Unscrupulous Bank Charges: A Case Study of Stanbic IBTC

Nigerian banks are actually better at dropping unscrupulous charges on customers accounts than offering excellent banking services. You look away for one moment and a few naira's out of your bank account. 



We seem to have the most lukewarm Central Bank with Mr. Gowin Emefiele incharge. There are several complains about most of the banks (if not all), they get away with almost anything, the CBN seems to be oblivious to these issues. No uniformity in charges and operations. Does this mean that they are allowed to do whatever to remain profitable? What then is the essence of a regulator in a gigantic building without effective operations? The central bank may prefer collecting fines than enforcing sanctions on erring banks hence the onlooking attitude.

We have a finance sector that do not understand their role in stabilizing and developing the economy and a "sit-down look" regulator, such a tragedy! 

Alot of funny practices by these banks, people are complaining and nothing is being done to check their excesses.

Loan
More commercial banks are entering the market yet access to finance is getting slimmer. They'd rather setup credit unions and charge upto 40% interest than give out loans on the prevailing CBN interest rate. All they want is to enrich themselves afterall, they are capitalists they'd rather pay fines than loose the right to unlimited profit and CBN gives "body language endorsement" to this.


ATM Transactions
Alot of the banks have a limit of N10,000 withdrawal at a time. Some of my experiences are with Guaranty Trust Bank, United Bank for Africa and First City Monument Bank and we all know that this is to enable them charge more for more transactions i.e. if you want to withdraw N60,000 from other bank ATM, you would need to make 6 requests and be charged N65 twice. The more withdrawal orders you make the more profit for the banks yet each of these ATMs can dispense upto N20,000 at once and some as much as N40,000 but that is in principle and not in actual practice.

Transfer charges
Transfer charges varies from bank to bank, more like according to the level boldness they possess. Zenith charges N52 while GTB charges N84. No uniformity which mean no regulation or should we say there are no policies guiding transfers? 

Too many things to complain about. 

See below how Stanbic IBTC bank kept dropping charges in a customers account for more than one week even without transaction.

Stanbic IBTC deducts money in May 2018 tagged "charges for November 2017". Could it be that the bank forgot to charge this in 2017 or they just decided to take money from customer's accounts to balance their own account? You never know...