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Technology MarketRe: Exchange Rates Of International Currencies >>>Updates on First Page<<< by bdavis:
tumababa:
i was told it was cbn that told them to introduce it. but i don't know why its only first bank that is charging me
Ask them to send you a copy of the CBN circular directing them to introduce the charge. It's cock and bull...they'll tell you stories. Then tell them you'll inform CBN if all charges previously taken are not reversed
Technology MarketRe: Exchange Rates Of International Currencies >>>Updates on First Page<<< by bdavis: 3:46am On Mar 09, 2016
sinebaba:
Skye bank and first bank na killer.
If skye bank and first bank na killer, wetin u go call zenith?
BusinessRe: How Much Did You Exchange The Dollar For Today? by bdavis: 8:17am On Mar 08, 2016
Babyileso:
pls anybodi with an idea of the rate banks use when using western union to make transfer
Right now, it's actually 250/$ for western union, last time I tried about 3weeks ago (with the charges and all).
BusinessRe: Class Action Suit Against Gtbank For Misleading 199/$ Card Charges by bdavis(op): 3:23am On Mar 06, 2016
gbodimowo:
I have finally gotten the negative off my account on Thursday but a new development has now risen il update once done i want to know from my co travellers how are things at their end or they have allowed d GIVE UP AND ABANDON SPIRIT rule them?
How and what did you do? Please enlighten us.

mavinc4u:
i have not given up. we need more votes. can all the MODS move this thread to front page to get more people to sign the petition.
Meanwhile has anyone mailed the CBN regarding the issue?
Right on the spot, given up no, and yes it's the last action and we also need more votes + looks like mods have decided not to move this thread, in spite of several calls to do so.
BusinessRe: How Much Did You Exchange The Dollar For Today? by bdavis: 1:28pm On Mar 03, 2016
union123:
I wouldn't mind if I see one or two bdcs
Sent you a PM, holla back, I could link you with a couple of BDCs
BusinessRe: Class Action Suit Against Gtbank For Misleading 199/$ Card Charges by bdavis(op): 1:19pm On Mar 03, 2016
Infinitikoncept:
Were you charged from your dorm account or its a naira savings/current account?
Gave instructions that the commission and all other processing fees/charges should be deducted from my naira/savings account, so only the actual outward FX is deducted from the dom account.
BusinessRe: Class Action Suit Against Gtbank For Misleading 199/$ Card Charges by bdavis(op): 4:55am On Mar 03, 2016
gbodimowo:
thanks for the screenshots
however i noticed this was a wire transfer, and their arguments has always been that the dollars used for master card settlement is determined by the software and can not be manipulated so i ask again if you have a software that cant be manipulated where did the glitch as they claim came from? and why did it take them as they claim 3 days to find it and short it diwn? and why didnt they just contact customers for a bilateral settlement if truely it was a glitch instead of unilaterally taking a decision and penalozing customers for their own errors or delibrate mistakes.
Yes, I did mention it was an outward FX transfer
BusinessRe: Class Action Suit Against Gtbank For Misleading 199/$ Card Charges by bdavis(op): 4:54am On Mar 03, 2016
gbodimowo:
hello, to the creator of the facebook page why are wall posts not showing? Kindly attend to it as things being posted be it texts or images disappear

Thank you
Ok, thank for bringing that to my attention. Would look into that.
BusinessRe: Class Action Suit Against Gtbank For Misleading 199/$ Card Charges by bdavis(op): 2:12am On Mar 03, 2016
A while back, (not sure if on this thread) I mentioned a circular (email communication) GTBANK was sending around to customers, titled 'Tips on International Transactions'[b][/b] or something similar like that, which was supposedly to enlighten us (the customers) and help save us as we carry out transactions online.

The circular claimed that by choosing to be charged in dollars, cost savings would be achieved as opposed to choosing to be charged in naira. This was and still is a blatant lie and was only done to trick it's customers, and thereby defraud them of their hard earned money. People who do online (international) transactions frequently, would be aware that there are sites, such as Google Play store and AMAZON, who either let you specify the currency you want to be billed in, or have already converted to naira for you, once their geo-location software has identified your region. What this sites do is they always use the official CBN rate, then add a little for overages/other charges so you get billed say in the region of 200/$ to 210/$.

