A LIB reader sent this in. Read below...
"My friend had a salary account with one of our Nigerian banks over 2 years ago. she stopped using it around late 2012. Recently
got a call from the bank that she is indebted to them (without running a
facility) and her account balance currently exceeds N250k. This is an
account she expects to go dormant after 6months. She was told she had an
outstanding balance of N1,800 as cot charges and becos she didnt pay it
off, the account was not closed and the bank kept charging her account
every month.
My question is if she had no outstanding and
just about N2,000 in that account, would bank charge such interest rate
and raise that kinda value over that period of time. My Granny died in
january and her account was emptied in February by a bank official,
thats 3 months before the poor woman was laid to rest.
I now know why people say if you want to be closer God, banking is not the profession to be in. Abeg LIB readers, what should my friend do?
Gobe. Me and my "kolo bank"
ReplyDeleteI got same call on Tuesday the diff is that I wrote a letter to that useless Ecobank to close the account in nov 2013 with a balance exceeding 1m. Once I opened a new account they transferred the balance and I kept bugging them to close the old one but they didn't. Now they want me to pay for cot for jam 2015. My lawyer is on it. Bloody incompetent bastards
DeleteIt's important to know terms and conditions of operating a current account . Standard CBN approved COT is charged for every withdrawal. It's accumulated and debited at the end of the month and it varies depending on volume of transactions. If at month end you do not have enough to be debited for, you will still be charged which will leave your account in deficit (-ve balance). Refusal to fund d account will result further charges monthly (interest capitalized). This must have resulted in the accumulated debt she currently owes. No point sueing the bank. It's all in their terms and conditions which most people never bother to read
DeleteWaow!
ReplyDeleteJust pay the money
Lol!!!
But who steals d money?
ReplyDeleteSue d damn bank
ReplyDeleteBut who steals d money?
ReplyDeleteOver to the bankers.I'm equally as clueless as the poster.
ReplyDeleteShe should seek redress in a court of law, αи∂ am so sure that bank will be access bank....
ReplyDeleteHave stopped using their yeye bank, if they like, they shld pile up charges as I have only 1k there, in 2years time, they will come to my ass to collect it.
First bank remains d best!
#iT WiLL OnLY gEt BettER
#iT MusT eNd iN PrAiSE
I need to know the name of the bank b4 I can offer any kinda advice.....
ReplyDeleteHian! What kind of temptation is dis kwanu??? Linda take note!
ReplyDeleteHian! What kind of temptation is dis kwanu??? Linda take note!
ReplyDeleteHian! What kind of temptation is dis kwanu??? Linda take note!
ReplyDeleteShe should pay and keep her stingy ass up! Rubbish 👍
ReplyDeleteYou have to first of all get details of the type of account she was running. "Just like if you want to be closer to God,talking plenty is not the right way ".
ReplyDeleteIf u ask me, na who I go ask?
ReplyDeleteIf u ask me, na who I go ask?
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Pay na
ReplyDeleteIf u ask me, na who I go ask?
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Ignore dem
ReplyDeleteShe should ignore them abeg,I am abroad,have sent filled reactivation form,indemnity form all the stuff required but Ecobank has refused to reactivate my account but every month I get alert.they deduct 1k for account and 100naira for vat for an account that is Dormant and I don't have access to.I have emailed and called.so pls let your friend ignore them ,the bank's insurance will count that as a loss
ReplyDeleteAha!
ReplyDeleteDis evening LIB super story amaze me bcos am shock to say d least. If am in her shoes I wil simply settle everytin amicably and let peace reign.
Shalom!
Aha!
ReplyDeleteDis evening LIB super story amaze me bcos am shock to say d least. If am in her shoes I wil simply settle everytin amicably and let peace reign.
Shalom!
Aha!
ReplyDeleteDis evening LIB super story amaze me bcos am shock to say d least. If am in her shoes I wil simply settle everytin amicably and let peace reign.
Shalom!
Ask her if she was informed of the debit before the interest accured.. If nt she's not liable.
