CBN Orders Nigerian Banks To Start Charging Customers For Failed Transactions

Nigerian banks have started charging customers for failed transactions, a move that could further compound economic hardship already assailing the masses.

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.

In an email notice sent out to customers by Stanbic IBTC on Thursday and seen by Peoples Gazette, the penalty of one percent of the amount being transferred or N5000 of such, depending on the highest fee, will be charged against the customer who breach the new guideline.

If there’s no money at the time of the failed transaction, the charge will be withdrawn from the account whenever it is funded, IBTC said.

Direct debit is a standing order initiated by an account holder that enables the bank to debit a specified amount from the customer’s account at an agreed date.

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Posted: at 20-11-2020 12:32 PM (3 years ago) | Addicted Hero

How could someone transfer money when you don't have money in your account. Its fraudulent.
Same way someone will issue a cheque without money in the account. The cheque will bounce back up to 3 different times. That is wickedness and heartless because some people does that intentionally.

Some developed countries, the bank will penalize and the authority will even jail anyone with bounce cheque.

I think its a good idea by CBN to stop this evil by some people

Posted: at 21-11-2020 06:59 AM (3 years ago) | Gistmaniac