The Principles Of Safe Banking In Nigeria

By Douglas Ogbankwa Esq.

When you are banking in Nigeria you must read between the lines. There are quite a lot you take for granted in your everyday banking that might turn out to be fatal to your finances or even your safety.

The Following are some profound Banking Principles to follow for your safety and the safety of your funds:

1.Do not be secretive with your bank account details from your family members, many bank accounts worth billions of Naira are abandoned, because their deceased owners kept the details away from their loved ones .Tell your trusted family members your passwords and your bank account.

While you are alive you are in control of your account, when you die, any account that is not accessed may be compromised and if not, it will passed on to Government for administration as a Trust. Many wealthy people have left their family poor because of secrecy.

Giving your family members access to your ATM PIN will enable them to access cash easily if there is an emergency and the account owner is incapacitated. A Man died with hundreds of millions in his account, when he needed money to be flown abroad, owing to an ailment his family members could not access same because he was incapacitated!

The Customary Court approached by his family refused to grant an Order granting access to the Account stating that it could only be done if he was dead and that was exactly what happened afterwards.

2.Read every document carefully before signing same. Do not be carried away by the nuances of your account officer, telling you, “Sign here,” “sign here,” and you keep signing, you may well be signing away your fortune. It is not every document you sign in a bank.

The banks deliberately make the font used to print out the terms and conditions so very small and voluminous so that you will not be interested in reading before you sign .When you get to Court , you will see a clearer copy of the terms and conditions printed with big fonts .Then you will understand that you need a lawyer for any transaction that you need to sign a document.

3.Never assist anyone in the queue to collect money from the ATM, he may just be a fraud that needed a pawn to pick money for him or her. When a fraud is committed, you become the culprit, while he or she remains only the beneficiary.

4., Never give someone your ATM Card to withdraw money for you except you know the person so well, he or she may use your ATM 14 Digits to configure a mobile money App and steal your money or buy merchandise online. Some of these thieves on the queue are so smart that can memorize your ATM”s 14 Digits in seconds.

5.If you lived abroad subscribe only to the email credit and debit alert system, because if you subscribed to the SMS Alert and your phone in Nigeria is not active for six months, the line will be deactivated and resold to another subscriber who will be getting alert and then he can use the phone to configure USDD to steal your money.

6.,When you have an unresolved issue with the Bank ,before you submit any of the stamped Complaint Forms ,make a photocopy of same or take a photograph of same with your phone , because that is the only evidence you have to show that you have made a formal Complaint. If you do not have evidence of submission of complaint, they may deny the existence of such complaints.

7.Analyse your Statement of Account with a Forensic Auditor from time to time, if you have a huge volume of transaction and perhaps you will find some obnoxious and sometimes fraudulent charges, that will shock you. Make claims for refunds for refunds from your bank.

8.Never have an affair with your account officer, banking relationships are fiduciary, it will make you vulnerable to being defrauded.

9.Do not use ATM at Remote places at night, you could be attacked.

10., Avoid using Another Bank’s ATM, Dispense Errors and Machine Confiscated ATM Issues are difficult to resolve with them. Mostly use the ATM of your bank

11.To avoid unnecessary charges, sign up to Email Statements of Accounts, as same will also be automatically stored and retrievable from your email online, real time.

12.Do not give your account any to anyone, no matter how close to receive money, you could end up in deep shit, if it was fraud related.

13.Do not give someone on the ATM Queue your account Number, for him to transfer to you, to withdraw for him or her, it could land you in trouble.

14.Do not disclose your BVN or Account Details to strange callers on the Phone, pretending to be bank officials, they are likely to be fraud.

15.Delete your credit and debit alerts from your phone, for safety reasons.

16.Do not sign recommendations as Guarantors for current account holders you do not know so well, you may land in Police or EFCC Trouble. Once an arrest was affected from Lagos of a customer in Benin, because of this.

17.Do not carry huge cash to and from the Bank, it endangers your life! Many have died from this.

18.Do not Guarantee Loan Transactions for persons you cannot vouch for, or you do not know.

19. Be aware that there are penalties for some infractions of the Bank against you, for example, for an unresolved ATM Dispute within the stipulated time, you are entitled to Ten Thousand Naira Compensation, there are CBN issued Guidelines providing for such. Google CBN Customer Complaint Platform for more details on the Matter. CBN has a very strong customer complaint protocol that will resolve your issues.
20. Be careful how you give your ATM to third parties for transactions. If you cannot vouch for the Integrity of a person never give him or her your ATM to make Withdrawals or transactions for you .

21.Never leave your ATM with POS Operators alone, they could snap it and sell off your information to Fraudsters or even use it to defraud you.

22.Do not allow people to view ATM for a long time. Some people have photographic brains, they could memorize your details and use them to make some transactions or sell them off to Fraudsters. In this regard, be careful how you deal with strangers even on the ATM Queue. Not everyone in the ATM Queue is there to make a legitimate withdrawal.

23. Be careful how some people pretend they know and become unnecessarily familiar with you ,in and around the Bank you could be hypnotized and when your eyes get cleared all your money will have been cleared also.

Do not respond to unsolicited familiarity, in and around the bank. Be careful how you respond to people asking you for a biro or pen in the Banking Hall. It could be the origin of your hypnosis to take away all the money in your account.

24.If you carry a huge amount, do not enter public transport. Make a private arrangement to and from the Bank or anywhere for that Matter. Do not be a case of penny wise, pounds foolish.

25.Not everyone in the Banking Hall is a customer. Some are there to provide intelligence to armed robbers outside. When you carry a huge sum of money out of the bank, try and disguise and do a decoy, in a way that leaves people confused.

You could give the money to someone in the Banking Hall, go somewhere else and pick up the money from the person and change the bag or polythene and even go to the toilet and change the colour of your shirt and even wear a few caps and goggles.

26.Do not succumb to unnecessary pressure to make a transfer to a person. Only make a transfer when you are psychologically and emotionally stable else you will end up transferring the money to unknown person and you will bear the brunt.

27. When you use the bank transfer platform and it shows an error, once the recipient account has shown and you have input your pin, do not repeat the transfer, except you are sure it did not go through.

28.When you are traveling abroad for a long disable SMS alert System, else your phone could be disabled because of non-usage and resold to another person who could now be the sole beneficiary of your account as he will now be receiving your alerts and can configure your account to wipe away all your money.

29.Be careful how you use the ATM, when it shows error system, it could have been reprogrammed by fraudsters.

30.Do not respond to unsolicited phone calls from anyone whosoever, asking for your Bank Details or BVN Number. Your Bank Details are Security Details that could even compromise your safety and security as all your personal details are tied to your Bank Details. Also, be careful about how you throw away your account details on the Internet, as you could be a victim of your actions.

Nigerians are very smart, you must be smarter, or they will smash your money.
Shine your eyes. Be Careful and Circumspect. Good luck!

Douglas Ogbankwa Esq., a Nigerian Lawyer, Writer and Policy Analyst is the Coordinator of the National Movement for the Actualization of Good Governance (NAMAGG), the Convener of the Security Situation Room and the President of the Benin Writers’ Society. He can be reached at: douglasogbankwa@gmail.com