CBN Introduced a Cashless Policy in April 2012 to encourage Cashless transaction and further strengthen E- Banking System in Lagos, Nigeria’s Commercial Nerve Center.
GT Bank – Nigeria yesterday 31st July 2012 has Suspended Funds Transfer From Savings Account, Which Means You can Only Transfer Funds From your Current Account to anyone including other GT Bank Customers. ( To generate COT at all cost )
Questions looking For Answers
What happens to GT Bank Customers Without CURRENT Account ?
Is it Legal That a bank has to force Customers to Open/Maintain a Current Account So they can compulsorily Charge COT on every transaction ?
Why were Customers Not given prior Notice of Embargo on Funds Transfers FROM Savings Account ?
Is GT Bank on the Brink of Collapse and is embarking on Aggressive Generation of Funds to Survive ? ( Remember Intercontinental bank 25,000 Naira Minimum Deposit )
Is there no CBN Regulation that Guides These Banks ?
You cannot Withdraw More than 500,000 Naira Cash, and you cannot CASHLESSLY transfer your own Money to pay for Goods or Services Rendered EXCEPT you Pay Bank COT and/or Cashless Policy Charges.
WHAT DO YOU SUGGEST WE DO ABOUT THIS?
This is Nigeria for you. Sorry if you feel bad about it!