• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Stanbic IBTC, GTB ATM’s Suffer Glitches – Customers Take Advantage To Withdraw N100m

Stanbic IBTC, GTB ATM’s Suffer Glitches – Customers Take Advantage To Withdraw N100m

NairametricsbyNairametrics
10 years ago
in Uncategorized
Share on FacebookShare on TwitterShare on Linkedin

ATM not working

Thisday Reports;

A recent system failure at the Nigerian Interbank Settlement System (NIBSS) is said to have disrupted the operations of Stanbic IBTC Plc’s Automated Teller Machines (ATMs), THISDAY has learnt.

Investigations revealed that the glitch occurred when its customers who had withdrawn money from the bank’s ATMS got credit notices or alerts instead of getting debit alerts.

When some of the customers noticed the defective credit notices, they took advantage of the system error and embarked on a withdrawal spree as word spread that Stanbic IBTC ATMs were dispensing cash without customers’ accounts being debited.

But by the time some honest customers, who also encountered the same problem informed the bank, the defective credit alerts had ramped up to the tune of N100 million.

“However, NIBSS would have to cover the losses for those customers whose account balances were insufficient to cover the illicit withdrawals they had made.”
He explained that what effectively happened was that those whose accounts have been debited simply spent their own money.

“They constituted the majority of those who tried to pull a fast one on the bank,” he said, adding, “While NIBSS would have to cough up the money for those with insufficient balances in their accounts.”

But the source revealed that it wasn’t only Stanbic IBTC that was affected by the system fault, saying Guaranty Trust Bank (GTBank) and one or two other banks had similar problems, but Stanbic IBTC was the worst hit.

The NIBSS operates the Nigeria Automated Clearing System (NACS), which facilitates the electronic clearing of cheques and other instruments, electronic funds transfer, automated direct credits and automated direct debits.

Source: Thisday

 

Tags: ATMNews ReviewStanbic IBTC
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Erisco foods could face legal action for customer arrest- FCCPC
  • Study indicates Cloud computing adoption can yield N30.2 trillion for Nigeria
  • UNICEF alerts Nigeria on unprecedented diphtheria outbreak, calls for massive vaccination

Follow us on social media:

Recent News

FCCPC, Chioma Egodi, Eriscofoods

Erisco foods could face legal action for customer arrest- FCCPC

September 27, 2023
Study indicates Cloud computing adoption can yield N30.2 trillion for Nigeria

Study indicates Cloud computing adoption can yield N30.2 trillion for Nigeria

September 27, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In