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Banks Charge Customers For Failed Transactions by Nemere2020: 8:36am On Nov 20
Nigerian banks have started charging customers for failed transactions, a move that could further compound economic hardship already assailing the masses.

The charges were imposed following a CBN directive earlier this year that directed banks to penalise customers who initiate direct debit transactions on their account but lack funds to complete the transaction.

In an email notice sent out to customers by Stanbic IBTC on Thursday and seen by Peoples Gazette, the penalty of one percent of the amount being transferred or N5000 of such, depending on the highest fee, will be charged against the customer who breach the new guideline.

If there’s no money at the time of the failed transaction, the charge will be withdrawn from the account whenever it is funded, IBTC said.

Direct debit is a standing order initiated by an account holder that enables the bank to debit a specified amount from the customer’s account at an agreed date.

The guide to charges by bank and non-bank financial institutions was created to streamline the application of charges on various products and services offered by banks and other financial institutions in Nigeria to their customers.

This guide came into effect in January, replacing the previous guide that was issued in 2017. The guide was criticised by economists as dangerous and insensitive because most Nigerians cannot afford to continue paying for a service they never received — a criticism the CBN rejected as unfounded.

https://peoplesgazette.com/just-in-nigerian-banks-begin-charging-customers-for-failed-transactions/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost

3 Likes 3 Shares

Re: Banks Charge Customers For Failed Transactions by chatinent(m): 8:38am On Nov 20
Mehn.

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Re: Banks Charge Customers For Failed Transactions by techmo(m): 8:40am On Nov 20
Wicked Country

332 Likes 14 Shares

Re: Banks Charge Customers For Failed Transactions by Karlovich: 8:42am On Nov 20
grin grin grin, From all of us at vulturebbqgrills we thank you our darling daddy for the extreme wickedness you have bestowed on your adopted country. Everything has been turned upside down since you assumed the rigged position, the hardship is immense and affecting every single sector and they are emulating your wickedness and heartless character. Happy birthday to Goodluck Jonathan, may your days be long

562 Likes 36 Shares

Re: Banks Charge Customers For Failed Transactions by Bossontop(m): 8:43am On Nov 20
Wickedness of the highest order!!!...... Make dem kukuma start dey buy coffin for all of us for dis country......

98 Likes 5 Shares

Re: Banks Charge Customers For Failed Transactions by Globad: 8:43am On Nov 20
techmo:
Wicked Country

How is the country wicked for this?

Shouldn't a dud cheque or a failed transaction come with charges or a penalty? What of the charges incurred by those two processed it? Who will pay?

If you don't have enough balance in your account, don't issue a standing order or direct debit, or cancel the one you have issued.

It is irresponsible to issue or sustain a direct debit on unfunded accounts. It's also criminal if it's for a service that you have already enjoyed.

On this one, I don't see why Nigeria is a wicked country as you have said unless you're willing to educate me on it.

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Re: Banks Charge Customers For Failed Transactions by Pious101: 8:45am On Nov 20
They are thieves

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Re: Banks Charge Customers For Failed Transactions by Raydos(m): 8:45am On Nov 20
LOL i know this will deteriorate to this level, I literally stopped using Bank Last Month, I withdrew all my money!!

What prompted me to do this, was because last month, I had no money in my account, So I saved up #2,000, and to my greatest surprise I received credit alert which says, "#1,950 has been deposited to your account, #50 was deducted!!!! I was like WTF??


A couple of days later, I went to withdraw #1000, and then again, #50 was deducted from my account, So this people literally bill me for every transaction I make!!


What kind of exploitation is that?? This country Is so fùçkēd up, Since Crude oil is becoming worthless now, Government are looking for ways to Exploit the citizens by all means to further continue their Looting!!


I will rather buy a piggy bank and saved up my money in there!!

146 Likes 4 Shares

Re: Banks Charge Customers For Failed Transactions by TechW: 8:47am On Nov 20
Globad:


How is the country wicked for this?

