Coronavirus
COVID-19 reveals that many Nigerians have no emergency savings
The playout of events following the lockdowns resulting from the ongoing COVID 19 pandemic shows that Nigerians do not have emergency savings
Though we are still grappling with the effects of COVID-19, it may not be too early to begin to take stock and find out what we did well during the pandemic and what we should have done better.
Almost everyone’s radar has been on the ill-preparedness or lack of appropriate response by the government, with little or no time for an inward look at ourselves.
The type of government we have in Nigeria should not have left anyone surprised at their response to the pandemic, especially when it came to the welfare of the populace. What do you expect from a government that is dysfunctional, at best?
With such government, it is time for Nigerians to begin to watch out for themselves and prepare for the unforeseen, like the times we are in currently. The playout of events following the lockdowns caused by the ongoing COVID-19 pandemic shows that Nigerians do not have emergency savings.
According to a recent publication from one of the national dailies, “Barely one month of a lockdown of Abuja, Lagos and Ogun state, millions of Nigerians had become stricken with hunger. Many could not bear an extension of the movement restrictions.” The ensuing protests were indicative of the fact that many Nigerians were living off their daily incomes with no savings to fall back on.
High Poverty Level
Many may have asked how they could save without having funds, to begin with. Agreed, the level of poverty is high in Nigeria; however, people should know that having savings is not a luxury, but a necessity. It does not have to be large, but putting aside something, no matter how small on a regular basis goes a long way in times of emergency.
I have seen images of Nigerians who surprised themselves and others with how much they saved over time in their piggy banks. There is no hard and fast rule of how much one should have in emergency funds, but there seems to be an agreement among financial analysts and planners that having the equivalent of 6 months’ expenses in your emergency savings account is the ideal.
The author of the book “Richest Man in Babylon” stated it clearly that if you do not save, it means that you have paid everyone else but yourself.
How to Start Saving
Pay yourself first: In line with the instructions in “The Richest Man in Babylon,” when you receive your monthly salary or collect that sales proceed from your business, “pay yourself first” by saving at least 10% of your collections or salary. For the salary earner, set up a direct deposit account where the money would be taken out of your pay directly into a bank savings account. By so doing, you are forced to save.
(READ MORE: If you experience these signs then know your salary is not enough)
Cultivate the savings habit: Just as spontaneous buying is a habit, form the habit of saving. Do not see saving as putting aside the remnants (if any) after all your expenses. If that is your attitude to savings, then you fall into the group that pays everyone else but themselves.
One thing is certain; as long as you have the money, there will always be something that is going to demand that money from you.
Remind yourself to save: If you are a salary earner who does not want to set up a direct deposit from your paycheck or you are a businessman or woman of any means, you can set up a savings reminder around the time you receive your salary or around your peak business time.
One website that can help you with this is here. With this, you can send an email to yourself to be delivered around the time you expect to receive your pay or business income, reminding yourself to save. Just like you set an alarm on your mobile phone, you can do so with a reminder to save.
Start Small ASAP: The Bible says that if you are not faithful with small things, how can you be faithful with larger things. You do not need millions to start saving, all you need is the will, the determination, and consistency. So, start small and start now, but be consistent.
Reduce your Expenses: As already noted, one of the reasons that people do not save is because their expenses keep increasing, even when income sources are shrinking. If you find yourself in that situation (and you surely will, at one point or the other), cut down on your expenses and make them fall in line with trends in your income. Avoid spontaneous, emotional and flamboyant buying. Buy out of need, not out of want.
(READ MORE: Between saving, investing, speculating, trading & gambling)
Why It Seems Difficult to Save: To a whole lot of people, it is difficult to save because they live in the now. This is what financial psychologists call scarcity of attention. This scarcity of attention stops people from seeing what is really important and makes them see the urgent current expenses they need to cover.
One reason why it is difficult to save is that while the expenses keep rising (out of increased need and inflation), sources of income keep shrinking or stagnating. The good thing however, is that we have the option to shrink our expenses in line with shrinkages in our income, but often times, we do not choose to do that. That is where the inability to save starts from.
Conclusion: If there is any lesson, we learned from the sudden outbreak of COVID-19, it is and should be that emergencies happen, and efforts should be made to cushion the financial impact of such emergencies by preparing for them in advance through emergency savings.
Written by Uchenna Ndimele [email protected]
Coronavirus
EU in deals with Roche, Merck for supply of potential COVID-19 vaccine
The agreements with the 2 drug firms follow requests by EU countries in May.
As the race for the development of a vaccine for the coronavirus disease heats up, the European Commission has made deals with two drugmakers, Roche (ROG.S) and Merck KGaA (MRCG.DE), to secure supplies of experimental treatments for COVID-19.
Reports from Reuters suggest that the deals cover Roche’s arthritis medicine, RoActemra, and Merck’s multiple sclerosis drug, Rebif, both seen as potential treatments for COVID-19, and will secure supplies to any of the 27 EU member states willing to buy them.
READ ALSO: UNICEF in negotiations to buy COVID-19 drug for 4.5 million patients in poor countries
Merck had also been asked by the European Commission to be prepared to supply Rebif to European Union (EU) states upon request, if and when the c2 drug for COVID-19 treatment is confirmed.
The agreements with the 2 drug firms follow requests by EU countries in May to purchase the 2 drugs and as governments compete to have access to potential treatment and vaccines against the coronavirus disease, even before the efficacy is proven.