ReplyDelete"My question is if she had no outstanding and just about N2,000 in that account, would bank charge such interest rate and raise that kinda value over that period of time?"
ReplyDeleteJUST PUT THIS QUESTION TO THEM, IF THEY HAVE NO REASONABLE EXPLANATION CONSIDER THE CASE CLOSED.
What! Just email PMB, this is fraudulent and corruption. Can take it.
ReplyDeleteVery easy, we are in the silicon century, am sure if she post this on twitter, Instagram and lots of social media and tag the bank. By the time people start rants they'll return her money. She can also make money out of this by suing the bank she can get more than that buh na 9ja we dey, make she ff the first advice
ReplyDeleteIs not all about the bank profession but the personality the persons
ReplyDeleteI can bet with my 32 teeth dat it's Ecobank! In fact, I can add my next 2 months' salary 2 d bet! I know someone else that this happened to, and during the running-around it was obvious that many other banks weren't doin same, just Ecobank. It's wrong on all levels! It's wrong! Ecobank, hear me, it's wrong! U guys shld jst stop dis rubbish! Tho I dn't blame u, u know u'r in a country wher it can b tolerated. When I now ran 2 Ecobank to confirm what happened 2 my account I stopped using since around 2005 (God help me!) they told me d account couldn't be located, dat it may hav been closed. I only hope nothing lyk dis crops up later cos I go jst slice one staff right ear or big toe comot! I resemble person wey dey play?
ReplyDeleteGet a lawyer
ReplyDeleteRevealed! Read How Sleeping on Your Side May Protect You from Alzheimer’s
Name the bank abeg! Tell them say their papa, na you send them charge the account?!
ReplyDeleteMost Nigeria banks are scams! Fidelity bank stole 5k from my account since last year, and until now they are yet to refund me
DeleteHmmmm sue them.
ReplyDeleteHmmmm sue them.
ReplyDeleteMake them try such rubbish with me......i go carry native doctor storm the bank
ReplyDeleteMake them try such rubbish with me......i go carry native doctor storm the bank
ReplyDeleteEh..bankers all thieves infact today I had an issue wit dem.they wl just turn evrytin on you.before u know,u wl get confuse n leave d issue
ReplyDeleteHahahahaha...I don laff tire, wetin make we do??
ReplyDeleteGo to court
ReplyDeleteSue... arrest... cause wahala,
ReplyDeleteits a lie, she cant be charged huge cot if she has not run the account. let her request for her account statement and check every debit. Someone is playing games...she should query it mbok!
ReplyDeleteThis information is wrong, No bank will charge you on COT or interest on Bank Induced transaction.
ReplyDeleteMeaning NO cot will be charge on bank related transaction that is occurring on the account. if your case is genuine report it with CBN or sue the bank to court, you might make fortunes while the bank try to settle out of court for regulatory penalties.
This information is wrong, No bank will charge you on COT or interest on Bank Induced transaction.
ReplyDeleteMeaning NO cot will be charge on bank related transaction that is occurring on the account. if your case is genuine report it with CBN or sue the bank to court, you might make fortunes while the bank try to settle out of court for regulatory penalties.
Let her mention the name of the bank and then we can take it up from there
ReplyDeleteI don't know o
ReplyDeleteShe needs to find out what's their interest rate was and see if she owe that much. Unfortunately, you have some work to do.
ReplyDeleteWoooow av heard stories like this b4 bankers re kinda next to lawyers.
ReplyDeleteAunty linda
Woooow av heard stories like this b4 bankers re kinda next to lawyers.
ReplyDeleteAunty linda
Woooow av heard stories like this b4 bankers re kinda next to lawyers.
ReplyDeleteAunty linda
Woooow av heard stories like this b4 bankers re kinda next to lawyers.
ReplyDeleteAunty linda
MY GAY BOSS PAUL ODEKINA of Total E&P is really sorry to hear this
ReplyDeleteMY GAY BOSS PAUL ODEKINA of Total E&P does not like Beyonce. she doesnt look manly enough
ReplyDeleteBankers in d house take over.