Now by saying pay in $ and don't choose to pay in naira, GTB is simply demonstrating that the only thing that matters to them is how to rip customers off, because choosing to pay in $means the bill for settlement such websites present would be in dollars and GTBANK would thus be free to apply whatever rate they choose to apply.

As I write this, GTBANK has chosen to decline all international transactions that are not being presented in $. You can no longer purchase from amazon, unless you change your currency to $, € , or £ and if the site has already done conversion and is presenting costs in naira, your transaction won't go through.

Attached is screen shot of the circular

BusinessRe: Class Action Suit Against Gtbank For Misleading 199/$ Card Charges by bdavis(op): 1:43am On Mar 03, 2016
gbodimowo:
Thats what @bdavis said o
Sorry guys, been a very hectic day...

The transfer was for $2495, and just to recap, GT charges on FX transfers are as follows:

0.5% Swift Charge on amount being transfered, which in this case boils down to: $12.475 ($12.5 aprox.)

Vat (5%) on the swift charge= $0.62

Telex charge: 4k naira.

Now from the attached screen shots, abeg what was the conversion rate?

BusinessRe: How Much Did You Exchange The Dollar For Today? by bdavis: 12:46am On Mar 03, 2016
Irvingz:
Hello house, please i need your urgent assistance and expert contribution as i am a novice in this. Please is there a way i can receive money via western union straight to my gtbank euro dorm. account? Sender is from Ireland. In previous times, they always changed it to naira i guess at the official rate because its always very low(220 or so). Never did mind, but now i actually need to make a transaction in euros and i need the money in euros cos if i get the naira official equivalent and try buying euros from bdc(which at my enquiry today is 330 per euro) i'll be brutally short of money for the transaction. I recently opened a gtb euro account but have never used it and i also do not know what to tell her to do over there.

NB: The sender doesnt have a personal bank account and hence cant initiate a wire or such(shes a rev sister and its forbidden). Thanks in anticipation please as i need this info before tomorrow.
No, don't think so cos from the website, once you select Nigeria and bank account, it's automatically converted into naira, at the rate of 213/€
Technology MarketRe: Exchange Rates Of International Currencies >>>Updates on First Page<<< by bdavis: 9:05pm On Mar 02, 2016
gbodimowo:
seems the Nigerian spirit has taken over, our petitioners have started falling by the way side oh why ?
Let's leave this thread for what it is for and move to th class action thread. Also let's get the FB Page going.
BusinessRe: Class Action Suit Against Gtbank For Misleading 199/$ Card Charges by bdavis(op): 11:41am On Mar 02, 2016
Now for all you GTB defenders, @mployer, @shakitibobo, @phony200 and co calling everybody that was affected a thief, please riddle (answer) me this: why did GTBANK just debited @d rate of 199/$ for a transaction I just carried out now? An FX outward transfer if as you all claim, that rate is below the rate the bank sourced the dollar? Or is this also an anomalyhuh

And why, contrary to CBN guidelines is GTBANK charging above the maximum 1,500 naira stipulated by CBN as maximum charge for bank token?
Technology MarketRe: Exchange Rates Of International Currencies >>>Updates on First Page<<< by bdavis: 10:33pm On Mar 01, 2016
mavinc4u:
i didn't see the idea. they double billed me too but i noticed that they have remove the double billing
Yeah@double billing, but mine hasn't been removed.

Social Media Handles:

FB: http://www.facebook.com/Enuf29jaBanks

Nairaland: https://www.nairaland.com/2963306/class-action-suit-against-gtbank


IG page and BBM channel being worked on and would be live shortly.

