Lately, many people have experienced issues with their bank portals, leading to frustrating situations where money is debited from one account but is not credited in the recipient’s account—sometimes even days later. So, what should you do when your money is stuck in limbo?
First things first,
⭕ What are your rights in a situation like this?
Here are a few key sections of Nigerian law that protect you in these circumstances:
– Section 130 (1) of the Federal Competition and Consumer Protection Act (FCCPA): You are entitled to timely service and clear notice of delays.
– Section 148 (1) of the FCCPA: Consumers can file a complaint with the Federal Competition and Consumer Protection Commission if an organisation acts inconsistently with the provisions of the Act.
– Section 37 (3) of the Cybercrimes Act: Financial institutions are required to reverse unauthorized debits within 72 hours or face legal consequences, including a fine of up to ₦5,000,000.
Now that we have that down, here’s a quick guide to help you navigate these issues without the added stress:
⭕ Know who to complain to:
– Unsuccessful transactions? This is the fault of the transferring bank. As the sender, you need to reach out to them.
Pending transactions? This means the money is still on its way or being returned. Again, as the sender, it’s your responsibility to follow up.
– Successful transactions? If the transaction shows as successful but the recipient hasn’t received it, the recipient’s bank should be contacted. You can also contact your bank if the recipient’s bank insists no money was transferred.
⭕ How to make your complaint: First of, give it 72 hours, then you can proceed with your complaints. Now, while it’s tempting to rush into the bank, you don’t always need to. Many banks have a customer service number and email that can be reached almost immediately. Make sure to keep a record of your communication, as this can be crucial if the issue isn’t resolved quickly. This is why it’s always best to send your complaint via email. This way, you have records of all communications and can follow up if needed.
If you’re unsure of how to go about writing an email complaint, here’s a quick template to assist you (it can also be used for calls):
– State that you made the transaction (when did it happen, what amount was transferred, and how was the transaction made?)
– Explain that it was unsuccessful (or pending).
– Mention that the recipient hasn’t received it
– Confirm you were debited.
– Highlight that there’s been no reversion after 72 hours.
– And if you’re feeling legal, you can put in a few of the rights mentioned in this post.
If your bank still hasn’t resolved the issue, remember, you have rights ⚖️
You can escalate the matter to the Federal Competition and Consumer Protection Commission (FCCPC) or the Central Bank of Nigeria (CBN). Delays like this can sometimes signal more serious issues, including fraud.
Syntax Legal Practitioners 