ReplyDelete#*karlishah*
Linda you disappoint me. What kind of lousy story is this? This reader is a liar. Linda pls validate your stories before posting. Which bank? Pls verify and don't be an agent of rumor mongering.
ReplyDeleteHmmm nawaooo
ReplyDeleteLib freak
Na lie, i dey work for bank. E no dey happen.
ReplyDeleteNothing nah, seems wrong to charge COT on a dormant account. Besides they should have made full provision for the amount in their books already. Someone must have some crazy target and is looking for how to meet it
ReplyDeleteThe truth is dat ur sister must have taken a loan before leaving d bank account. N1800 debit cannot accumulate to 250k in 3 years, dats not possible. If she is sure she neva took a Facility then she can seek redress thru d CBN customer complain help desk.
ReplyDeleteLet your friend tell u the exact facts. Besides am sure she didn't read those little terms and conditions on the form she signed. You hv to know all d details before u open an acct so that u don't come back and say u were not aware. Current accts are for those that can handle it.
ReplyDeleteLet her go back and find out the details and listen objectively.
A banker is in a better position to answer this. Sounds alien to me. Will be back to read comments.
ReplyDelete#TeamBlessed#
My dear, ask your friend to visit her branch and speak to her bank manager. this is an easy issue that can be resolved in 15 minutes.
ReplyDeleteI don't even understand the question sef.
ReplyDeleteBankers over to you.
Nigerian Bank engage in trading, nothing more...so I am not surprise. Rather than saving money in any bank as investment, invest it on assets that appreciate. TB with strong COMMERCIAL banks if you have intention for quick use of the money is fine, but long term savings? Hell no, invest wisely on properties, etc.
ReplyDeleteU n ur friend shld put heads together do + and - and get the actual figure...e nor hard na. 2heads are supposed to be better than 1.
ReplyDelete419.....COT means cost of transaction and since there was no transaction then don't see y there should be charges........
ReplyDeleteShe shd sue d bank
ReplyDeleteShe shd sue d bank
ReplyDeleteMtcheeeew they are crazy. Infact the bank should give her the 250k for damages. Lol
ReplyDeleteHmmm sue them
ReplyDelete419.....COT means cost of transaction and since there was no transaction then don't see y there should be charges........
ReplyDeleteNa UBA bank
ReplyDeletechange am for the bank... nothing else...
ReplyDeletechange am for the bank... nothing else...
ReplyDeletetell your friend to sue the bank to court. which kind thing be that nau?
ReplyDelete
ReplyDeleteLinda
I wish I can get in touch with her. I am currently fighting a very similar thing with another bank. Fortunately I got an SAN who was willing to take it on for me and they have agreed to get management approval to " write it off" after we said will go to court for N20m damages. why? Unfortunately in our case, it was N200 cot charge in 2001 that became N300,000 and we never knew until another bank notified us that we have been reported to the CREDIT BUREAU and we could not transact any business with any bank. She/you should have released their name! They will behave! I was willing to go that far and use money to announce on Linda too if they were not willing to correct it. She should get a smart Lawyer who want to fight on principle!
Nigeria corporate thieves! Yeye Banks! Only in Nigeria!
YOU BETTER GO AND RECONCILE THIS ISSUE WITH THE BANK, IF NOT THEY WILL KEEP DEBITING YOU, THIS HAS HAPPED TO ME BEFORE
ReplyDeleteReport to cbn they cannot do this.
ReplyDeleteDis ur imaginary stories dey confuse me.
ReplyDeleteHAS SHE SEEN THE STATMENT TO UNDERSTAND WHAT HAPPENED? SEE THE WHOLE PICTURE FIRST THEN WE CAN ADVISE YOU.
ReplyDeleteIf you don't want the account close it. You occupy space, you pay rent. Banks are in business to make money.
Not my area of expertise...
ReplyDelete***Lush
Li Li. This is a lie. It's practically impossible. Someone is not saying the whole truth. Next....
ReplyDeleteWish I understood what ur saying
ReplyDeleteMost Nigeria banks are scams! Fidelity bank stole 5k from my account since last year, and until now they are yet to refund me
ReplyDeleteDis banks are thieves. Dat was how atm short paid me went in to compain na diff story i hear.
