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Nigerian Banks And Its Systematic Extortion (share Your Experience) - Business (5) - Nairaland

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Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by bknight: 5:56pm On Sep 03, 2018
Pls can anybody here enlighten me on the rationale behind the N50 charge on every ‘DEPOSIT’? Zenith bank for one does it.

Thanks.
Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by InvertedHammer: 6:20pm On Sep 03, 2018
Digitalwitch:

There are some charges that are not necessary. For example debit card maintenance fee and charging customer for birthday wishes are not necessary
/
That's why you should move your money away from such banks. If a restaurant is not serving your meals as needed, do you keep going back or find a better restaurant? It is the same as banks. Banks will take depositors money in whichever way they can get away with. This practice is not limited to Nigeria. Bank will take N10000 from a depositors at 2% interest rate and lend same amount out at 20%. Banks are necessary evils. They will flout CBN regulations and pay fines because they can recover the fines in a month from customers.

/
Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by RegentR(m): 6:22pm On Sep 03, 2018
imagine a situation when I put money into my saving account and was charged... first bank.

1 Like

Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by InvertedHammer: 6:27pm On Sep 03, 2018
RichardKajola:

what are u saying? so the banks in UK he mentioned are charity organisations.
Nigerians have gotten so used to corruption that it has become normal to them
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No. The banks in UK are not charity organizations. But if you look closer, you will see the trade off. There are other ways they gouge customers.
Let's take a US bank that gives free checking account as an example. If you use ATM of another bank, you get charged $3/ transaction. There is $.30 per ATM purchase transaction. Also, they may not stop a transaction when you don't have enough account balance, but you will be debited $35 per transaction. If a customer does three such transactions over the weekend, on Monday there will be $105 negative debit to the account.

My point is that foreign banks are sneeky with the way they extort from customers. The complaints about bank charges are universal. Be wary when a bank offers you anything for free. Awufu dey run Belle.

They are all the same.

/

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Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by CioAngels(f): 6:59pm On Sep 03, 2018
UBA charges for card Maintenance four time a month and transfers, they said if you transfer five time month you are charged five time and other deductions. I have stopped saving their and i am just waiting for them to empty the little that i have left there, and they will close it on their own. Is like Tony Elumelu has knack for approving his companies to continue to extort innocent poor Nigerians. His Ikeja electricity is worse, they are just armed robbers, with Ikorodu disco they are more notorious with their fictitious bills. I think mr Ekumelu enjoys receiving the stolen money for darkness that the masses are made to live with as long as they are coerced pay on submission of their bills. Mr Elumelu, this is Anini pattern, broad daylight stealing.

1 Like

Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by Digitalwitch: 7:49pm On Sep 03, 2018
InvertedHammer:

/
That's why you should move your money away from such banks. If a restaurant is not serving your meals as needed, do you keep going back or find a better restaurant? It is the same as banks. Banks will take depositors money in whichever way they can get away with. This practice is not limited to Nigeria. Bank will take N10000 from a depositors at 2% interest rate and lend same amount out at 20%. Banks are necessary evils. They will flout CBN regulations and pay fines because they can recover the fines in a month from customers.

/
That is not an excuse. Virtually all the banks charges maintenance fee or the other
Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by shedy03(m): 8:46pm On Sep 03, 2018
ttmax09:
UBA charges me ATM maintenance fee 2wice a month. Though I already abandoned the account cos of this
I also have abandon my UBA account, the charges are too much.
Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by InvertedHammer: 2:54am On Sep 04, 2018
Digitalwitch:

That is not an excuse. Virtually all the banks charges maintenance fee or the other
/
Not an excuse.

It is good to know what you are dealing with. Once you understand what a bank is all about, you will know how to deal with their shenanigans. Majority of people do not understand banking. What manner of a business will lend you money they know that you cannot afford to pay back, then open insurance on probability of you defaulting on the loan? grin grin It is funny watching banks fvck those who lack financial education.

/

1 Like

Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by Digitalwitch: 9:39am On Sep 04, 2018
InvertedHammer:

/
Not an excuse.

It is good to know what you are dealing with. Once you understand what a bank is all about, you will know how to deal with their shenanigans. Majority of people do not understand banking. What manner of a business will lend you money they know that you cannot afford to pay back, then open insurance on probability of you defaulting on the loan? grin grin It is funny watching banks fvck those who lack financial education.

/
They will be sue soonest
Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by seyigiggle: 10:15am On Sep 04, 2018
oh sorry. i can see you are just growing up or maybe you never operated bank account before.
during Jonathan when Sanusi was the CBN Governor.
1. ATM charges was abolished
2. CoT was nullified
3. there was nothing like stamp duty among others.

Since your acclaimed messiah took over all these and several other charges have taken effect.

Please if you do not operate bank account, i mean current bank account, do not expose your ignorance.

OyinO:

Grow Up!!! Its been like that since Goodluck and before him. I know the present administration has failed woefully on its campaign promises but dont tag this open extortion to it. Thanks!
Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by ZarahBuhari: 6:31pm On Sep 04, 2018
JONNYSPUTE:
...Hmmm. UBA charges me #52,00 for transfer.
Hanji:

which of the uba?
I and Big Sis bank with UBA and we both enjoy the same low transfer fees. smiley

Just did this to clear your doubts.

Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by OyinO: 5:54am On Sep 06, 2018
seyigiggle:
oh sorry. i can see you are just growing up or maybe you never operated bank account before.
during Jonathan when Sanusi was the CBN Governor.
1. ATM charges was abolished
2. CoT was nullified
3. there was nothing like stamp duty among others.

Since your acclaimed messiah took over all these and several other charges have taken effect.

Please if you do not operate bank account, i mean current bank account, do not expose your ignorance.

Your arrogance doesn't make you appear smart, it makes you look ignorant. i am no Buhari supporter. I dont believe in politics. APC and PDP are two sides of the same coin. i am a pensioneer who started receiving salary since 1995.
Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by seyigiggle: 8:05am On Sep 06, 2018
your are just been ignorantly smart by not responding constructively.

OyinO:

Your arrogance doesn't make you appear smart, it makes you look ignorant. i am no Buhari supporter. I dont believe in politics. APC and PDP are two sides of the same coin. i am a pensioneer who started receiving salary since 1995.
Re: Nigerian Banks And Its Systematic Extortion (share Your Experience) by iamphill: 12:19pm On Oct 28, 2018
AkpaMgbor:

There is no 's' in the word staff. In it's singular or plural form it remains the same...remember this, when you point an accusing finger at someone three of your own fingers are pointing right back at you.

Neocolonialism at its peak. Trying to sound intelligent but still dumb. Ever heard of Autosuggestion and typo error Professor?

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