LITTLE LEAKS OF CASH MAKE A MAN POOR

These unending deductions by banks from accounts have now reached a new high – via SMS alerts.!

A friend runs a Money Transfer business, and has an account in almost all the banks. The charges he is having to pay are unimaginably high.

Ironically, he opened these multiple accounts specifically to mitigate the cost of doing business – transferring to and from many bank accounts… money.

This morning, he sent this message he got from DiamondBank to me :

Debit Alert!
Acc#: ******1384
Amt:1.78
Desc: WITHOLDING TAX
Time:13/07/17 11:37 PM
Avail Bal:25,688.61
Total Bal:30,688.61

From Diamond Bank

Imagine sending an SMS alert of ₦4 to inform someone of a transaction of ₦1.78 !!!

Ridiculous

What’s withholding tax again on bank transactions? .. he asks.

When did banks start charging withholding tax? Are you aware of that?

We already have Stamp Duty. We already have COT with the accompanying VAT on COT and SMS alerts for all and every transaction (including those initiated by the bank), with the ₦4 charge, each time.

One can only go philosophical on things like this..

“Well, you are running businesses with the accounts. So just take those unending deductions as part of unavoidable running costs.

Remember there is the newly introduced ₦50 monthly ATM charge for each of those your accounts. Poor you. You are really dashing the banks plentiful money oo”

He responds,

“Na so, my brother.

Any time I transfer, they charge me for the transfer (even within the same bank), the SMSes, and the monthly ATM card stuff.

That should be enough for them nau.

I just tire o”

These unending bank deductions reminds one of the saying, little drops of water make a mighty ocean

It is certainly becoming an ocean of cash for the banks

I have an email client that gets an alert whenever a transaction happens on my bank accounts. I don’t need or want SMS alerts. The email already notifies me, so the SMS charges are just a waste of my money.

Of course the banks would masquerade that they are safeguarding your money by notifying via sms, but it is all about the money they keep making.

The recent CBN directive that all accounts should have an SMS alert attached obligatorily (but not mandatorily) has opened an unending source of profit to the banks.

Yes; a customer can go to the bank, fill a form to stop the alerts but most simply would not bother to go and queue to get that done. The majority of the lesser aware people wouldn’t even know they could stop the alerts, if they wish.

This is something that you should be able to do on your bank app easily, but then….this is Nigeria.

Trust the banks to be sluggish in effecting something that would cost them some revenue.

An example..

Good morning

I already sent an email to the effect that I don’t want SMS alerts on my ALAT account, signed an Indemnity Form and forwarded same as stipulated.

I haven’t had a feedback in a week plus…

Could you effectuate, please ?

Yes, The Banks Would Steal Your Money..

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