I made a transaction of 6370 naira to fund Facebook ad but when i checked my balance..i noticed zenith Bank took an extra 1000. i got furious and sent them a mail and here's the reply.

[/b]When foreign transactions are done, a notification is sent out depicting a sum of the transaction amount and an additional percentage of funds (included in order to cover for any unprecedented rise in exchange rate at the time of settlement) which at that moment, would be on hold.


In addition, when you attempt a foreign transaction using your Zenith bank debit card, 12% of the transaction amount plus the transaction amount goes on hold in your account. The 12% held is meant to leave room for rate change because the rate on the date on the day the Merchant present for debiting is usually slightly higher than the rate on the day of debit.


After settlement has been done, a second notification will be sent out depicting the actual amount that was passed for the referenced transaction after which any difference would be dropped back into the account.


A definite and precise proof of all these will be vivid in your account statement.[b]

someone should please explain this in detail

What of me that UBA is holding my 7k since Oct 30 after a failed POS transaction?

Went to bank and they gave me ten days but I thought CBN said every failed transaction should be resolved within 24hrs.

I don’t understand banks these days.

I guess the money won't be credited to Facebook as at the time of making that transaction, but will be done at a later day. Hence due to the high rate of fluctuation of the dollar they collected 1000 in case the value of naira to dollar on the day of the settlement with Facebook becomes higher so they don't run at a loss. But incase it's still the same on settlement day, they will refund you the 1000.

ugwumichael:


I guess the money won't be credited to Facebook as at the time of making that transaction, but will be done at a later day. Hence due to the high rate of fluctuation of the dollar they collected 1000 in case the value of naira to dollar on the day of the settlement with Facebook becomes higher so they don't run at a loss. But incase it's still the same on settlement day, they will refund you the 1000.

unfortunately..it wasn't returned

adaperry25:
unfortunately..it wasn't returned

When did you do the transaction

ugwumichael:


When did you do the transaction

14th November

Penguin2:
What of me that UBA is holding my 7k since Oct 30 after a failed POS transaction?

Went to bank and they gave me ten days but I thought CBN said every failed transaction should be resolved within 24hrs.

I don’t understand banks these days.

Same happened to me yesterday,and they have not refund my money. Tomorrow morning I will be the first person they will see.

adaperry25:



After settlement has been done, a second notification will be sent out depicting the actual amount that was passed for the referenced transaction after which any difference would be dropped back into the account.

Have they sent you the second notification yet? If No, then probably they may have not credited Facebook..

It won't be a bad idea if you email them though so you get a clearer picture of what's happening. You could as well update us so we can learn.

Them use Grammar confused you and me.I no understand one bit of wetin them talk.Zenith bank na debit bank.

adaperry25:
I made a transaction of 6370 naira to fund Facebook ad but when i checked my balance..i noticed zenith Bank took an extra 1000. i got furious and sent them a mail and here's the reply.

[/b]When foreign transactions are done, a notification is sent out depicting a sum of the transaction amount and an additional percentage of funds (included in order to cover for any unprecedented rise in exchange rate at the time of settlement) which at that moment, would be on hold.


In addition, when you attempt a foreign transaction using your Zenith bank debit card, 12% of the transaction amount plus the transaction amount goes on hold in your account. The 12% held is meant to leave room for rate change because the rate on the date on the day the Merchant present for debiting is usually slightly higher than the rate on the day of debit.


After settlement has been done, a second notification will be sent out depicting the actual amount that was passed for the referenced transaction after which any difference would be dropped back into the account.


A definite and precise proof of all these will be vivid in your account statement.[b]

someone should please explain this in detail

if u can't comprehend this simple message from your bank, then your innocent parents should get a refund of school fees wasted on you

Tueh....

Johnsonclement:

Same happened to me yesterday,and they have not refund my money. Tomorrow morning I will be the first person they will see.

Joysticks:
Them use Grammar confused you and me.I no understand one bit of wetin them talk.Zenith bank na debit bank.

