account.
20, 000, 000/1000