Bank Customers Opt for Email Alerts to Avoid Increased SMS Charges
In a bid to reduce costs and avoid excessive charges on their accounts, some bank customers in Nigeria have decided to switch to electronic mail alerts from their banks, abandoning the traditional Short Message Services (SMS) transaction alerts.
According to customers who spoke to the News Agency of Nigeria (NAN) in Abuja, the recent increase in SMS charges by banks is seen as exploitative, especially considering the numerous other transaction charges already debited from their accounts daily.
Dorathy Azinge, a customer of a bank, expressed her frustration with the increase in SMS charges, citing the various unwarranted debits she receives from her account.
“The bank is using the increase in telecom rates as an excuse to hike their charges, but what about all the other unnecessary debits they make from my account?” she asked.
Another customer, Elizabeth Abu, plans to visit her bank to opt for email alerts only, citing the reduction in her capitalized interest and the frustration of multiple debits.
“It doesn’t make sense for the bank to charge me for a transaction and then charge me again for the alert they send,” she said.
Clement Arubu, a customer with First HoldCo Plc, revealed that he receives multiple transaction debit alerts totaling N1,050 monthly. He noted that while the individual amounts may seem small, they add up to a significant amount when calculated across thousands of customers.
Esther Arthur, a Fidelity Bank customer, alleged that some banks are making profits from charging customers for transactions, describing the situation as “sad and frustrating.”
Augustine Ode, a Zenith Bank customer, appealed to the Central Bank of Nigeria (CBN) to check the excesses of some banks that are allegedly defrauding customers.
The development comes after GTCO informed its customers of a 50% increase in SMS transaction alert fees, from N4 to N6 per message, citing a recent increase in telecom rates. Customers are now exploring alternative options to avoid the increased charges and reduce their banking costs.
