₦airaland Forum

We will appreciate your expert or experience based advice on what to do next with the bank in question.

In June last year, (2015) three of us decided to start a consultancy outfit as a result of our experience in that field.

In July, we registered a business name with CAC as an enterprise and in January 2016 we got an office and kickstarted.

To give the business a corporate outlook and credibility, we decided to open a bank account. Two new generation banks came to mind and we obtained their opening forms. We later decided to bank with one of them based on the information that it would be easier getting a loan facility from them.

We opened the account in January and some deductions were made instantly for checkbook and corporate search. With the help of God, the business has been prospering. There's regular inflow and outflow of cash.

About a month ago, I tried to initiate a transfer as usual but after several failed attempts, I gave up, thinking it was network issue.

About a week after the failed transfer, I went to the branch to collect our checkbook (being the sole authorized signatory to the account) but was told there was a memo on the account from Head Office and restrictions had been placed on the account so it would not be possible for me to collect the checkbook. I asked what the problem was but the lady told me she didn't know as she was not able to access the memo because of network problem. She asked me to call back the following day.

I went back the following day and was told one of our refree's bank had not responded and also that the board resolution authorising me to operate the account did not contain the name and signature of the third partner. At the point of opening the account, we were told two out of the three partners could sign the Board Resolution, since the third person was not around. But now, they said it was a mistake and that it would have been fine if it was a limited liability company but as an enterprise, all the three must sign. This was the bank mistake not ours.

We set out to find a solution. We prepared another board resolution and gave them another reference from their bank, which they accepted. We felt after this, we should be able to start operating the account but one month after, we cannot take money from the account to settle our bills, pay our staff and perform other transactions.

I went to the branch again and this time around I was told a different story: the result of the corporate search from CAC was yet to be received from CAC. I asked how long would that take but I got no reasonable response. From all indications, according to them, we would not be able to withdraw from the account until CAC responds.

Is this really normal? Is there no other way of going about it? We all know how efficient government parastatals are in Nigeria. Does it then mean if CAC does not respond we will never be able to access our funds? Can't they sight the original registration documents for authenticity or if that can be forged, can't they send their staff in their closest branch to CAC office?

I have called their customer service severally. I have sent many emails to them and all they keep telling me is they are intensifying efforts to resolve it.

This is quite frustrating. Please your advise on what next we can do will be appreciated.

why not close the account?
they should give you your money if you close the account.
you can then start afresh . probably elsewhere too.

EnterPRO, thanks for the advice. Will try that but any idea on how long it will take to get the money when an account is closed.

mail their head office and copy CBN, ndic, CPC and the rest.thank me later.

femeritus:
EnterPRO, thanks for the advice. Will try that but any idea on how long it will take to get the money when an account is closed.

no idea. got the idea from the post below :

Creamish:
Hello,

Here are some possible solutions:

1. Write to the bank through their contact center and lodge your complaint at [email]contactcenter@accessbankplc.com[/email] or you can call on these lines 0700CallAccess (07002255222377), +234 1- 2712005-7, +234 1-2802500

2. Ask to speak with the Head of Operations in the branch you make your transactions and let him assist.


3. Write to close your account if none of the above works. When your account is closed, you will have your full balance paid to you. CBN has mandated no account closure charge. You can then proceed to open a new account elsewhere if you choose but always remember the class of account you operate so u can correctly inform anyone making a deposit into it.


I'd like to know tho.. what kind of ID card do U have?

alakara:
mail their head office and copy CBN, ndic, CPC and the rest.thank me later.

Thanks, alakara.

EnterPRO:
no idea. got the idea from the post below :

OK, thanks.

It seems the bank is fond of doing this. Just saw this post and lo and behold, it's the same bank I have issues with even though I didn't want to mention the name. The last time I went to one of their Lagos branches, a woman came with the same complaints. That means this fraudulent deal is common with them and the public needs to know. Please this is front page material. It will sensitize the banking public and will probably keep the bank on its toes. Check a similar story in the thread below:

https://www.nairaland.com/3023504/how-diamond-bank-fraudulently-forced

Op, why not contact CAC by yourself and see if that can speed things up?

Thanks, tonytony but I think the fault is not even from CAC. For instance, initially we were told it was the referee and the Board Resolution but as soon as we resolved those two, they came up with the issue of CAC and if what the thread here https://www.nairaland.com/3023504/how-diamond-bank-fraudulently-forced contains is anything to go by, they will keep coming up with excuses. For assistance, the poster even said that CBN denied what the bank claimed was the issue and in their own case, the woman has not been able to withdraw her salary for up to seven months now.

This is unusual.

When our company opened account with a bank, before we could even start any business transaction the referee and CAC were both Confirmed FIRST! It took almost a month or two but the account was idle until the two were done.

So I'm surprised you were able to do business with the account even when they haven't confirmed the reference or CAC report. It's so surprising.

And you cannot close the account, the best that can be done is to write a letter to their Corporate Head Office in Lagos demanding your full money out of the account. I doubt they will honor it unless the account is restricted for more than 3 months before they can honor it.

Nigeria sef.

Really, so we can't close the account.

The issue has been resolved and we didn't need to close the account. Thanks all.