Small  Bank Deductions Worry Entrepreneurs, Individuals

Small bank deductions by the commercial banks has become a cause of concern to entrepreneurs and individuals, as it affects businesses and living.
Speaking in an interview with The Tide on the issue yesterday in Port Harcourt,  some individuals and entrepreneurs express dissatisfaction over these deductions, saying it has become a norm, which calls for action by Central Bank of Nigeria (CBN).
The Chief Executive Officer (CEO) of Benfather Enterprise, Rev. John Bennett, said the deductions are wrong and are used by the bankers to defraud businesses and individuals.
Rev. Bennett noted, “this #150, #100, #50 and #20 deductions amount to millions when multiplied by the number of individuals who are involved in bank transactions and services.
He reiterated that the unaccounted deductions affects his business, adding, “if #50 is deducted from #500 meant for a business, one cannot use it again. The bankers use this method to enrich themselves knowing people will feel belittled to start fighting over #50 & #30.
“Nigerians overlook everything. That is why anybody can do anything and get away with it. I suggest entrepreneurs should start paying attention to it to stop the stealing by bankers”.
He also noted the deductions in the name of different charges by the banks, adding, even the mobile loan applications operates and survive without these charges.
Another business man, Mr. Daniel Effiong, who expressed anger over the issue, said, “they know what they are doing. They get rich at the expense of the poor masses because of the corrupt system we have in the country.
“If you calculate your personal deductions, it amounts to thousands of naira in one or two months, not to talk of millions of Nigerians. You will agree with me, Nigerians are suffering in the hands of the bankers.
“This is in addition to the savings of the customers which they use to give out as loans, collect interest, without remitting anyone to the owners of the money but instead, they deduct several charges to reduce the amount of money you saved.
He called on CBN to do something about it and reduce the burdens of the masses who are victims of circumstances.
In his contribution, Adanne James said the deductions are outrageous adding, “sometimes one will do a transfer with his/her phone, the money will leave your account but will not get to the destination. Where is the money, is a question for another day.
“Some people will go to the bank so many times, fill forms so many times and decide to forget the money instead of spending more and more in paying transport to the bank.
A student in University of Port Harcourt (UNIPORT), Steven Ajerom, told The Tide the deductions are affecting students who are sponsored by their parents, uncles and others.
Ajerom noted, the deductions does not allow their sent money to be complete.
“Even when they send your school fees. You cannot pay same to the school account if you don’t have any other money in your account because the sent amount would definitely reduce.
“I pray the authorities will look into this matter because it is affecting students more than others. We don’t have money and things are very expressive in the markets. The bankers who have more money in their accounts will use style to be collecting our money. This is bad and l pray that government should do something about it”, he said.

By: Lilian Peters