@gbodimowo: ur input about the FB Page and any other social media avenue would be highly welcome, same goes to all the house. Let's unite, project a united front so they know we mean business. More traffic is needed on the class action suit thread.
BusinessRe: Help GTB Cleared My Account And My Account Balance Is Now In Debit by bdavis: 10:16pm On Mar 01, 2016
Bazikd:
I did nothing bro,I just checked my acct bal via GTapp and discovered that they have rectified d mess they created on my acct.I advice that you check your acct to confirm yours too.I have decided to withdraw all my money first thing tomorrow to avoid another story ooo
Hmmm...maybe they noticed we are not joking this time around and the movement is gaining traction...

Please let's all lend our voice:

Social Media Handles:

FB: http://www.facebook.com/Enuf29jaBanks

Nairaland: https://www.nairaland.com/2963306/class-action-suit-against-gtbank


IG page and BBM channel being worked on and would be live shortly.

Heard a twitter handle is already live, so no need to recreate that, can the link be provided please?
BusinessRe: Class Action Suit Against Gtbank For Misleading 199/$ Card Charges by bdavis(op):
gbodimowo:
visited and shared on facebook but the description is too terse
I'm not much of a writer, so I am very open to suggestions. So do please suggest and lend your voice. Thanks

Let's all lend our voice to this movement. Whilst this was created as a result of the infamous GTBANK scam of 199N/$, the FB Page was created really as a medium to bring to light and social media the gross injustice being perpetrated against Nigerians by the various financial institutions in the country.

Social Media Handles:

FB: http://www.facebook.com/Enuf29jaBanks

Nairaland: https://www.nairaland.com/2963306/class-action-suit-against-gtbank


IG page and BBM channel being worked on and would be live shortly.

@Shapman: please let's have the twitter handle. No need to recreate it.
Technology MarketRe: Exchange Rates Of International Currencies >>>Updates on First Page<<< by bdavis: 8:04pm On Mar 01, 2016
gowaga68:
whats wrong with the page? Not displaying.
Sorry about that...the colon (smiley in front is what's wrong with

https://www.facebook.com/enuf29jabanks

That's the correct one
Technology MarketRe: Exchange Rates Of International Currencies >>>Updates on First Page<<< by bdavis:
Infinitikoncept:
Thumbs up man
We say no to the corruption in the banking system
We say no to banks paying us official rates for inbound but black market rate for outbound
We say no to banks debiting us at a rate different from the transaction date rate.
We say enough of this intimidation and harassment.
FB Page. Let's take it a step further:

https://www.facebook.com/enuf29jabanks
BusinessRe: Help GTB Cleared My Account And My Account Balance Is Now In Debit by bdavis: 5:23pm On Mar 01, 2016
dejavus:
Actually insurance does cover these type of errors.

And I kid you not.

There was a time when an atm machine was dispensing £20 for every £10 requested, hence people were getting double their request. Guess what, the people didn't pay it back. Google it.
https://www.facebook.com/enuf29jabanks
BusinessRe: Class Action Suit Against Gtbank For Misleading 199/$ Card Charges by bdavis(op): 5:17pm On Mar 01, 2016
shapman:
#GTBSCAM is trending now
FB PAGE IS LIVE:

https://www.facebook.com/enuf29jabanks
BusinessRe: Class Action Suit Against Gtbank For Misleading 199/$ Card Charges by bdavis(op): 12:31pm On Mar 01, 2016
einsteine:
Jokers, all of you. One has to be a fool and/or a thief to believe a bank would sell AUTONOMOUS dollars at a price BELOW interbank rates. As if that's not enough, you all went ahead to make bigger than usual purchases because you wanted to take advantage of an error on the part of the bank.
Don't presume to know what exactly you don't have facts for. A few weeks ago, just before the naira crashed, I was at my bank and asked what the card rate was; I was directed to the lady in charge of transactions on Dom accounts, specifically at opebi branch of gtb, from the customer service desk on the 1st floor.

