Guaranty Trust Bank (GTB) has been thrown under heavy fire from its customers over unclarified charges made on their accounts.
Certainly, this is not the first time that the bank will be called out for such unfair debits.
However, this particular rage comes on the hill of a new complaint from account holders.
According to various customers that aired their grievances on Twitter, the bank has resulted to debiting an additional fee on the amount charged for SMS alert.
Dear @gtbank cc: @gtbank_help
What are the procedures I need to take to deactivate SMS on my account? I cannot be paying for SMS and still pay for VAT on SMS.
It's not economical in an age of emails.Please respond AQAP pic.twitter.com/1OnjrfacHl
— Greaterheights (@greaterheights_) January 26, 2021
The additional fee carries the subject “SMS alert VAT”; and it is approximately 7.5% of the amount charged for SMS alert.
This new thread which started this month has, however, caused many people to wonder about the need for such charges.
Moreover, a separate amount is not expected to be charged for VAT.
This should rather be captured in the overall SMS alert charges.
To further back their claims, various customers shared receipts of the debited amount.
They also asked the customer care unit of the bank for clarification.
In other cases, some customers were charged twice for SMS alerts, beckoning for more worries as the case may be.
@gtbank_help can someone explain to me why gtb charge twice what is the reason? pic.twitter.com/3e4QKsxjY9
— Bassy abakada bako (@Bakosuperstar) January 25, 2021
https://twitter.com/olabashman/status/1353923940486422528
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Regardless of the numerous tweets demanding clarification, the bank, as at the time of this publication, has not commented.
Also, this unfolding development also comes as the Senate pushed for the Apex bank to probe banks over excessive bank charges.
Now, with the awakening concern beckoning for government’s attention, it feels like the right time to probe some of these institutions.
GTB’s extra charges contradict CBN’s guideline on SMS charges
SMS alert is one of the numerous ways that banks generate revenue, and interestingly, it is one of the most subscribed service by customers.
While charging this cost on all SMS alert/notification received by customers is not strange, charging an extra fee for VAT is, especially as it contradicts CBN guideline.
According to CBN’s guide for SMS charges, banks are entitled to charge SMS alerts, especially when it is customer-induced.
ALSO READ: CBN’s 1% Charge On Failed Direct Debit Transactions: What It Means For Bank Users
However, it was not stated in the guideline that banks are permitted to charge a separate fee for SMS alert VAT; which ordinarily should be incurred in the actual SMS charges.
Except GTB is excluding the VAT charges from the actual cost of SMS alert, then the aggrieved customers have the right to demand for a refund, or better still, a clarification on the bank’s intent.
If at the end of the day, GTB fails to provide detailed explanations on the debited charges, then it’s as good as breaching the CBN’s guideline.
Check some of the customers’ reaction to the debited SMS alert VAT charges:
After GTBank takes out SMS alert charge, they’ll still take VAT on sms alert charge.
Omo na to carry gun Dey burst our houses remain oooo cos y’all are thieves. CBN will still take 50naira from credits of 10k and above from our money. Some NURTW/agbero stuff— Ayo.shp (@theayoashley) January 25, 2021
https://twitter.com/pattyamakaa/status/1354006149796941824
Gtbank, what's this about? Could you give me a comprehensive explanation? I'm waiting.
Cc @gtbank @gtbank_help pic.twitter.com/FFhWN2dXpp
— Saheed Alarape (@saheed_alarape) January 26, 2021
https://twitter.com/Hardhaycular/status/1353720495598956544
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