₦airaland Forum

jp philips: you just beat me to it, i was about opening a thread on this subject matter this morning

FBN sent me a message saying that from 11th of feb 2013, all transfers to other banks below 500k will attract #105 while above will attract #150. it was 47 naira before now across board.

i have not gotten any similar notice from my other banks, which leads me to believe that it is not an across board directive from the CBN.

FBN is trying to set a precedence that will be worse than the ATM saga, we are talking about above 150/105naira multiplied by total transactions per day, this is absurd.

the CBN Gov. convinced Nigerians that the Need to go cashless was permuted to reduce cash transfer risk and logistics charges including cost of printing notes, FBN this month has turned it into an avenue to extort customers.

the internet infrastructure we use to facilitate those transactions are being maintained in part by both the customers and the bank.

this defeats the cashless policy of the CBN and it is more worrisome why the CBN boss is keeping quiet.

if we save money for the govt for printing less cash, cash handling charges, security etc, the least they should do is to charge less on those transactions.because we bear a brunt in the internet infrastructure

for a transfer from an FBN maintained current account, you are charged COT per tramnsaction, charged alert on the transaction(which i have noticed in recent time is higher than other banks), charge you inter bank transfer rate, charge you VAT on COT and sundry vats.

amidst this jamboree on your account, they hardly pay a reasonable interest on savings account.

what the new policy entails is that for every 1,000 naira you transfer from your FBN maintained current account to another bank (after paying for your internet),
you lose another

173 naira,above 10% of my transaction worth? God help you if you transfer above 500k. Now if you dare transfer 1million naira or 500k on POS, kai! your account will squeeze face immediately.

what good reason does first bank have for these arbitrary charges? cost of cash handling over the internet? cost of printing e currency?


imagine charging me VAT on COT? VAT on the money you are making from my money shouldn't it be the other way round?
why not charge VAT on SMS charge?

FBN are the latest thieves in town, im putting those accounts on hold pending when those Agbero in Suit realize that making money is not easy in Naija.

the most annoying of it all are salary accounts where you have to transfer to 50staff at a time, the bank charges alone is enough to hire an extra staff. Nonsense!!!

payless: I have just asked him to get International Passport for future purposes. He said UBA, Dopemu. I even called to speak with these people and were adamant on seeing his driver's license which he had on him with voters' car and national I.D but they asked him to go and renew his drivers' license. The license only expired last week. This is a very crazy nation.

They released the money with 10,000 naira bribe.

payless: I have just asked him to get International Passport for future purposes. He said UBA, Dopemu. I even called to speak with these people and were adamant on seeing his driver's license which he had on him with voters' car and national I.D but they asked him to go and renew his drivers' license. The license only expired last week. This is a very crazy nation.

They released the money with 10,000 naira bribe.

naijaking1: Mimiko doesn't need to worry, because the corrupt Jusctice Salami is gone