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Nairaland Forum / Nairaland / General / Business / Banks Charge Customers For Failed Transactions (54454 Views)
Why Are Banks Not Reversing Failed Transactions? / USSD Transactions: Banks Forced Us To Charge Customers—mtn Nigeria / Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs (2) (3) (4)
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Re: Banks Charge Customers For Failed Transactions by Karleb(m): 4:27pm On Nov 20, 2020 |
Just move to Kuda bank. |
Re: Banks Charge Customers For Failed Transactions by Lexusgs430: 4:27pm On Nov 20, 2020 |
Ishilove: Biko, break it down in pidgin, nice and slow.... For much better understanding........ |
Re: Banks Charge Customers For Failed Transactions by ignis: 4:27pm On Nov 20, 2020 |
frankson1: You must be a gentleman |
Re: Banks Charge Customers For Failed Transactions by Anonymous1900: 4:27pm On Nov 20, 2020 |
The charges are for failed "direct debit" transactions not regular debit as you have described. In the scenario you described the transaction will simply fail due to insufficient funds with no charges. You will only get charged as described by CBN if you setup a direct debit for someone to take 7.1m from your account at a future date. Its quite different... the main issue here is people are mixing direct debit and regular debits/transactions up.. its very different Openbusiness: 1 Like |
Re: Banks Charge Customers For Failed Transactions by Patoski7(m): 4:28pm On Nov 20, 2020 |
chatinent:As in nna mehn |
Re: Banks Charge Customers For Failed Transactions by Jeffyblaq(m): 4:29pm On Nov 20, 2020 |
alizma:Now you've enlightened me on wat I don't know.. |
Re: Banks Charge Customers For Failed Transactions by IAMPEDRO: 4:30pm On Nov 20, 2020 |
Nigeria which way! Very soon banks will become irrelevant. Crypto! world wide. I hear something today and the thing shock me. Dem say make lecturer go learn handwork? lol............ Bankers, make una too go learn handwork. |
Re: Banks Charge Customers For Failed Transactions by BeLookingIDIOT(m): 4:31pm On Nov 20, 2020 |
jasmine1600:Abeg sharrap. As if things wouldn't likely had been worse if gej were reelected Any one who isn't trying to deceive him/herself knows what made the difference between the economy of GEJ and Buhari's is oil price fluctuations. |
Re: Banks Charge Customers For Failed Transactions by Sarmiz24(m): 4:32pm On Nov 20, 2020 |
frankson1:okay thanks 1 Like |
Re: Banks Charge Customers For Failed Transactions by bleskid: 4:32pm On Nov 20, 2020 |
the capital of Nigeria should b evil forest not Abuja |
Re: Banks Charge Customers For Failed Transactions by seun70(m): 4:33pm On Nov 20, 2020 |
Globad: Well said! We are so quick at blaming the country for everything! |
Re: Banks Charge Customers For Failed Transactions by Dalby(m): 4:33pm On Nov 20, 2020 |
Why will you initiate a bank transaction when your account is not funded? If you charge such a person its the same thing like someone issuing a dud cheque. I will agree if when my acount is funded and transaction fails to go, then the bank should pay me!!! |
Re: Banks Charge Customers For Failed Transactions by linearity: 4:33pm On Nov 20, 2020 |
Globad: Agreed with your position, these types of fees are standard practices elsewhere and are called NSF - Non Sufficient Fees. In some situations, you even get hit twice; the person you present the check to, lodged it in their bank, their bank present it to your bank and when there is non sufficient funds, your bank hit you with NSF and reject the check....the person you gave the check to, their bank also hit them with a bounce check fees. However, I think there should be strict rules; else the bank will abuse it and milk customers with this to their own advantages, even for issues caused by them. Banks have abused this type policies before by: 1. Positing debit transaction first before credit transactions, for transactions that occur on the same date. This way, they can collect NSF on all the debit transactions before your credit transactions are entered into the ledger.....some can even criminally delay the credit transactions under some ‘investigation-verify’ farces while passing the debit transactions through to accumulate fees. 2. Some banks will first process your big debit items, before the smallest ones, this way they can generate multiple NSF. I have a situation where a particular bank in Nigeria will not allow me to cancel a monthly salary standing order even 2-6 months in advance. I was tired of the standing order, and I set it up online myself, they have a button you can click to cancel the future orders that have not been processed, but for some strange reasons, the button would not work....the order was for a relative that was abusing ‘stuff’ and I got mad and wanted to be ‘done’ with them and in anger I wanted to cancel the order, but the bank would not....but I later kool off and let it be. |
Re: Banks Charge Customers For Failed Transactions by JoeEeL(m): 4:34pm On Nov 20, 2020 |
Karlovich: It's been long Ive seen that mo-ron. Where is he? |
Re: Banks Charge Customers For Failed Transactions by Rebelutionary: 4:34pm On Nov 20, 2020 |
Globad:Very few people read and digest content this days you know...even when clarification has been made in the content they will rather just comment trash! Don't even bother schooling them |
Re: Banks Charge Customers For Failed Transactions by Yus2020: 4:35pm On Nov 20, 2020 |
Apc and bihari is out to finish Nigerians |
Re: Banks Charge Customers For Failed Transactions by Globad(f): 4:35pm On Nov 20, 2020 |
