Outrageous Bank charges

[Good-Person]

Local payment platforms are very efficient and easy to use. They don't charge on transactions despite the multiple times you use them and they are way more better than mainstream banks.

From what country do you belong to? I live in Pakistan and we have many local payment processors that are in use by many people. They are quite cheap. However, the bank in my country has never deducted big charges when I withdrew money from my account.

 

[Godspower]

From what country do you belong to? I live in Pakistan and we have many local payment processors that are in use by many people. They are quite cheap. However, the bank in my country has never deducted big charges when I withdrew money from my account.

Well, over here in Nigeria, banks do charge almost on every transaction made. The most rampant charge is the one deducted as SMS charges for every bank alert transaction you receive on your device.

 

[Abigael]

Well, over here in Nigeria, banks do charge almost on every transaction made. The most rampant charge is the one deducted as SMS charges for every bank alert transaction you receive on your device.

That is too much to charge people. Here in Kenya, banks don't charge that way. You are only charged for the transactions such as depositing or withdrawing.

 

[kayode10]

If it happens that there are other ways of saving money and keeping valuable things people are going to make use of them instead of bank. they charge every services they render to the customers and this can be outright high.

 

[Good-Person]

That is too much to charge people. Here in Kenya, banks don't charge that way. You are only charged for the transactions such as depositing or withdrawing.

I think all the banks in the world charge some sort of fees for SMS notifications. This is because they need to pay the mobile networks for this service. They cannot send free SMS due to this.

 

[Ononivami1]

The only way to avoid the taxes is by not having an account with them. So far you have the bank account, the outrageous charges will always apply.

 

[eLdavis]

Lolz, and where is she saving her money ? Because without the bank you can't save your physical currency except maybe she is saving some of her money in crypto . So she will take out any money that gets into the account before the deduction start ?

She makes use of other banks, once any money comes to her first bank account, she either move it to another account immediately she get the money before they start deducting or she invest on crypto currency.

 

[Sotherefore]

She makes use of other banks, once any money comes to her first bank account, she either move it to another account immediately she get the money before they start deducting or she invest on crypto currency.

This is serious o, I will close down such bank account and I cannot waste my time on such, anyway this is mainly for people that are saving their money in a bank because to me I just consider it as a waste of time, I can only be able to save money I will need in two months time in the bank, the highest

 

[eLdavis]

This is serious o, I will close down such bank account and I cannot waste my time on such, anyway this is mainly for people that are saving their money in a bank because to me I just consider it as a waste of time, I can only be able to save money I will need in two months time in the bank, the highest

LoL she has both savings accounts and current accounts as well though in the same first bank, according to her they don't take any unnecessary charges form the current account, so most times what she does is to move her money from savings to current.

 

[Grandeur]

It's really crazy, if you leave an amount of money in your account at the beginning of the month, before it ends a percentage of it will be gone due to their ridiculous charges, the sad and unfortunate thing is nothing can be done.

It would even be better if it was a monthly interval deduction, in my account, it is usually like every week which is why I decided to use other free banking apps.

 

[Sotherefore]

LoL she has both savings accounts and current accounts as well though in the same first bank, according to her they don't take any unnecessary charges form the current account, so most times what she does is to move her money from savings to current.

I don't really understand what the people are trying to do, does it really mean that the bank cannot not be able to stop the unnecessary deduction of money from her bank account ... I think you should follow her to the bank maybe they might be able to resolve the issue.

 

[Good-Person]

The only way to avoid the taxes is by not having an account with them. So far you have the bank account, the outrageous charges will always apply.

There are many people who deal in cash due to this reason. I think bank charges also involve taxes of the government and this could lead to more fees being charged by the bank.

 

[Psalmseen]

Bank Charges nowadays are so frustrating and not worth it. Even I thought within myself a particular day maybe I should close down my commercial bank accounts because it's not worth it at all. The amount in the account isn't what you'll get at the end

 

[eLdavis]

I don't really understand what the people are trying to do, does it really mean that the bank cannot not be able to stop the unnecessary deduction of money from her bank account ... I think you should follow her to the bank maybe they might be able to resolve the issue.

I believe they can if they wanted to. You know most of these unnecessary charges are not done by the bank directly but by the workers who have access to the accounts. Imagine collecting 10 naira charge from 1000 persons that's 10k then imagine the ones they collect more than 10 naira

 

[Sotherefore]

I believe they can if they wanted to. You know most of these unnecessary charges are not done by the bank directly but by the workers who have access to the accounts. Imagine collecting 10 naira charge from 1000 persons that's 10k then imagine the ones they collect more than 10 naira

But as I understand bank they always try as much as possible to prevent their staff from making unnecessary advances on customers.. so do you really believe that there's a corruption in most banking institution ?

 

[eLdavis]

But as I understand bank they always try as much as possible to prevent their staff from making unnecessary advances on customers.. so do you really believe that there's a corruption in most banking institution ?

Like the word you use, they try to, which means there are cases where they may not be able to prevent this completely, there are cases where the manager could even be involved. There was a story I read some time back about a man who went to the bank to withdraw huge amount of money, on his way home, he was robbed, after investigations and all that it was discovered that it was one of the bankers who arranged this. They are trying their best to prevent this but they cannot completely stop it.

 

[Grandeur]

Yes it is very annoying. Especially when valid reasons aren't provided for these deductions, the best way to avoid all these problems is to find a safe and secure digital bank, that don't charge you for ridiculous amount and even deliver your card to your doorstep.
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Yes it is very annoying. Especially when valid reasons aren't provided for these deductions, the best way to avoid all these problems is to find a safe and secure digital bank, that don't charge you for ridiculous amount and even deliver your card to your doorstep.

That's just it, there's no need dwelling over spilt milk when already nothing can be done best is just find a digital bank just as you have said a good example is Kuda bank that even offers free transfers

 

[kayode10]

it is so unfortunate that bank keep thinking about ways to make more money from their customers instead of increasing the security. And their charges are increasing, the rate at which people are losing their money to the account through banking apps also increase

 

[Shigobad20201]

That is too much to charge people. Here in Kenya, banks don't charge that way. You are only charged for the transactions such as depositing or withdrawing.

Bank charges is Nigeria outrageous to the point where I decided to be saving my money at home, imagine dialling a USSd and there's error which makes the transaction declined , the bank will keep deducting charges and will be bringing you error several time while they keep charging you. They normally charge for a succesful transaction before.

 

[Heatman]

I always say it, my country is not getting better anytime soon. The banking sector is the most ridiculous sector we have in my country after oil sector. Now that they've blocked the alternative of putting our money in a platform that yields us profits, it's more frustrating everyday.

The several banks in my country always the same when it comes to overcharge and their customers for things that they are not even supposed to be charged because they believe that their customers doesn't have a choice.