Filed in Business by on August 25, 2011

Stop UBA’s proposed N25,000 minimum balance, Customers tell CBN
On August 25, 2011

Awka: Customers of UBA in Awka have called on the CBN to prevail on the bank to rescind its decision to peg its minimum savings account balance at N25,000.

The customers made the call in Awka on Wednesday.

They said they individually received SMS from the bank in July, intimating them of its proposal to make N25,000 the minimum balance in savings accounts from Oct. 1.

A student and customer of the bank, Miss Sandra Okey, said that she had never at anytime left a balance of N10,000 in her account because, according to her, as soon as her parents lodge money for her upkeep, she collects it.

Where will I have as much as N25,000 let alone leaving that amount as a minimum balance in my savings account,” she asked.

The student appealed to the CBN, as the supervising and regulatory agency of all banks in the country, to halt the move before other financial institutions followed suit.

Another customer, Mr Franz Ndulue, expressed dismay over the proposal, asking rhetorically: “How many Nigerians receive as much as N25,000 per month in a country where the new minimum wage of N18,000 is still causing ripples among employers of labour?”

Ndulue, who did not hide his anger over the decision, described it as not only “obnoxious and counter productive but detrimental to customers’ interests.

“The bank’s decision is not only obnoxious and counter productive, but detrimental to the interest of customers and the ration’s economy.

“It is destined to fail because of its unpopularity and unacceptability to the banking populace, most of who earn far below that amount as their monthly salary,” he maintained.

A civil servant, Mr Chuks Ilozue, described the proposed minimum balance as outrageous, noting that although Nigeria could be considered a rich country, many of its citizens were still too poor to leave such amount as minimum balance in their savings accounts.

“I want to believe that the UBA management wants to reduce the number of its customers and concentrate only on the rich ones, otherwise the decision is bound to fail.

“I do not see any peculiar or special service that UBA is offering its customers to justify the ceiling of N25,000 as minimum balance in a customer’s savings account,” Ilozue argued.

Miss Nkiru Okafor, another customer, described the proposal as a bad one that would adversely affect not only the customers but the bank itself, as most customers would be compelled to close their accounts.
She called on the CBN to order the bank to reverse the decision before it was too late. (NAN)


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