Understanding Banking Protocols

By Douglas Ogbankwa Esq.

Banking Procedure and more sure looks normal, but I tell you there is quite a lot you take for granted in your every day banking measures that might turn out to be the game changer when the chips are down.

The following are some profound banking protocols to take cognisance of:

1.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!

2.Do not be secretive with bank account details with your family members ,many bank accounts worth billions of Naira are abandoned ,because their deceased owners kept the details away from their loved ones. Giving them access to your automated teller machine, ATM, PIN , will enable them access cash easily if there was 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 and his family 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 ,that can only be done even if he was dead.

3.Never assist any one on 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.

4. Never give some one 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 .Some of these thieves on the queue are so smart that can memorize your ATM’s 14 Digits in seconds .

5.If you live 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 the Unstructured Supplementary Service Data, USSD, 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, because that is the only evidence you have to show that you have made a formal Complaint.

7.Analyse your Statement of Account with a Forensic Auditor ,if you have a huge volume of transaction and perhaps you will find some obnoxious and sometimes fraudulent charges ,that will shock you.

8.Never have an affair with your account officer ,banking relationship is fiduciary ,it will make you vulnerable to be 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 .

11.To avoid unnecessary charges sign up to Email Statements of Accounts .

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

13. Do not give some one 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 Bank Verification Number, BVN or Account Details to strange callers on the Phone ,they are likely to be frauds.

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 don’t know so well ,you may land in Police or EFCC Trouble.

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

18.Do not Guarantee Loan Transactions for persons you can not vouch for.

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.

Good luck!

Ogbankwa Esq., is the Convener of the Security Situation Room.. .@douglasogbankwa@gmail.com