Abuja: Some bank customers, especially those of Guaranty Trust Holding Company (GTCO) say they will opt for electronic mail alert from their banks to cut costs and reduce charges on their accounts. Some of the customers who spoke to the News Agency of Nigeria (NAN) in Abuja, said they would deactivate the Short Message Services (SMS) transaction alert linked to their accounts.
According to News Agency of Nigeria, Mrs. Dorathy Azinge, a customer of GTCO, described the increase in SMS charges as exploitative. Azinge said that in spite of various transaction charges debited from her bank account on a daily basis, the bank still increased SMS charges. She expressed concern over the move, questioning the rationale behind using telecommunication charge increases as a reason for the hike, while ignoring numerous unwarranted debits.
Another GTCO customer, Ms. Elizabeth Abu, expressed her intention to switch her transaction alerts to her e-mail address. Abu, frustrated by the reduction in her capitalised interest, voiced her concerns about the double charges for transactions and alerts, emphasizing that these costs ultimately benefit the bank’s profits, leaving customers to bear the financial burden.
Mr. Clement Arubu, a customer with First HoldCo Plc, highlighted the cumulative impact of transaction debit alerts, which totaled N1,050 monthly for him. He pointed out that while individual debits may seem small, when multiplied across 10,000 customers, the total becomes significant.
Mrs. Catherine Itoha, another GTCO customer, shared her ongoing struggle with the bank to reverse over N20,000 debited from her account due to failed Point of Sale (PoS) transactions. Despite visiting the bank and filing complaints, the issue remains unresolved 11 months later. Itoha urged banks to adopt fair practices in handling customer transactions.
Mrs. Esther Arthur, a Fidelity Bank customer, alleged that some banks profit from transaction charges. She recounted an incident where she withdrew N10,000 from a First Bank ATM and was unexpectedly charged N630, contrary to the N100 on-site ATM charge stipulated by the Central Bank of Nigeria (CBN).
Mr. Augustine Ode, a Zenith Bank customer, appealed to the CBN to address the alleged excesses of some banks defrauding customers. The News Agency of Nigeria reports that GTCO had informed its customers of the SMS transaction alert fee increase from N4 to N6 per message, citing a recent increase in telecom rates. GTCO also encouraged customers preferring not to receive SMS alerts to update their preferences via the bank’s website.