It's simply saying they are taking extra funds Incase exchange rate increases as at when the transaction is executed. The remaining will be returned to ur acct after completion of the transaction.

adaperry25:
I made a transaction of 6370 naira to fund Facebook ad but when i checked my balance..i noticed zenith Bank took an extra 1000. i got furious and sent them a mail and here's the reply.

[/b]When foreign transactions are done, a notification is sent out depicting a sum of the transaction amount and an additional percentage of funds (included in order to cover for any unprecedented rise in exchange rate at the time of settlement) which at that moment, would be on hold.


In addition, when you attempt a foreign transaction using your Zenith bank debit card, 12% of the transaction amount plus the transaction amount goes on hold in your account. The 12% held is meant to leave room for rate change because the rate on the date on the day the Merchant present for debiting is usually slightly higher than the rate on the day of debit.


After settlement has been done, a second notification will be sent out depicting the actual amount that was passed for the referenced transaction after which any difference would be dropped back into the account.


A definite and precise proof of all these will be vivid in your account statement.[b]

someone should please explain this in detail

Op how were you paying for Facebook ads, did pay in naira or dollar for your FB ads.? Pls reply

Penguin2:
What of me that UBA is holding my 7k since Oct 30 after a failed POS transaction?

Went to bank and they gave me ten days but I thought CBN said every failed transaction should be resolved within 24hrs.

I don’t understand banks these days.

Have they credited you the 7k ?

I’m also facing the same issue. But mine is Gtbank, 12k, failed POS transaction too

Truly, all Nigerian banks are scammers

JaySterling:
Have they credited you the 7k ?

I’m also facing the same issue. But mine is Gtbank, 12k, failed POS transaction too

Truly, all Nigerian banks are scammers

I haven’t been credited o.

It’s so frustrating.

Imagine if I just asked someone for that money to get out of a situation, that’s how the money would be stuck for almost 20 days now.

Penguin2:


I haven’t been credited o.

It’s so frustrating.

Imagine if I just asked someone for that money to get out of a situation, that’s how the money would be stuck for almost 20 days now.

The decline receipt of the failed POS transaction, did you show it to the bank ?

I think that would make it faster in resolving

I’ve scanned my own receipt to my bank customer service email and I copied CBN in the mail.

Hopefully, it gets resolved soon

adaperry25:
I made a transaction of 6370 naira to fund Facebook ad but when i checked my balance..i noticed zenith Bank took an extra 1000. i got furious and sent them a mail and here's the reply.

[/b]When foreign transactions are done, a notification is sent out depicting a sum of the transaction amount and an additional percentage of funds (included in order to cover for any unprecedented rise in exchange rate at the time of settlement) which at that moment, would be on hold.


In addition, when you attempt a foreign transaction using your Zenith bank debit card, 12% of the transaction amount plus the transaction amount goes on hold in your account. The 12% held is meant to leave room for rate change because the rate on the date on the day the Merchant present for debiting is usually slightly higher than the rate on the day of debit.


After settlement has been done, a second notification will be sent out depicting the actual amount that was passed for the referenced transaction after which any difference would be dropped back into the account.


A definite and precise proof of all these will be vivid in your account statement.[b]

someone should please explain this in detail

What this means is that they are holding the extra amount to use in offsetting any exchange rate differences that may happen due to further depreciation of the Naira before your transaction is concluded

JaySterling:
The decline receipt of the failed POS transaction, did you show it to the bank ?

I think that would make it faster in resolving

I’ve scanned my own receipt to my bank customer service email and I copied CBN in the mail.

Hopefully, it gets resolved soon

It’s so annoying and frustrating.

wasiubello:

Op how were you paying for Facebook ads, did pay in naira or dollar for your FB ads.? Pls reply

naira

SavageResponse:


What this means is that they are holding the extra amount to use in offsetting any exchange rate differences that may happen due to further depreciation of the Naira before your transaction is concluded

thanks

SavageResponse:


What this means is that they are holding the extra amount to use in offsetting any exchange rate differences that may happen due to further depreciation of the Naira before your transaction is concluded

but why all this cunning deductions when I'm paying with naira