Outrageous bank charges in my account, this is unacceptable! It is not often that I make a post because I’m angry. But this post, Outrageous bank charges was inspired by the activities of my banker that I just discovered this morning. I wasn’t planning to make any post today, but I got angry enough to hit my computer keyboard, because I’m definitely going to reclaim those bank charges or look for a better banker. Here is the story and I will be glad to read your opinion.
I got a cheque from a foreign firm who places adverts on this website (I do make money online you know). The cheque was for $125. Small amount I know, but that’s what makes the big bucks when it comes from different streams. Well, with excitement, I deposited the cheque in my domiciliary USD account with my banker, one of the famous Nigerian Banks (some are no longer famous, if you care to know why, read this post, .
The cheque was credited into the account and I went home smiling that in another 21days (well, from experience that is what it takes before a foreign cheque gets cleared into a Nigerian domiciliary account), I will have access to the fund. However, I was shocked to discover when checking my account online the following day that the figure credited into my bank account has been reversed. A new figure for $100 was now credited! That was so confusing. I’ve never heard of such before. What manner of accounting is that? At least the cheque figure should be credited and then whatever charges the bank wants to make can now be debited into the account with explanation. Well, that wasn’t the case.
Careless me, I forgot to take the issue up (I guess I was too busy chasing more money online). I forgot all about the transaction until this morning when I discovered that I have been charged another $10.50 for the same cheque (21days is accomplished, the cheque from the foreign firm has cleared). Also, another $20 was charged as handling fees for sending the cheque from Nigeria to the foreign firms banker! For crying out loud, it is just a piece of payer, almost weightless! Isn’t this courier charge outrageous!
Anaylsis of The Outrageous Bank Charges
A quick analysis of all the charges got me angry. First, $25 charged for unknown reason, another $10.5 charged for unknown reason and finally $20 charged as handling fees. That means a total charges of $55.5 out of $125! That is a whooping 44% of the cheque value. So, while I labor tirelessly trying to make money online legitimately, my banker is sitting in the comfort of his office and taking out 44% of the proceed without my authorization. And nobody deemed it necessary to offer some explanation on why my internet business proceed should be divided between me and my banker in a manner I consider unfair.
My Reaction To the Bank Charges
If they had taking 10% or 20% of the proceed, maybe I would have been too busy to notice, but they took 44%. Of course, that was too much for me to forget. I paused my online business activity and made a franctic call to my account officer, ready to express my grievance. Unfortunately, he was not available to pick the call. That did not disuade me from making more effort, 44% of my earning can’t just end-up in the banker’s pocket without me putting up a fight. I quickly drafted an email and fired same with a note of urgency to the customer care service of my bank. It has been over 30 minutes since then, but there has been no respond. My account officer called back and I narrated the situation, he too promised to look into it, but there has been no response till now.
Nigerian Entrepreneurs Doing Business Online Please Help
Am I using a wrong bank?
Is this what other Nigerian Entrepreneurs doing businesses with foreign firms go through?
Was it stupid to have agreed that the foreign firm issue a cheque in settlement of the service I rendered?
What are the best steps to take when disputing bank charges?
Can bank charges be reclaim in Nigeria? I know it is possible elsewhere.
I need answer to this because it was not a one time deal. Another payment will be due soon. (I’m still making money online legitimately though I live in Nigeria!) The foreign firm does not use AlertPay, PayPal, is yet to remove Nigerians from her blacklist. So, what other options do you suggest for receiving money from this online business client?
This is not the first time am dealing with a foreign cheque. I’ve not really been careful to determine if the bank charges was fair or not. However, this particular incidence is a good starting point. I may not have noticed the outrageous bank charges if the cheque was for a five digit figure! I need your opinion on this, especially naija online entrepreneurs. Are you experiencing outrageous bank charges?
Update: Poll added based on readers demand (credit goes to Willo and McNeri) 😉
Note: You can choose up to 2 answers.