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Banks Charge Customers For Failed Transactions - Business (8) - Nairaland

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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 Olarewaju89: 6:04pm On Nov 20, 2020
Raydos:


Your papa and your whole family nah fool

Humm... You lack home training dude

What a pity!
Re: Banks Charge Customers For Failed Transactions by hilfinity(m): 6:06pm On Nov 20, 2020
techmo:




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



.

God bless u Sir, the OP u responded to no get joy at all. He thinks failed transactions are customers sole faults..

Omo na unprecedented hard times dey loom in this country like this cry

1 Like 1 Share

Re: Banks Charge Customers For Failed Transactions by PS712: 6:06pm On Nov 20, 2020
Yankee101:


It's the same thing. Authorizations called ACHs are an electronic permission to debit your account. A cheque is simply a physical instrument that serves the same function an ACH does electronically. Infact in less fraudulence prone systems you don't need the physical cheque anymore, just the details or snapshot.
Sounds same but not the same as you put it. One of the pros of banking digitization was to address this issue and save bank time and that has been achieved already.
Will you say it is the same thing when your bank debits for instance sms charges, or interest on facility from your account and you are yet to get debit alert, proceed to make transaction only to realise your balance wasn't what you were thinking?
Re: Banks Charge Customers For Failed Transactions by Whois(m): 6:06pm On Nov 20, 2020
E no shock me we Sabi say this government wicked hence they want ppl to pay for poverty
Re: Banks Charge Customers For Failed Transactions by Dollanaira: 6:09pm On Nov 20, 2020
why
Re: Banks Charge Customers For Failed Transactions by litaninja(m): 6:09pm On Nov 20, 2020
You want to charge an empty account?
Re: Banks Charge Customers For Failed Transactions by Tonymegabush1(m): 6:10pm On Nov 20, 2020
Soon they will start charging us just for entering bank premises......





NB.. Back then in skul my frnd would rush to skul in the morning just to use the newly constructed fidelity bank in our skul, when asked why he does that they [fidelity bank] installed air conditioner inside their toilet.. Just thinking gow it would have been for him imagine been charged for pooing..... Datz shit menh...

Re: Banks Charge Customers For Failed Transactions by ogbaj: 6:11pm On Nov 20, 2020
Issuance of dud cheque is a criminal offence that can only be sanctioned by the court. The banks are not empowered by any law to do so. Any such deductions on such grounds is illegal and an invitation to litigation.

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.[/quote]
Re: Banks Charge Customers For Failed Transactions by coolsegun2002: 6:12pm On Nov 20, 2020
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 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......

u don’t know Nigerians banks......
They will put charges for your transaction alerts, card maintenance fee etc under Direct debits..


.that means banks will charge your more if u don’t have money when they are ready to debit....
Re: Banks Charge Customers For Failed Transactions by jojothaiv(m): 6:13pm On Nov 20, 2020
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



.
Re: Banks Charge Customers For Failed Transactions by Neddyogu(m): 6:15pm On Nov 20, 2020
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 they mean is that a customer would be charged if he gave the bank specific instructions to debit his account at a specific time without the account being funded. It's like issuing someone a cheque when u are aware there's not enough money in the account u are asking him to make a withdrawal from. The topic is misleading as usual with NL.
Re: Banks Charge Customers For Failed Transactions by jimter44(m): 6:16pm On Nov 20, 2020
There was a policy of CBN that says any CEO/MD of deposit money bank should not be appointed as CBN Governor. The former president Goodluck Jonathan disregarded the policy and appointed Godwin Emiefele the then CEO/MD of Zenith bank as CBN Governor. This man is always protecting his constituency (banks). The former president actually contributed to the economic woes of this country.
Re: Banks Charge Customers For Failed Transactions by 2016easy2017: 6:17pm On Nov 20, 2020
That means you start learning keeping your money indoor inform of property
Re: Banks Charge Customers For Failed Transactions by kjsixtynine: 6:21pm On Nov 20, 2020
Guy abeg no kill me with laughter.

I laughed sooo hard.
Karlovich:
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
Re: Banks Charge Customers For Failed Transactions by Yankee101: 6:25pm On Nov 20, 2020
PS712:

Sounds same but not the same as you put it. One of the pros of banking digitization was to address this issue and save bank time and that has been achieved already.
Will you say it is the same thing when your bank debits for instance sms charges, or interest on facility from your account and you are yet to get debit alert, proceed to make transaction only to realise your balance wasn't what you were thinking?

