EXPOSED!!! FIVE PROVEN WAYS BANKS MAY BE STEALING YOUR MONEY WITHOUT YOUR KNOWLEDGE

If you operate a bank account in Nigeria, then you may have to read this to the end.

Have you ever noticed a suspicious transaction or charges on your account without any explanation by your bank or you simply don't know who to report to? What you have observed is not peculiar to you, the majority of other bank customers have also experienced the same thing without getting a refund for their lost money.

Nigerian banks year after year declared billions of Naira as profit at the detriment of their customers. They shore up their profit by charging unapproved fees and commission on their customers' accounts, suppression of interest due to customers on their deposit, charging of excess fees, commission, and interest on customers loan accounts among others.

Due to the increase in the number of customers complaints, the Central Bank of Nigeria (CBN) created a special department, known as Consumer Protection Department (CPD), to look into such complaints and establish any amount refundable to the complainants.

According to the Central Bank of Nigeria publications, the CPD has attended to over 23,526 complaints since its creation while a total amount of over N89.2billion has been refunded by banks to their customers.

Five (5) major ways Nigerian banks steal customers money include:

Unapproved/ Excess Charges. Charging unapproved fees and commissions or charging them in excess over approved rates by the CBN is one of the major ways banks use to steal their customers' money. The CBN through the Guides To Bank Charges has stipulated maximum fees/commission chargeable on each aspect of banking transactions. However, experience has shown that banks charge higher rates than what was stipulated by regulations. One of the ways some banks use to pass these unauthorized and excess charges to customers' accounts is by creating special juicy products to lure customers and then incorporating the charges.

Manipulation of Interest Rates on Loans and Advances to Customers. Manipulation of interest rates at the detriment of customers is another way banks short-change their customers. Interest rates manipulation techniques include;

(I) charging higher interest on loans and advances to customers' accounts over the approved limit.

(ii) using compound interest rate computation instead of simple interest rate computation.

(iii) applying default rate on total loan balance instead of only default part of loans and advances.

Unpaid/ Underpaid Interest on Deposit Balance. This is another means by which banks deprived their customers of their rightful earnings. Some banks deliberately suppressed interest due to customers on their deposit account while others maliciously program their banking software to pay less than stipulated rates. For example the CBN Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines direct payment of interest on "Special Purpose Deposit" which most banks don't comply with. Special purpose deposits are deposits held as collateral for facilities such as Avance Payments Guaranty, Performance Bonds, etc.

Suppression of Under-utilized/ Cancelled Letter of Credit. Letter of Credit (LC) is a peculiar transaction that requires in-depth knowledge of banking policies to understand which most accountants of bank customers did not possess. Banks catch on customers ignorant to rip them off of their money through this medium. Sometimes, the bank will pass offshore charges to the account of customers contrary to the LC opening agreement.

Suppressed Deposit. Banks sometimes suppressed customers' deposits either to avoid payment of interest on customers' deposit balance or to leave the customers' balance in overdrawn position and charge more interest on loans or overdrafts.

Nigerian banks have perfected the techniques of carrying out these malicious activities such that it will be nearly impossible for customers to detect any atrocities by mere review of their bank transaction statement of account.

That is why bank customers, especially corporate customers with high volumes of turnover, require the service of a consultant to carry out a forensic audit of their transactions to detect any irregularities and recover stolen money.

A forensic audit is a value-added audit whose scope is beyond the scope of both internal and external audits. Both forensic audit and external audit are independent of one another because experience has shown recovery of a substantial amount of money on an already audited account of over ten (10) years.

Also, the skills required to carry out forensic audits go beyond academic excellence in banking or accounting, it requires in-depth knowledge and experience of banking and up-to-date interpretation of various regulatory guidelines guiding banking transactions.

What You Stand To Gain By Engaging The Service Of Forensic Auditor

1) Very high possibility of detecting irregularities and recovery of substantial amounts that can positively impact your organization's profitability and cash flow.

2) Unlike external audits, forensic audit review will not in any way disrupt your operational activities as reviews are be done off-site.

3) The audit can be achieved on a low budget, the bulk of the fees are paid based on the percentage of the recovery.

4) Training of your company accountant on how to detect irregularities on your post review transactions with your banks.

These, and more are what you/ your organization stand to gain when you engage the service of an experienced forensic auditor.

Our firm, Lanryus Consult, is currently offering free forensic review for interested corporate organizations and high net worth individuals with a high volume of turnover.

To learn more about how you can benefit from our free forensic review, kindly click on follow this link

https://docs.google.com/document/d/1wM6jNESQw1VrXOV0xSRBagmMbOZsqJIv-Q2ZRclRNKY/edit?usp=drivesdk

LANRYUS:
EXPOSED!!! FIVE PROVEN WAYS BANKS MAY BE STEALING YOUR MONEY WITHOUT YOUR KNOWLEDGE

If you operate a bank account in Nigeria, then you may have to read this to the end.