Shouldn't a dud cheque or a failed transaction come with charges or a penalty? What of the charges incurred by those two processed it? Who will pay?

If you don't have enough balance in your account, don't issue a standing order or direct debit, or cancel the one you have issued.

It is irresponsible to issue or sustain a direct debit on unfunded accounts. It's also criminal if it's for a service that you have already enjoyed.

On this one, I don't see why Nigeria is a wicked country as you have said unless you're willing to educate me on it.
Not always premeditated

12 Likes

Re: Banks Charge Customers For Failed Transactions by techmo(m): 8:51am On Nov 20
Globad:


How is the country wicked for this?

Shouldn't a dud cheque or a failed transaction come with charges or a penalty? What of the charges incurred by those two processed it? Who will pay?

If you don't have enough balance in your account, don't issue a standing order or direct debit, or cancel the one you have issued.

It is irresponsible to issue or sustain a direct debit on unfunded accounts. It's also criminal if it's for a service that you have already enjoyed.

On this one, I don't see why Nigeria is a wicked country as you have said unless you're willing to educate me on it.

In UAE, on my NBAD account never am I charged a penny for any transaction, and this is because all transactions are basically handled electronically, and my deposited fund is invested frequently giving them required profit to run the Banking Software Finacle needed for simple transaction

Why charge customers for a failed transaction when this can happen for various reasons which are not intentional



.

243 Likes 10 Shares

Re: Banks Charge Customers For Failed Transactions by HAccord: 8:52am On Nov 20
Buhari keeps tightening the noose on nigerians and his poverty-stricken zombies. Somebody shout Sai baba. grin

32 Likes 3 Shares

Re: Banks Charge Customers For Failed Transactions by omowolewa: 8:52am On Nov 20
CBN work for banks and the Government nothing concerns them with the citizens

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Re: Banks Charge Customers For Failed Transactions by IBBG(m): 8:56am On Nov 20
Emefiele is the worst CBN governor ever

150 Likes 6 Shares

Re: Banks Charge Customers For Failed Transactions by alizma: 8:58am On Nov 20
That is a good move

1 Like 1 Share

Re: Banks Charge Customers For Failed Transactions by alizma: 9:03am On Nov 20
techmo:
Wicked Country
Do you understand the policy or you just type without clear understanding? The government is protecting your interest and you call that wickedness, what type of human being are you?
The new policy is targeted at people that issue cheques knowing fully well that they don't have money in their account or that they will not be able to fund the account before the maturity of the cheque.
In developed countries, cheque is as good as cash because you dare not issue cheques against unfunded account but here in Nigeria, people see cheque as a professional way of rubbing business partners. They collect goods and give you cheque knowing fully well there is no money in the account. Now the bank is taking measure to prevent such unscrupulous behavior and the next thing you say is that the country is wicked......

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Re: Banks Charge Customers For Failed Transactions by techmo(m): 9:11am On Nov 20
alizma:

Do you understand the policy or you just type without clear understanding? The government is protecting your interest and you call it wicked, what type of human being are you?
The new policy is targeted at people that issue cheques knowing fully well that they don't have money in their account or that they will not be able to find the account before the maturity of the cheque.
In developed countries, cheque is as good as cash because you dare not issue cheques against unfunded account but here in Nigeria, people see cheque as a professional way of rubbing business partners. They collect goods and give you cheque knowing fully well there is no money in the account.


Direct debit transaction that's what the thread reads... Are direct debit transaction only cheques?!

.

139 Likes 7 Shares

Re: Banks Charge Customers For Failed Transactions by Globad: 9:58am On Nov 20
techmo:


In UAE, on my NBAD account never am I charged a penny for any transaction, and this is because all transactions are basically handled electronically, and my deposited fund is invested frequently giving. Them required profit to run the Banking Software Finacle needed for simple transaction

Why charge customers for a failed transaction when this can happen for various reasons which are not intentional



.