Let's not try and divert attention from the deterence inbuilt in these charges and the actions they intend to curb.

You initiated the debit not a bank initiated debit (read the article again)
Let me give you the most common case scenario bankers see. People collect electronics, cars, goods and services etc from vendors or collect loans with monthly debit authorized for the payment from their salary accounts. But they quickly rush to withdraw their salaries once it's paid and the debit comes in later and there's no money to settle until the next payment cycle


These vendors usually give only blue chip company or government employees this privilege and the average nigerian will not be affected by these charges. We're not talking of recharge card debits. That will simply be a failed transaction and nothing will be charged

1 Like

Re: Banks Charge Customers For Failed Transactions by 080bjaked(m): 6:27pm On Nov 20, 2020
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 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......

Issuing dud cheques has always been a criminal offence even in Nigeria so that's not the reason. You probably just dont have enough knowledge to understand this policy or you are just another political bigot.
Re: Banks Charge Customers For Failed Transactions by Nobody: 6:33pm On Nov 20, 2020
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.


You didn't answer the person's question, what happens when there's a failed transaction from the bank.
For example my account balance is 4,000 naira and I initiate a direct debit order of 3,500 naira, but due to technical reasons from Bank or network from the country, it becomes a failed transaction, will the bank be penalized?
From your reply the bank will not be penalized or will be exempted from penalty when it fault.
In those Advanced countries their services and system works 100 percent no fault but in Nigeria were there's no electricity or technical issues, or unstable network you can expect it always.
My take is Nigeria doesn't put things in place to work 100 percent in service delivery but will penalized you for any unintentional mistakes .
Re: Banks Charge Customers For Failed Transactions by flexyrule(m): 6:39pm On Nov 20, 2020
So many ignorant people on this forum.
Re: Banks Charge Customers For Failed Transactions by Realday: 6:40pm On Nov 20, 2020
This country sha, someone can't play with his or her account abi, mtcheeeew.

This is shit! Oppressors! In this situation Nigerian banks also need to improve in term of quick credit alert/account I can remember when my dad said he'd sent me money, I rushed to near by debit machine to cash out, unfortunately I couldn't withdraw(insufficient fund). I called him to inform him and he said he'd sent it, in that situation, you still have the gut to penalize me?




Oppressed people are dying of your day by day new policy.
Re: Banks Charge Customers For Failed Transactions by bendike: 6:49pm On Nov 20, 2020
GIANTPLUSHUB:
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!
Did you read the write up?
Direct debit is what cbn is refering to.
Re: Banks Charge Customers For Failed Transactions by okenwa101(m): 6:51pm On Nov 20, 2020
Globad:


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?

you are very silly will all these defends!

Do you know how many failed transactions that is caused by the bank and useless network in this country?
what will happen to "issuer inoperative" mostly VERVE CARDS
what happens to "unable to dispense cash"?
what happens to "unresponsive websites being used in this country as portal that literally fails most transactions" ?
ETC
or do you think they will exempt it. ??
THIS IS NIGERIA!!! IT SEEMS WE HAVE MORE BLOCK HEADS

THESE ARE CHARGES MEANT FOR PREMIUM not those epileptic services we see around. RUBBISH and #ENDSARs

ANY % CUSTOMERS ?? FOR
ANY % for debiting without dispensing NO
ANY % for network failure NO
ANY % for go to another branch we don't have enough cash here NO
ANY % for Issuer inoperative NO
ANY % for not getting your deposit over 24hrs NO
ANY % for debiting and reversal NO

Until these issues are fixed this is a scxx.
Re: Banks Charge Customers For Failed Transactions by Nobody: 6:57pm On Nov 20, 2020
oluplus:

The policy applies only to unfunded accounts. It will not apply when transactions fail due to other reason like network problem.

Summary is that dont initiate transaction or issue cheques, when accounts are not funded.

This can be avoided
They can't make sure there's 100 percent service delivery, network issue, technical issue bla bla.
But will fault for mistakes when it is un - intentional. I have made unintentional transactions abroad when I am outside Nigeria like sending more than the amount (I can reverse it ) , or I will be warned 2 times that my account will be closed or banned Because i don't have the required funds for such transactions, but in Nigeria wahala you can't.
Re: Banks Charge Customers For Failed Transactions by GreyLaw(m): 6:58pm On Nov 20, 2020
tofolo:


They dont know that EFCC can prosecute you for a dud check sef..

