Just move to Kuda bank.

Ishilove:
It seems a majority of people commenting did not read the article.

Biko, break it down in pidgin, nice and slow.... For much better understanding........

frankson1:



No Madam/Sir, it's really not necessary. Besides, I don't hit people.

You must be a gentleman

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:
Thank God you know you need to be educated on it, in short you need to be schooled thoroughly like a toddler. A dud cheque is not in any way a mutually synonymous comparison to a failed debit transaction. Mr A. has 2.1m in his account. Then someone else transfers 5m to him. In his mind, his balance is 7.1m, but due to bank and their fraudulent ways, some charges are deducted without him knowing. And then you literally have a situation where these crooked banks are running 2 balances side by side: LEDGER balance and Account balance. Later he tries to transfer 7.1m because he was seeing ledger balance of 7.10159m, but the transaction fails, because he has 7.1m + N159 in his ledger account but his actual money is 7.095m due to some bank charges magically deducted lowkey. The transaction fails. Now CBN wants to penalize the customer for that and deduct money again. Is that not wickedness like that Techmo guy said?

chatinent:
Mehn.

As in nna mehn

alizma:

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 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.

Now you've enlightened me on wat I don't know..

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.

jasmine1600:
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.

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.

frankson1:

[/b]




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.

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.


I believe it's short enough for you to read.

okay thanks

the capital of Nigeria should b evil forest not Abuja

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.

Well said!

We are so quick at blaming the country for everything!

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!!!

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.

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.

Karlovich:
, 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

It's been long Ive seen that mo-ron. Where is he?

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.

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

Apc and bihari is out to finish Nigerians

Openbusiness:
Thank God you know you need to be educated on it, in short you need to be schooled thoroughly like a toddler. A dud cheque is not in any way a mutually synonymous comparison to a failed debit transaction. Mr A. has 2.1m in his account. Then someone else transfers 5m to him. In his mind, his balance is 7.1m, but due to bank and their fraudulent ways, some charges are deducted without him knowing. And then you literally have a situation where these crooked banks are running 2 balances side by side: LEDGER balance and Account balance. Later he tries to transfer 7.1m because he was seeing ledger balance of 7.10159m, but the transaction fails, because he has 7.1m + N159 in his ledger account but his actual money is 7.095m due to some bank charges magically deducted lowkey. The transaction fails. Now CBN wants to penalize the customer for that and deduct money again. Is that not wickedness like that Techmo guy said?

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

alizma:

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 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.

. 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.

techmo:



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

.

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.

Sarmiz24:

What of failed transaction due to banks technical issue?? Don’t try to sound wise and end up being the fool

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.

alizma:

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 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.

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,

Karlovich:
Their darling daddy has abandoned them

They are scum who sold their soul to the devil �

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.

alizma:

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 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.

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.

nencounter10:



No you are wrong. It is not about cheque, it is about standing by order.

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.

Ishilove:
It seems a majority of people commenting did not read the article.

This should come as no surprise to you na

Most nairalanders hardly comprehend a post before commenting

PrudencyFeats:
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.

na you my brother.

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



.

My brother, abeg educate the heartless thing, na so dem plenty for this platform the rationalize wickedness.

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.

bros abeg where u dey based? Abeg I wan see u

brain54:

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.

Are you saying what you assumed in your head or that is what you see that is written on the policy paper?

alizma:

Are you saying what you assumed in your head or that is what you see that is written on the policy paper?

what is written on the post.black and white.

HAccord:
Buhari keeps tightening the noose on nigerians and his poverty-stricken zombies. Somebody shout Sai baba.

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.