Have you ever noticed a suspicious transaction or charges on your account without any explanation by your bank or you simply don't know who to report to? What you have observed is not peculiar to you, the majority of other bank customers have also experienced the same thing without getting a refund for their lost money.

Nigerian banks year after year declared billions of Naira as profit at the detriment of their customers. They shore up their profit by charging unapproved fees and commission on their customers' accounts, suppression of interest due to customers on their deposit, charging of excess fees, commission, and interest on customers loan accounts among others.

Due to the increase in the number of customers complaints, the Central Bank of Nigeria (CBN) created a special department, known as Consumer Protection Department (CPD), to look into such complaints and establish any amount refundable to the complainants.

According to the Central Bank of Nigeria publications, the CPD has attended to over 23,526 complaints since its creation while a total amount of over N89.2billion has been refunded by banks to their customers.

Five (5) major ways Nigerian banks steal customers money include:

Unapproved/ Excess Charges. Charging unapproved fees and commissions or charging them in excess over approved rates by the CBN is one of the major ways banks use to steal their customers' money. The CBN through the Guides To Bank Charges has stipulated maximum fees/commission chargeable on each aspect of banking transactions. However, experience has shown that banks charge higher rates than what was stipulated by regulations. One of the ways some banks use to pass these unauthorized and excess charges to customers' accounts is by creating special juicy products to lure customers and then incorporating the charges.

Manipulation of Interest Rates on Loans and Advances to Customers. Manipulation of interest rates at the detriment of customers is another way banks short-change their customers. Interest rates manipulation techniques include;

(I) charging higher interest on loans and advances to customers' accounts over the approved limit.

(ii) using compound interest rate computation instead of simple interest rate computation.

(iii) applying default rate on total loan balance instead of only default part of loans and advances.

Unpaid/ Underpaid Interest on Deposit Balance. This is another means by which banks deprived their customers of their rightful earnings. Some banks deliberately suppressed interest due to customers on their deposit account while others maliciously program their banking software to pay less than stipulated rates. For example the CBN Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines direct payment of interest on "Special Purpose Deposit" which most banks don't comply with. Special purpose deposits are deposits held as collateral for facilities such as Avance Payments Guaranty, Performance Bonds, etc.

Suppression of Under-utilized/ Cancelled Letter of Credit. Letter of Credit (LC) is a peculiar transaction that requires in-depth knowledge of banking policies to understand which most accountants of bank customers did not possess. Banks catch on customers ignorant to rip them off of their money through this medium. Sometimes, the bank will pass offshore charges to the account of customers contrary to the LC opening agreement.

Suppressed Deposit. Banks sometimes suppressed customers' deposits either to avoid payment of interest on customers' deposit balance or to leave the customers' balance in overdrawn position and charge more interest on loans or overdrafts.

Nigerian banks have perfected the techniques of carrying out these malicious activities such that it will be nearly impossible for customers to detect any atrocities by mere review of their bank transaction statement of account.

That is why bank customers, especially corporate customers with high volumes of turnover, require the service of a consultant to carry out a forensic audit of their transactions to detect any irregularities and recover stolen money.

A forensic audit is a value-added audit whose scope is beyond the scope of both internal and external audits. Both forensic audit and external audit are independent of one another because experience has shown recovery of a substantial amount of money on an already audited account of over ten (10) years.

Also, the skills required to carry out forensic audits go beyond academic excellence in banking or accounting, it requires in-depth knowledge and experience of banking and up-to-date interpretation of various regulatory guidelines guiding banking transactions.

What You Stand To Gain By Engaging The Service Of Forensic Auditor

1) Very high possibility of detecting irregularities and recovery of substantial amounts that can positively impact your organization's profitability and cash flow.

2) Unlike external audits, forensic audit review will not in any way disrupt your operational activities as reviews are be done off-site.

3) The audit can be achieved on a low budget, the bulk of the fees are paid based on the percentage of the recovery.

4) Training of your company accountant on how to detect irregularities on your post review transactions with your banks.

These, and more are what you/ your organization stand to gain when you engage the service of an experienced forensic auditor.

Our firm, Lanryus Consult, is currently offering free forensic review for interested corporate organizations and high net worth individuals with a high volume of turnover.

To learn more about how you can benefit from our free forensic review, kindly click on follow this link

https://docs.google.com/document/d/1wM6jNESQw1VrXOV0xSRBagmMbOZsqJIv-Q2ZRclRNKY/edit?usp=drivesdk

Someone complained that the report is not acceptable. Sorry about that, the link is now working fine. Thanks.