Services
Recovery of Excess Bank Charges
Introduction
The competition in the banking industry is surely putting a lot of pressure on the income generating ability of all the operators. To stay afloat, various devices are being employed by the banks to generate income. One device, not quite known to many and which is the focus of this proposal, is in the act of imposing excess charges on account holders and/or the underpayment of interest due to account holders. Most of these charges are not consistent with the laid down monetary policies of the Central Bank of Nigeria. Because of these inconsistencies, many account holders have been overcharged while some have been under-paid their full interest. Consequently, this has caused a lot of hardships on many account holders. Some areas where the acts are perpetuated are:
1. Calculation of interest at an unagreed rate 2. Calculation of COT 3. Calculation of Charges on O/D & Ex. O/D 4. Violating Regulations On Fees 5. Backdating/Postdating of value dates 6. Inclusion of unknown cheques 7. VAT on interest/overdraft charges 8. Unauthorised rates for fees
The Relevant Questions
As an account holder, you need to ask yourself the following questions:
i. Have I/we ever verified our charges? ii. Are the bank(s) applying agreed rates? iii. Have I/we experienced any malpractices? iv. Do I/we have time to check bank charges? v. Is my/our problems related to bank charges? vi. Have I/we being loosing thru bank charges?
All these and other questions bothering your mind are relevant but the overall question is ‘What is the way out to verify the bank charges on your past transactions and forestall future occurrence of excess bank charges?’
The Way Out
There are two options. The first one is to acquire our Bank Charges Software (Banker) and review the charges on your past transactions in accordance with the Central Bank of Nigeria monetary policies for the years concerned to extract overcharge imposed on your account(s). The second option is to appoint us as your Bank Charges Consultants to review the charges on your past transactions up-to-date and ensure refund/reversal of overcharge discovered.
However, we recommend the second option, which is why we are introducing our service (Review of Bank Charges) and our software (Banker – Bank Charges Software) to you.
Revelation
Ever since we have been reviewing bank charges and users of our Banker software have been doing the same, the lowest overcharge discovered and recovered is N765,000.00 on a 12 months statement while the highest is N430,000,000.00 on a 36 months statement.
Understanding Our Bank Charges Software (Banker)
Banker is a Bank Charges Software designed and developed by MCL Solutions Limited in accordance with the Central Bank of Nigeria monetary policies and international monetary policies. It has a twin objective. One, to manage bank transactions with a view to detect and prevent overcharge. The second objective is to aid Treasury and Finance Departments in your establishment to deliver accurate banking and finance services to the management creating an on-site database of banking activities.
Software Technical Information
1. Software Edition: Bundled Edition, Unbundled Edition 2. Operating System: Windows ’98, Windows ME, Windows 2000, Windows XP 3. Database Engine (Back-end): Microsoft SQL Server 4. Hardware Requirement: Server (Pentium III 750Mhz, 256Mb RAM, 40Gb Hard disk), Client (Pentium III 650Mhz, 128Mb RAM, 20Gb Hard disk) 5. Peripherals Required: A4 printer capable of print in landscape will be required Input Mode: entry and/or importation via Microsoft Excel 6. Reports: Accounts Balance, Account Information, Statement of Account, Statement of Withdrawals, Statement of Deposits, Statement of Returns, List of unpresented cheques, List of uncredited cheques, COT computation details, Interest computation details, Query dependent reports
Conclusion
While assuring you of satisfactory fund-generating service and improved relationship with your banker, we look forward to having your mandate.
Thank you very much.