Guys In Niger Help Me Out

[Yomik]

My bank is taking silly money out my account whenever I deposit check into my account, either the money is a refund from IPO they don’t want to know, and to be frank I am loosing too much money. what I plan to do is this if I cash those check before I put them into my account are they still going to continue charge me all those crazy money or not such as vat and some other name i dont understand. Sometime its like 3 to 4 percent. I try to explain to them they told me as long I bring check there is nothing they can do about it. Please guy I need your advice. Can you imagine taking 4% of 2m or more for nothing I don’t get it .

[olusolakemmy]

Originally Posted by Yomik

My bank is taking silly money out my account whenever I deposit check into my account, either the money is a refund from IPO they don’t want to know, and to be frank I am loosing too much money. what I plan to do is this if I cash those check before I put them into my account are they still going to continue charge me all those crazy money or not such as vat and some other name i dont understand. Sometime its like 3 to 4 percent. I try to explain to them they told me as long I bring check there is nothing they can do about it. Please guy I need your advice. Can you imagine taking 4% of 2m or more for nothing I don’t get it .

banks are now on the rampage, charging for anything, are we not the one that want them to make crazy profit?
the other day my bank sent me a text messeage that henceforth i will be paying for every sms alert i get!!!!!!!!!!!!, i told my fiance that also works in a bank and she said thats the trend.

the VAT is not upto 2-4% i dnt know the percentage but its usualy in few naira, then COT is about N5 on every N1000 withdraw.

they dnt charge anything for deposit, they only charge on withdrawal.

you might have to call your banker and if you can tell us the name of the bank, someone somewhere might know a staff that can be link to you to help you out with clarification.

i also had the same frusration at first but i adapted when i realised they are all doing it

[Apache]

Originally Posted by Yomik

My bank is taking silly money out my account whenever I deposit check into my account, either the money is a refund from IPO they don’t want to know, and to be frank I am loosing too much money. what I plan to do is this if I cash those check before I put them into my account are they still going to continue charge me all those crazy money or not such as vat and some other name i dont understand. Sometime its like 3 to 4 percent. I try to explain to them they told me as long I bring check there is nothing they can do about it. Please guy I need your advice. Can you imagine taking 4% of 2m or more for nothing I don’t get it .

Yomik, name of bank please

[Apache]

Originally Posted by olusolakemmy

banks are now on the rampage, charging for anything, are we not the one that want them to make crazy profit?
the other day my bank sent me a text messeage that henceforth i will be paying for every sms alert i get!!!!!!!!!!!!, i told my fiance that also works in a bank and she said thats the trend.

the VAT is not upto 2-4% i dnt know the percentage but its usualy in few naira, then COT is about N5 on every N1000 withdraw.

they dnt charge anything for deposit, they only charge on withdrawal.

you might have to call your banker and if you can tell us the name of the bank, someone somewhere might know a staff that can be link to you to help you out with clarification.

i also had the same frusration at first but i adapted when i realised they are all doing it

I have a checking account with GTBank (which i think is the best bank in Nigeria).They only cahrge me for the sms they send (of which you have the option of not subscribing for this), COT (which is N5 for every N1000) and VAT on COT.
So what i normally do is that If I have big ticket transactions that might might incur heavy COT, I make the transfer to my savings account (with GTB also) of which since it's the same account, no COT is charged. Then I fill a transfer form to the persons account. However, this only works if the person has an account with GTB, otherwise, COT can't be avoided.

I have heard that most banks charge their customers anytime they use the ATM (N60), GTB don't do that.

[wanaj0]

I suspect that the bank is Intercontinetal or UBA. They are the banks with absurd charges. Inter now cahrges you for depositing cash into your account. Though they said it is for savings account.

Now, I've learnt to move funds from my current to Savings account.

Best thing is to go for a COT free account.

[Yomik]

Originally Posted by Apache

Yomik, name of bank please

zenith bank is the one

[Babs_O]

Originally Posted by Yomik

zenith bank is the one

Why not try BankPHB. They have a check account that once you maintain above N 100 K they will not charge COT.

[olusolakemmy]

Originally Posted by Yomik

zenith bank is the one

have you contacted your account officer.
sometime they make refund when you really have a case.
atleast one of my banks have refunded me but usualy done at the end of the month.
try and get your point together and let your acct officer know about it.

[wanaj0]

Originally Posted by Yomik

zenith bank is the one

Well check properly with your account officer.

VAT is ONLY 5% of COT so it is infinitesimal. 4% of your money is criminal. VAT and COT are only charged when money leaves your account. So there must be something else going on there.

[Avocado]

Originally Posted by Apache

I have a checking account with GTBank (which i think is the best bank in Nigeria).They only cahrge me for the sms they send (of which you have the option of not subscribing for this), COT (which is N5 for every N1000) and VAT on COT.
So what i normally do is that If I have big ticket transactions that might might incur heavy COT, I make the transfer to my savings account (with GTB also) of which since it's the same account, no COT is charged. Then I fill a transfer form to the persons account. However, this only works if the person has an account with GTB, otherwise, COT can't be avoided.

I have heard that most banks charge their customers anytime they use the ATM (N60), GTB don't do that.

The original poster ought to name the bank as already requested.

I bank with GTBank too and execute almost all transactions online, provided the other party is a GTBank client too. There's a notification email sent to my email of record anytime there's a posted transaction on any of my accounts. I generally avoid paying any COT by going via the CurrentAccount-->SavingsAccount-->other client route. My stockbrokers have GTBank accounts, same for fund managers; when cheques have to be issued, I'd, of course, incure a COT charge and the VAT on COT). The only charge I get to see is the withholding tax, which is 10% of interest capitalized on balances in the savings account when there're less than five withdrawals within a calendar month. It is robbery to pay COT, so there's no guilt in simply avoiding it.

Notes:
1) Take time to check your bank statements; a simple Excel spreadsheet could be useful.
2) Take up any suspicious charges immediately, irrespective of the amount.

I couldn't compare any other bank, but the GTBank people have shown themselves to be pretty solid; not that there haven't been challenges, but across the branches I've dealt with for different types of transactions, they're getting closer and closer to the sort of service one is used to elsewhere. And to think I don't ever have to go there physically...

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