When I asked her, after several reluctant and vague answers, ranging from: it's not static, to its determined by the merchant you are making purchase from (as in seriously! A merchant outside the shores of a country sets the exchange rate for a financial institution within the country?! undecided ) to which I told her as much and told her: see take a good look at me: do I look stupid, or is there something about me that tells you I'm uninformed? She then reluctantly said within a whisper, that it's 199, excluding other processing fees. So I walked out of the bank, asking myself if she was right or was just like a lot of banking staffs, clueless and afraid to admit it.

I totally forgot about the whole incident anyways, especially after seeing varying rates on abokifx.com. But when a friend mentioned he was just charged at that rate for sending money via paypal, I felt wow! So she wasn't clueless after all and decided to get me a blackberry passport, which I had been eyeing for sometime now. After making the transaction, I was billed @202.44, which was in line with what a friend said she got billed using UBA, and that was that, until around 12am Monday morning when I got a new alert for the same transaction, now recalculated at 299.something and my account was now in negative of 16k+ which would account for 299/$ but by 12noon same day, another debit alert was placed, thereby doubling the negative balance to 33k+...so they are now what? Charging twice? Or its another 'system anomaly' and we still have to bear that a well?

Truth be told, even at the recalculated rate, it's still a good buy for me, although I woulda done better using ma stanbic. But what irks me is the nonchalant attitude of our banks, especially GTBANK, which doesn't seem to realize they are just living on past glory.

Now they have put the cart before the horse and sending out mails of apology to a handful of peeps, after debitting their accounts to negative balances. The apology and explanation shoulda come first, and a notice of reversed charges given or a request to decline the transaction on behalf of the customer if he/she says the new rate is not affordable.

That would have been the customer-oriented / customer-centric thing to do. If they don't want to absolve the losses. It's not rocket science...

Shakitibobo:
Hi Guys, please let's stop all this. Really, can we get real for a moment!!! We can not all gang up and destroy our own indigenous companies under the guise of error in exchange rate. things are tough all over the world right now. companies are laying off to stay afloat and the few ones we have, we want to sue them to court and let me guess...... HUGE SUMS OF MANEY ABI? Banks are not Tech companies, they really on other companies to provide technical support and as bad as we hate to admit it, systems fail once in a while.
Due to a system error, they sold dollars at N199, if it were your own business, wont you recoup the loss. We all cant complain about Buhari badmouthing Nigeria where we also are doing the same thing. dragging the bank to twitter or facebook will only shortsell ourselves to the rest of the proud and convince them that we do not have a banking industry that is strong. if we do this, how will we now attract the foreign investment to grow the Naira. MTN, GLO, Airtel have all had several system failures and debited credit from our phones... My DSTV (PREMIUM) expired and I wasn't disconnected, the next time I paid, the instantly debited me and I understood. didn't go around creating a fuss over it. These things happen but doesn't give us the right to destroy our own... just my thoughts sha!!! lets build the economy and grow the Naira (we need these companies to achieve that)
GTB you guys ought to be a lot more careful by the way
God Bless
So because the baby is crying whilst having his/her bath, he/she should be thrown out with the bathe water? We should settle for mediocrity cos wetin? It's a 9ja company? Abegi!!! If we want this beloved country of ours to reach its maximum potential, then we have to hold ourselves to a higher standard and not settle for business as usual!


@phony200: ur NL handle says it all...no need for further comment.
Technology MarketRe: Exchange Rates Of International Currencies >>>Updates on First Page<<< by bdavis: 11:18am On Mar 01, 2016
aikfrank:
Let's not complain in silence, my account is saying trash -50k for what!!!!!

Please let's all send a message to the appropriate. Institution at CBN, I just checked the CBN website and the appropriate mail is cpd@cbn.gov.ng.

Please let us send our complains there, it would carry more weight.

