Djamel:



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

okenwa101:


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.

femijay8271:
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

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?

onyechez:

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 .

ogbaj:
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.

Nemere2020:


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

ignis:


You must be a gentleman

linearity:


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.

WoundedLamb:
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.

Studymore123:


You are right, just that in direct debit. the instruction is executed by the payee (bank) to the payer (bank) but in standing order the reverse is the case.

AshipaEk0:


so i should pay 5k fine because i was left with 5,745 in my expense account due to various bank charges when my monthly showmax debit is 6k

something that happens now and i pay when i get income for expenses.



this is not very clever from you, but then its expected

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

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.

Bossontop:
Wickedness of the highest order!!!...... Make dem kukuma start dey buy coffin for all of us for dis country......

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.

frankson1:




Actually, I find it embarrassing getting into scuffle with people.

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.

Studymore123:


Direct debit is different from standing orders so the above examples don't apply. In direct debit the payee(bank) executes the transaction to debit from you (payer) bank. For example I have a lot of direct debits on my account, It's different from standing order when I (payer) bank executes the transaction to the payee bank.

Nemere2020:


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

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.

onyechez:

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 .

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.

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



.

Kraytur:



Now that you have successfully defended your notion kindly defend the ridiculous inflation Rates on food and petrol and electricity and the steady decline on naira - usd rates and unending debts then defend why there’s no fiscal increase in the minimum wage then defend why all this is linked to the endsars protests if you fail to defend this then your previous comment is rendered null and void and baseless las las we all go get sense !!!.....

Puya:


Always read to comprehend..you could’ve gone over this thread and you will get your answer

You are NOT the one initiating the “direct debit”

Direct debit is different from your regular debit, hence there won’t be any “technical issue or country network”

The bank is the one initiating the transaction for you on your behalf in the stance of a standing order where you must have instructed them to always debit your account on specific dates to be credited to another account. So every month, they do that for you
So you need to make sure your account is sufficiently funded before due date. So it’s not an “unintentional mistake”. if you know you can’t stand by an order you gave to the bank, don’t request for it in the first place .. kuku Dey transfer your money by yourself every said month ..

There is another stance (of direct debit) where a secondary bank debits your account due to loans and stuff but that is not for the average Nigerian.

Your regular failed transactions you’re insinuating in your example of 4000naira and 3500 is not what CBN said they will charge you for.