What's the interest rate on that NBAD account and minimum account balance requirement?

5 Likes 1 Share

Re: Banks Charge Customers For Failed Transactions by Globad: 10:00am On Nov 20
techmo:



Direct debit transaction that's what the thread reads... Are direct debit transaction only cheques?!

.

Alizma is right.

Direct debit instructions.

11 Likes 1 Share

Re: Banks Charge Customers For Failed Transactions by Globad: 10:02am On Nov 20
techmo:


Why charge customers for a failed transaction when this can happen for various reasons which are not intentional


.

How is not having enough balance in your account to support your own instruction not intentional?

Do you know the implications of this for the provider of the service you have enjoyed?

Why can't you cancel the instruction if you don't have enough money?

14 Likes 1 Share

Re: Banks Charge Customers For Failed Transactions by ManishSmith(m): 10:19am On Nov 20
When they begin I shut down all my bank account
Re: Banks Charge Customers For Failed Transactions by Harrynight(m): 10:53am On Nov 20
cry
Re: Banks Charge Customers For Failed Transactions by GIANTPLUSHUB: 3:47pm On Nov 20
Lol. Wahala for "Urgent 2k transfer" Trying to withdraw the 2k and the 2k no enter. Na another penalty oooo! God no go shame us ooooooo!

39 Likes

Re: Banks Charge Customers For Failed Transactions by jasmine1600: 3:47pm On Nov 20
Operation stave Nigerians to death, you guys were warned, they don’t have anything good to offer Nigerian but to loot n loot, u can never point any project these moneys go to. Nigerians rejected GEJ for an illiterate. Una never see anything.

13 Likes

Re: Banks Charge Customers For Failed Transactions by dalass(f): 3:47pm On Nov 20
Dem dey mad ni? cool
Re: Banks Charge Customers For Failed Transactions by HeadShot: 3:47pm On Nov 20
Sai Barber

As e dey hot

2 Likes

Re: Banks Charge Customers For Failed Transactions by slawormiir: 3:47pm On Nov 20
Damnnn niggarrrr
Isoright....

I trust nairaland members they won't read to understand what it is all about
They will just criticize

14 Likes 3 Shares

Re: Banks Charge Customers For Failed Transactions by femijay8271(m): 3:47pm On Nov 20
They are very stupid, well no wahala Sha, na to dey write my account balance for paper after SMS alert bi dat.
He no go better for CBN make I no curse them sha

8 Likes 1 Share

Re: Banks Charge Customers For Failed Transactions by jojofola: 3:47pm On Nov 20
Piggy vest is the new deal abeg.

2 Likes

Re: Banks Charge Customers For Failed Transactions by blinking001(m): 3:47pm On Nov 20
Gradually we are getting there.
Re: Banks Charge Customers For Failed Transactions by WoundedLamb: 3:48pm On Nov 20
Please, people, this is about direct debits (recurring debit transactions with a single order aka standing order) and not your regular one-time debit transaction. I think this needs to be clarified first. In many countries, this is used to take care of periodic payments like rent, salary, etc. and it is the payers duty to ensure the account is sufficiently funded before the next transaction date. If not, the payee will not get their money and the bank resources (human or tech) is wasted. I think that's what the government is trying to mitigate. Now, the payer has to explicitly cancel the order or pay penalties.

In terms of minimum amount requirements or the monthly charges that come when the minimum amount isn't met as well as the cost per transaction when customers exceed their transaction limit based on their account types, I think banking in Nigeria might still be a bit cheaper than in many western countries but then again, Nigeria shouldn't be as costly cause the services, the customer base and the running costs aren't the same.

I could be wrong.

11 Likes 1 Share

Re: Banks Charge Customers For Failed Transactions by brosom(m): 3:48pm On Nov 20
By the time Buhari and his wicked government is done with Nigeria enh, we must've all learned the hard way by paying dearly with out blood.

So that come next general election, una go use ur head.

9 Likes

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