Openbusiness: Your assumption is wrong. Very wrong. You obviously don't know the implications of a direct debit not to talk of when it fails. The charges you talked about are as relevant to a dud cheque as they are to a direct debit. This is why you should be on top of your account balance if you want to isue a cheque or a direct debit. You have no knowledge of what you're venturing into 1 Like |
Re: Banks Charge Customers For Failed Transactions by nnamdi640: 4:35pm On Nov 20, 2020 |
alizma:. This policy will make banks to steal more from their customers. The only thing remaining is for CBN to tell banks to start removing money from our accounts monthly. |
Re: Banks Charge Customers For Failed Transactions by Prymestrr(m): 4:39pm On Nov 20, 2020 |
techmo: The key point is you do not set up a direct debit instruction on an unfunded account if you're truly responsible. If such account falls short of funds at any point, simply call your bank to cancel the instruction pending when you fund the account again. |
Re: Banks Charge Customers For Failed Transactions by bendike: 4:39pm On Nov 20, 2020 |
Sarmiz24:The guy is right. It simply means if you give direct debit privilege to a third party, eg for a loan or credit facility you make sure money is in such account when due. Technical issue failure does not come into play here. There are error codes, if the time for direct debit reaches and a request is made on that account if the server of the bank is down, the quary will be completed when the server is up and so no direct debit failure. On the other hand, if it is due to lack of funds in the account it will generate reliant error code meaning the penalties will take effect. Bottomline, it a good development. Do not take credit or loans with direct debit payments because if you default you will be penalized. The more the failure the more the volume of debt you accumulate which you must sort out or else your banking privileges are deminished. 1 Like |
Re: Banks Charge Customers For Failed Transactions by Ykc2(m): 4:40pm On Nov 20, 2020 |
alizma:if Buhari increases the price of petrol to 600 naira per litre northerners will still give reasons why he did it and they support him 100% tomorrow they will send almajiri children to south for bagging, |
Re: Banks Charge Customers For Failed Transactions by InvisibleB: 4:41pm On Nov 20, 2020 |
Karlovich: They are scum who sold their soul to the devil � |
Re: Banks Charge Customers For Failed Transactions by PrudencyFeats: 4:41pm On Nov 20, 2020 |
What about when you get a transfer from someone and you confirmed from screenshot that it was sent Due to network issue, you tried using the ATM amd it have not reflected... Who pays for such charges? E be like say this government want another round of protest for irrelevant charges. |
Re: Banks Charge Customers For Failed Transactions by brain54(m): 4:41pm On Nov 20, 2020 |
alizma:not only for dud cheques bro...it means for example you go to an ATM,initiate a transaction -cash withdrawal for instance, if the machine doesn't dispense cash due to whatever,you would be charged for the failed transaction. |
Re: Banks Charge Customers For Failed Transactions by alizma: 4:43pm On Nov 20, 2020 |
nencounter10:What is standing order, is it not an instruction to pay certain bill or debt on a particular future date? If you have a standing order and you know you can't meet up,go and cancel it before the due date and no one will charge you. In developed countries, if you give a standing order in my favour, I can rely on that and make purchase from the third party and give my own standing order in his/her favour, I only need to make sure my own standing order maturity date is longer than the one in my favor. Then the order person can do the same thing. All this can be possible when there is certainty and confidence that the first standing order will not fail and that is why you see their economy moving smoothly and that is why they don't carry cash about like we do in Nigeria. |
Re: Banks Charge Customers For Failed Transactions by UDUJ(m): 4:43pm On Nov 20, 2020 |
Ishilove: This should come as no surprise to you na Most nairalanders hardly comprehend a post before commenting 1 Like |
Re: Banks Charge Customers For Failed Transactions by brain54(m): 4:44pm On Nov 20, 2020 |
PrudencyFeats:na you my brother. |
Re: Banks Charge Customers For Failed Transactions by Burstit(m): 4:44pm On Nov 20, 2020 |
techmo:My brother, abeg educate the heartless thing, na so dem plenty for this platform the rationalize wickedness. |
Re: Banks Charge Customers For Failed Transactions by LOVEGINO(m): 4:44pm On Nov 20, 2020 |
Globad:bros abeg where u dey based? Abeg I wan see u |
Re: Banks Charge Customers For Failed Transactions by alizma: 4:46pm On Nov 20, 2020 |
brain54:Are you saying what you assumed in your head or that is what you see that is written on the policy paper? |
Re: Banks Charge Customers For Failed Transactions by brain54(m): 4:47pm On Nov 20, 2020 |
alizma:what is written on the post.black and white. |
Re: Banks Charge Customers For Failed Transactions by alfredfrddy(m): 4:48pm On Nov 20, 2020 |
HAccord:Not just Buhari, its an order from the pope of Rome. He's the main dictator here and world leaders are taking orders. https://www.google.com/amp/s/cruxnow.com/vatican/2020/10/popes-new-encyclical-offers-voters-guide-for-post-pandemic-world/amp/ https://www.youtube.com/watch?v=8L-y33ZdlYk Watch the video then you'll know where we are headed for. |
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