Some bank customers, especially those of Guaranty Trust Holding Company (GTCO), say they will opt for electronic mail alerts from their banks to cut costs and reduce charges on their accounts.
Some who spoke to the News Agency of Nigeria (NAN) in Abuja said they would deactivate the Short Message Service (SMS) transaction alert linked to their accounts.
Mrs Dorathy Azinge, a customer of GTCO, described the increase in SMS charges as exploitative.
Azinge said that despite daily transaction charges being debited from her bank account, the bank still increased SMS charges.
“This move to increase SMS charges is very exploitative, even though they cited telecommunication charges. What about all the numerous unwarranted debits I get from my account, and they are using telecommunication expenses as a yardstick to increase theirs. GT will remove different charges from my account until they give me a minus balance,” she said.
Another GTCO customer, Ms Elizabeth Abu, said she would visit her bank to opt for her transaction alerts to be sent to only her e-mail address.
Abu complained about the reduction in the capitalised interest on her account and said the numerous debits were becoming frustrating.
“It does not make sense for the bank to charge me for a transaction I did and also charge me for the alert they sent. It means that customers are the ones paying heavily for all these services.
“These charges reflect on the profits declared by these banks, and we are paying for this,” she said.
Mr Clement Arubu, a customer with First HoldCo Plc, said his bank sent him various transaction debit alerts totalling N1,050 monthly.
Arubu said the debits were huge, especially among 10,000 bank customers.
“Most customers receive these alerts and neglect them because to them, the money is small, but when you debit the same money from about 10,000 customers, then you can be sure that the money is huge,” he said.
Mrs Catherine Itoha, a GTCO customer, said the bank had yet to reverse over N20,000 debited from her account through various failed Point of Sale (PoS) transactions for about 11 months.
Itoha urged some banks and their staff to adopt principles of fair practice when handling their customers.
“Customers are the reason banks exist, so we deserve to be treated fairly. GTB debited me in about four different transactions that I made, but they have not reversed any of these monies up until now.
“I visited the bank, filled out forms, and spoke to their staff personally, but the issue has not been resolved since last year. If this money did not go to a staff member, it means it is part of their profit,” she alleged.
Mrs Esther Arthur, a Fidelity Bank customer, alleged that some banks profited from charges on customers’ transactions.
Arthur described the situation as sad and frustrating.
“I withdrew N10,000 from a First Bank Automated Teller Machine (ATM), and the machine showed me that I will be charged N100 because it wasn’t my bank.
“When I finished the transaction, to my greatest surprise, an alert came into my phone, and when I checked it, it was an alert of N630.00 against the N100 on-site ATM charges that the Central Bank of Nigeria (CBN) instituted. This is so sad,” she said.
Mr Augustine Ode, a Zenith Bank customer, appealed to the CBN to check the excesses of some banks that were allegedly defrauding customers.
The News Agency of Nigeria (NAN) reports that GTCO informed its customers of the increase in the SMS transaction alert fee from N4 to N6 per message.
The bank had said that the adjustment was due to a recent increase in telecom rates.
GTCO also informed its customers who preferred not to receive transaction alerts via SMS to update their preferences by completing the transaction alert form on the bank’s website and sending it to gtbankmailsupport@gtbank.com.
*As Ponzi scam victims cry out, demand SEC’s immediate action
Some victims of Ponzi schemes have lamented their losses on their investment worth billions of naira.
Some victims who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday also appealed to the Securities and Exchange Commission (SEC) to step up actions against the schemes by fishing out and stopping them early before they achieve their dubious aim.
They also advised citizens against investing in the platforms, saying their operations were filled with cruelty and criminality.
Mr Ikenna Osuoha, a victim of one of the schemes, said he was swindled of more than N700,000, which was his hard-earned money.
Osuoha alleged that some operatives of the scheme known as ‘e-wet connect’ had threatened him when he confronted them with his reports to the SEC and the Economic and Financial Crimes Commission (EFCC).
He said that the company was still organising seminars and workshops for citizens in the states.
“I want to use this medium to alert Nigerians to the illicit operation of some Ponzi schemes, which I am a victim of. I have been swindled of my hard-earned money, amounting to over N700,000, and my wife’s over N100,000, which was part of our children’s school fees.
“When I was prospective, I tried and got some money, I invested N120,000 and I got N240,000, but I never knew it was a bait. I continued and invested more money.
“What I want Nigerians to know is that these people operating these schemes are so hardened, cruel, criminalised to the extent that they were telling me to look for 50 per cent of what I am expecting again to bring more money to them.
“With impunity, they are threatening me and saying that all the security agencies are under their control,” he said.
Osuoha called the SEC to investigate and bust the scheme because they are swindling innocent Nigerians.
“I am also calling on Nigerians to beware of such schemes as their modus operandi is to organise seminars, workshops,” he said.
Mr Emmanuel Atuma, a victim of the recent Crypto Bridge Exchange (CBEX), said he lost 300 dollars to the scheme.
Atuma, who wondered why CBEX resumed its operations, called on the SEC and the necessary regulatory actions to take decisive steps toward bringing the operators to book
He said bringing CBEX operators to book would deter those planning to lure people into the scheme.
“The Investment and Securities Tribunal must ensure they facilitate the judgement of any Ponzi scheme case brought before it so that others will learn,” he said.
Mrs Elizabeth Okechukwu, a victim of the Mavrodi, Mavrodi, and Melnikova (MMM) Ponzi scheme, said that citizens fell prey to the scheme due to greed and the undue quest for money.
Okechukwu advised citizens to quit the money-doubling mindset and work for their money.
Ms Osaro Musa, a businesswoman, said she invested her trade settlement money in a Ponzi scheme, thinking it would double so that she could use it to start her own business.
“These people are so heartless. They collected my money and promised to double the N100,000 I got from my Madam after serving her for six years. It was so frustrating that I had to do so many things to replace the money,” she said
Meanwhile, the SEC had vowed to take decisive action against illegal fund operators and prosecute those who refused to stop their fraudulent activities.
Ms Frana Chukwuogor, the Commission’s Executive Commissioner, Legal and Enforcement, said,’ We want to saturate everywhere. Saturation is my favourite word; there will be no room to do anything more.
“We are here to spend time with people who have realised that the menace of Ponzi schemes is affecting and spreading all over the place. They are deceiving and collecting people’s money, especially from traders in the market.
“We have seen people lose their life savings, businesses, and peace of mind. That is why we are taking this message to the markets, motor parks, online platforms—anywhere Nigerians are making financial decisions, because prevention through education is our first line of defence,” she said.