No case! Someone can give a cheque bearing in mind that he would be paid before said date. Even the Febderal government sometimes owes, so what? So if the government doesn't pay before the due date of the cheque some stupid EFCC will prosecute the issuer of the cheque.

Just laugh at their madness and move on.
Re: Banks Charge Customers For Failed Transactions by Alezy(m): 7:12pm On Nov 20, 2020
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 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......
you are specifying cheques out here. Do you understand the word direct debit? Unless the OP is misinformed, that includes failed mobile transactions. Check and correct me if wrong.
Re: Banks Charge Customers For Failed Transactions by Adakintroy: 7:20pm On Nov 20, 2020
All this terminologies.

I just pity Nigerians. am a natural strong person and with God's grace I will see it through. hood growth na cheat code.

But it's the Nigerians out there I de sorry for.

When righteousness prosper even the sea rejoice.
Those who are ruling are evil people.many of you don't have idea what's coming. This motherfuckers won't compromise on their lifestyles. They will rather squeeze you all than adjust themselves. It's that simple.

All you seeing in simple interpretations is the behavior of an agbero. Oppressor. Apc is an agbero party. Pdp no good but they had more humans.
Re: Banks Charge Customers For Failed Transactions by Anonymous1900: 7:20pm On Nov 20, 2020
The Irony of this argument by so many people quoting and insulting you here is those that this policy will affect actually understand it and are not disturbed by it cos they were not erring in the first place.

How else can you tell Nigerians that this policy is not for the general population and wont affect 99% of Nigerians.

I can understand the anger of several people with Nigeria and the need to vent on everything govt as a whole but if they understood what was being said instead of all this spin off theories like atm fail, network fail and how none of that applies they will all just move on and vent over something else
Globad:


We have a problem of educated illiterates in Nigeria

1 Like

Re: Banks Charge Customers For Failed Transactions by Djamel(m): 7:22pm On Nov 20, 2020
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.


I love your fancy write up... However
Is it necessary?
The charge or penalty i mean ?
What is it for?
That I want to steal from my empty account or I want to steal from CBN?
I can remember times I thought I had 20k in my account.... Without knowing I Spent 4k on something I didn't remember, I spent that money on... I walked to the ATM,pull out my debit card, Hit withdraw 20k.Then I get a transaction error kind of message and then get charged for it..... Is it fair on my part and many Nigerians I'm sure pass through such a couple of times?
Yes! It's foolishness on my part, for not knowing I had used 4k out of the money... But these days... Money come and go.Always having many needs to meet,yet always short of meeting them.
All I'm saying is, charging Nigerians for something this harmless, like transaction error,isn't a right move.No matter how big or tiny the charge might be
Re: Banks Charge Customers For Failed Transactions by alizma: 7:29pm On Nov 20, 2020
Alezy:
you are specifying cheques out here. Do you understand the word direct debit? Unless the OP is misinformed, that includes failed mobile transactions. Check and correct me if wrong.
The latest which OP is talking about is specifically about standing order which is instruction to pay bill or debt on a future date. I used cheque because I am aware the same policy has been put in place for dud cheques

1 Like

Re: Banks Charge Customers For Failed Transactions by alizma: 7:49pm On Nov 20, 2020
080bjaked:


Issuing dud cheques has always been a criminal offence even in Nigeria so that's not the reason. You probably just dont have enough knowledge to understand this policy or you are just another political bigot.
What is standing order?

1 Like

Re: Banks Charge Customers For Failed Transactions by IBBG(m): 7:50pm On Nov 20, 2020
Merimental:


dude lacks wat it takes to handle dat financial position.
he is terrible, i wander why his tenure was renewed. May be he is serving vested interest well
Re: Banks Charge Customers For Failed Transactions by faste: 7:52pm On Nov 20, 2020
coolsegun2002:


u don’t know Nigerians banks......
They will put charges for your transaction alerts, card maintenance fee etc under Direct debits..


.that means banks will charge your more if u don’t have money when they are ready to debit....
exactly,they will use this opportunity to shortange customers

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