Several bank customers in Abuja have decided to stop using SMS alerts and switch to email notifications to cut down on extra costs linked to account transactions.Â
The decision follows recent increases in SMS fees, which many customers say are adding more burden to their already charged bank accounts.
The move became more common after some banks, including GTCO, raised their SMS alert fees from N4 to N6 per message.
This change was reportedly made because of higher charges from telecom providers.
However, many customers said that banks are taking advantage of the situation to collect more money from them.
Customers said they receive numerous alerts for every transaction, and these messages come with charges that quickly add up.
 Some of them shared their frustrations about being charged not just for the transactions but also for the alerts sent by the banks.
One customer, Eunice Uloko who spoke with The News Chronicle on Sunday complained that despite frequent deductions, she still ends up with a negative balance in her account due to these alert fees.
Another person, Darasimi Temi mentioned plans to visit her bank and stop SMS alerts altogether, choosing email alerts instead.
She explained that she has been noticing a drop in the interest added to her account, while the number of deductions continues to grow.
 She said it’s unfair to be charged for doing transactions and also for being notified about them.
A customer with First HoldCo Plc explained that he receives monthly deductions of over N1,000 just from transaction alerts alone.
While the amount might seem small to some people, he pointed out that when the same is collected from thousands of customers, the banks make a huge sum.
Some customers also raised concerns about unresolved deductions, particularly from failed Point of Sale transactions.
 One woman, Chioma Favour said her bank had not reversed over N20,000 removed from her account nearly a year ago, even after she completed the necessary complaint procedures.
Another bank user shared how she was charged N630 after withdrawing N10,000 from an ATM, even though the screen had shown that the charge would be N100.
She said this unexpected deduction was frustrating and made her question the way banks apply their charges.
Some of the customers are now calling on the Central Bank of Nigeria to monitor banks more closely and ensure that customers are treated fairly.
They said banks are making large profits from these charges and that such practices are unfair to those who rely on their services.
Meanwhile, GTCO has informed its customers that they can choose to receive only email alerts by filling out a form on the bankâs website.
This step, the bank said, allows customers to manage their transaction notifications without relying on SMS.
Many customers are now taking this route in order to avoid what they see as unnecessary deductions, as they continue to seek better ways to manage their finances.