I will create a new thread For this.
aikfrank:
Please let's do this in one voice
https://www.nairaland.com/2964531/gtbank-online-purchase-fraud-affected#43377559
A thread was already created,

https://www.nairaland.com/2963306/class-action-suit-against-gtbank

to gather enough momentum and a Facebook page and twitter handle is already being worked on, which would soon be live.

onatisi:
You don't need people to join you before fighting for what you believe in . If you know you are right then institute a court action against gtb and sue them for millions ,if you win it is all good. Great ppl don't wait for crowd or others to join them before fighting for whatever they know is right. If you know you have a case then go ahead and build a case against gtb
No you don't but a class action suit carries more weight.

https://www.nairaland.com/2963306/class-action-suit-against-gtbank
Technology MarketRe: Exchange Rates Of International Currencies >>>Updates on First Page<<< by bdavis: 3:58am On Mar 01, 2016
Justin28:
Good day all, please am having problems buying apps on play store with my gtb ATM which I've been using for alliexpress Purchase.
I got this email from gtb.

""Thank you for using your GTBank Naira MasterCard.
Please be informed that your transaction with the details below could not be completed because you have selected the DCC payment option (Dynamic Currency Conversion) that allows you to pay in Naira, which has been temporarily restricted on all our cards. Please reattempt the transaction and select the currency of the country you are transacting in.

Card Number : ******
Account Number : ******
Merchant Name : GOOGLE *TRADEGAME Lab g.co/payhelp#CAUS
Amount : USD2.17 (NGN685.50)
Date : Feb 29 2016 3:04PM""

Please how can someone pay in dollars when the playstore put the price at 507 Naira. (I.e. default currency is in Naira).
I need help
Don't mind GTBANK, they are thieves! Imagine they sent out a circular when they were charging around 350+ way above black market rate then, that we should stop choosing to pay in naira (which our account was domiciled in) because doing so would result in more charge than necessary, which was a blatant lie!

Sites like Amazon, Google Play Store and BBM Shop allows you to choose naira and already would have done the conversion using the official rate and thus submits bills to GTBANK in naira, which they have to honor and since they can't find a way to 'steal' from that, they sent out that yeye, useless circular.

Seeing 9jas are wise and know it's all bull, they have decided to stop honoring such bills from such sites. And some peeps would come here and be talking thrash about how GTBANK is right and we should just fold our arms and keep quiet.
Technology MarketRe: Exchange Rates Of International Currencies >>>Updates on First Page<<< by bdavis: 3:51am On Mar 01, 2016
frebor:
So Gtbank heard you want to sue and quickly released this?
Yes o, seems so
BusinessRe: Help GTB Cleared My Account And My Account Balance Is Now In Debit by bdavis: 6:35pm On Feb 29, 2016
T
gbodimowo:
Are you all aware first bank had an issue on friday,sent an email with an alternative and sent an email to wxplain the peoblem and thanked those who stood by them?

so why il GTB claim to have a problem , yet not inform customers about itt instead come up with a conclusion and tell us to accept and pay for an error that isnt ours.

i say NO note abandoning the account is a No option as BVN il hold you back
this brazing act of rape and daylight robbery has to end and this has to be the case that il end it

i qant those accusing the bold ones to know this

when you call on weekends you get friday rates, i want you to know that according to the banks the rates are calculated by the software and not subject to manipulation

that last statement is a common saying if u call any of the customer care services


FYI i qant to put this up for the ITKs here to answer


how il u explain a paypal transaction done on a friday at 1pm and debited immediately at 270 only to be refunded by seller 3pm via paypal due to insufficient stock and your refund doesnt show up until 4 days in your bank at a rate of 228 remember the debit.n refund was same day on paypal 2hrs apart but d cash was taken immediately for debit n returned 4 days later
Don't mind them jare...my brother once had a case like that and they came up with all sorts of cock and bull stories to justify their action and why the refund is less than actual debit, one thing stanbic never does. Yes it might take time to post, but it's refunded at the same exact rate it was debited. After being on the phone for a while and several emails later with GTBANK not budging, I told him to copy CBN in his next mail to the bank, keeping the thread and guess what, when he copied CBN, this time around GTBANK didn't respond to his email but they credited him with the difference immediately!

Please join the below thread.

https://www.nairaland.com/2963306/class-action-suit-against-gtbank#43363495

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