Monday, September 8, 2025
23.9 C
Lagos

Union Bank Charging Customers N50 for Teller

Union Bank of Nigeria Plc is alleged to be charging customers N50 for withdrawal slip before they could withdraw money from their account. The desperate measure by Union Bank could be a reflection of the hard times hitting operators in the banking sector.

A customer of the bank complained to Business Journal that she was shocked by the insistence of Union Bank staff at Ikotun branch in Lagos that she must pay N50 before collecting a withdrawal slip for a transaction at the bank. She said many customers got angry, protested and threatened to close their account with Union Bank rather than pay for withdrawal slip.

The said customer, who identified herself as a former banker, wondered why Union Bank should descend to such level to make money from customers.

However, Mr. Olufemi Adekola, Lead, Media and External Affairs at Union Bank of Nigeria Plc denied that the bank charges customers for withdrawal slips or tellers, insisting that the said customer could have misunderstood what the staff of the bank told her.

He said the bank staff could have demanded for the N50 for stamp duty on funds transfer from the said customer and not for withdrawal slip. He added that even the Central Bank of Nigeria [CBN] will not allow any bank to do that.

But a prominent market analyst stated that the dwindling fortunes of banks could force them to adopt unconventional measures to rake in more revenue to survive and remain in business, such as introducing new charges here and there.

He noted however that some bank customers waste the tellers by using as many as four or five per transaction due to errors, thus making banks to incur more expense in producing the tellers.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

LASG Plans Vaccine Research, Mental Facility to Combat COVID-19

Babajide Sanwa-Olu Executive Governor Lagos State The Lagos State Government is set...

Polaris Bank Wins SERAS Award, Africa’s Sustainability/CSR Recognition

Polaris Bank over the weekend, added yet another feather...

NCDMB Debunks Alleged N7.7bn Expenditure on Consultancy

The Nigerian Content Development and Monitoring Board (NCDMB) wishes...

Access Bank: ‘Our Case on N2.5bn Fraud Allegation’

Access Bank Plc has denied wrong-doing in the alleged...

NSE President’s Courtesy Visit to DG, SEC

L:R: Mr. Mounir Gwarzo, Director General (DG), Securities and...

Nigeria Applauds Take-off of WTO Trade Facilitation Agreement

Nigeria received with great excitement the announcement by Roberto...

‘Reform or Be Relegated’–Afrinvest Economic & Financial Market Outlook 2017

Executive Summary Against expectations of stronger growth in 2016, the...

Access Bank Tops Print Advert Ranking in Q2 2020

ThisDay Newspaper was the most sought after publication for...
spot_img

Related Articles

Popular Categories

spot_imgspot_img