ReplyDeleteI'm a banker. She should sue the bank.
ReplyDeletethis is a good business for you if you can take it up; the bank should be liable. but consider these charges and maybe others before taking the steps
ReplyDeletecot means commision on turnover (charge on transaction); what are the transactions she carried out with the bank account during the period? if not no COT should be charged
other charges may include:
maintemance charge- it used to be 1k annually now 100Naira anually. check from there statement how you've been charged
ATM: is she at anytime called for that
check all the unmeaningful charges and seek expact advice.
Yes, its ECO-BANK....... Very useless bank. I know this lady. In fact,She didn't take any loan or any kinda facility from this bank, she merely stopped using it. I even transferred money to my brother who is a student in Ghana last week Friday, he uses ECO-BANK, you won't believe that they debited his account with same amount. After much call, they said its an error but still have not credited him still date. I have told him to stop using the account and open another, Eco-bank claimed the account was blocked becos of BVN registration ( which i believe is still ongoing) and the funny thing is the guy came to Nigeria to register his BVN . I had to send him money through his friends account this last saturday. Their service is pure crap and truly nothing to write home about, but i don't blame them becos of the country we live in which gives room for such inefficient banking system.
ReplyDeletePoint of correction,being close to God is not a function of your profession.Your conclusion deviated from the main problem so I have no advice.lol
ReplyDeleteThis is ECOBANK.
ReplyDeleteOLE BURUKU
only in ECOBANK
ReplyDeleteECOBANK
ReplyDeleteAccess bank is always deducting my money for no reason. they will send balance statement at the end of the month. the nxt month balance will be lesss than the previous one.. how possible is that. no transaction was made at all. i am waiting for this month balance statemment , if its less than the previous one..a lawyer will have to send them a msg. BANKS ARE THIEVES!!!
ReplyDeleteAccess bank is always deducting my money for no reason. they will send balance statement at the end of the month. the nxt month balance will be lesss than the previous one.. how possible is that. no transaction was made at all. i am waiting for this month balance statemment , if its less than the previous one..a lawyer will have to send them a msg. BANKS ARE THIEVES!!!
ReplyDeletehmmmm funny,story
ReplyDeletepls ask metuh..d right answer he will giv u is NA APC......
ReplyDeleteThis is why I love GTBank, they freeze the amount reserved for COT so you are unable to withdraw it. so you have two balances, Book balance and Available balance at the end of the month they take their money and everyone goes away happy. No hidden charges
ReplyDeleteThis is why I love GTBank, they freeze the amount reserved for COT so you are unable to withdraw it. so you have two balances, Book balance and Available balance at the end of the month they take their money and everyone goes away happy. No hidden charges .
ReplyDeletewhats with all these biko stuff? okoro feeling funky!
ReplyDeleteThey also did this to me
ReplyDeleteyou should have name and shame the bank
ReplyDeletei can tell you the banks is Gtbank
i closed my account with them 15years ago, d silly officer at the reception then asked me to put it in writing because i was relocating out of the country which i did and submitted.
there was no internet follow up at that time, even GSM was just gaining grounds.
thinking account was closed, i opened a personal savings account with them years later when a friend got a job there and wanted me to have an account with her, few years later they stole 25k from my account and when i called them they said the company account i closed years ago had a cot of 1000 and it has accrued interest and hence the thievery. Its not as painful as the useless customer service reps they have; who behave arrogantly and talks to you anyhow like they own the bank.
The very day the incident happened, i emailed them and called them to close the account and they replied they have done so, as usual, with arrogance. do you know they still send me emails that i have accumulation of COTs? meanwhile the account is a COT free account. useless bank.
if you dont know, let me tell you GTBANK I HATE YOU ALL WITH PASSION
I agree with you thst the cudtomer service staff are arrogant. I went to their branch at Location NTA road in port harcourt and the two CCOs patrick and NKiruka was so rude and arrogant. I dont like the bank one bit
DeleteShe should sue the bank
ReplyDelete