Roche is presently at the late stage of a 330 patient trial of Actemra, also known as RoActemra in some markets, on COVID-19 patients, after the anti-inflammatory drug used against rheumatoid arthritis was deployed in China on patients that suffered from a severe immune system reaction.
This particular drug in combination with Gilead’s GILD.O antiviral remdesivir, has also been tested on COVID-19 patients. The Gilead’s antiviral remdesivir is the only drug authorized so far by the EU for use against COVID-19.
Rebif was developed by Serono, a Swiss biotech firm, before Merck acquired the company. Both Rebif and Actemra target proteins in the body associated with inflammation, and there is some hope that they may help severely ill COVID-19 patients suffering from cytokine storm, an immune system reaction that can lead to organ failure.
Roche and Merck have agreed that they could meet the demand of the EU countries, in letters to the commission. The EU countries will now have to agree with the drug companies on the volume of supplies that will be needed.
Explore economic research data from Nairametrics on Nairalytics
It can be recalled that just a few days ago, Nairametrics reported that the British government and 2 pharmaceutical giants, GlaxoSmithKline and Sanofi, were on the verge of agreeing on a $624 million deal for the supply of 600 million doses of coronavirus vaccine. The UK government is considering taking up an option to buy the vaccine once the human trials turn out successful.
Coronavirus
COVID-19 Update in Nigeria
On the 8th of July 2020, 460 new confirmed cases and 15 deaths were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continue to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 30,249 confirmed cases.
On the 8th of July 2020, 460 new confirmed cases and 15 deaths were recorded in Nigeria, having carried out a total test of 169,629 samples across the country.
To date, 30,249 cases have been confirmed, 12,373 cases have been discharged and 684 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 169,629 tests have been carried out as of July 6th, 2020 compared to 152,952 tests a day earlier.
COVID-19 Case Updates- 8th July 2020,
- Total Number of Cases – 30,249
- Total Number Discharged – 12,373
- Total Deaths – 684
- Total Tests Carried out – 169,629
According to the NCDC, the 460 new cases were reported from 21 states- Lagos (150), Rivers (49), Oyo (43), Delta (38), FCT (26), Anambra (20), Kano (20), Plateau (18), Edo (14), Bayelsa (13), Enugu (13), Osun (12), Kwara (10), Borno (8), Ogun (7), Kaduna (6), Imo (4), Bauchi (3), Gombe (3), Niger (2), Adamawa (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 11,670, followed by Abuja (2,348), Oyo (1,573), Edo (1,503), Delta (1,323), Kano (1,291), Rivers (1,284), Ogun (1,057), Kaduna (889), Katsina (628), Borno (563), Ondo (550), Gombe (524), Bauchi (519), Ebonyi (503), Plateau (478), Enugu (431), Abia (400), Imo (356), Jigawa (318).
Kwara state has recorded 307 cases, Bayelsa (282), Nasarawa (234), Osun (210), Sokoto (153), Niger (124), Benue (121), Akwa Ibom (112), Adamawa (100), Anambra (93), Kebbi (86), Zamfara (76), Yobe (61), Ekiti (45), Taraba (27), while Kogi and Cross River state have recorded 5 cases each.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.
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| Date | Confirmed case | New cases | Total deaths | New deaths | Total recovery | Active cases | Critical cases |
|---|---|---|---|---|---|---|---|
| July 8, 2020 | 30249 | 460 | 684 | 15 | 12373 | 17192 | 7 |
| July 7, 2020 | 29789 | 503 | 669 | 15 | 12108 | 17012 | 7 |
| July 6, 2020 | 29286 | 575 | 654 | 9 | 11828 | 16804 | 7 |
| July 5, 2020 | 28711 | 544 | 645 | 11 | 11665 | 16401 | 7 |
| July 4, 2020 | 28167 | 603 | 634 | 6 | 11462 | 16071 | 7 |
| July 3, 2020 | 27564 | 454 | 628 | 12 | 11069 | 15867 | 7 |
| July 2, 2020 | 27110 | 626 | 616 | 13 | 10801 | 15693 | 7 |
| July 1, 2020 | 26484 | 790 | 603 | 13 | 10152 | 15729 | 7 |
| June 30, 2020 | 25694 | 561 | 590 | 17 | 9746 | 15358 | 7 |
| June 29, 2020 | 25133 | 566 | 573 | 8 | 9402 | 15158 | 7 |
| June 28, 2020 | 24867 | 490 | 565 | 7 | 9007 | 14995 | 7 |
| June 27, 2020 | 24077 | 779 | 558 | 4 | 8625 | 14894 | 7 |
| June 26, 2020 | 23298 | 684 | 554 | 5 | 8253 | 14491 | 7 |
| June 25, 2020 | 22614 | 594 | 549 | 7 | 7822 | 14243 | 7 |
| June 24, 2020 | 22020 | 649 | 542 | 9 | 7613 | 13865 | 7 |
| June 23, 2020 | 21371 | 452 | 533 | 8 | 7338 | 13500 | 7 |
| June 22, 2020 | 20919 | 675 | 525 | 7 | 7109 | 13285 | 7 |
| June 21, 2020 | 20242 | 436 | 518 | 12 | 6879 | 12847 | 7 |
| June 20, 2020 | 19808 | 661 | 506 | 19 | 6718 | 12584 | 7 |
| June 19, 2020 | 19147 | 667 | 487 | 12 | 6581 | 12079 | 7 |
| June 18, 2020 | 18480 | 745 | 475 | 6 | 6307 | 11698 | 7 |
| June 17, 2020 | 17735 | 587 | 469 | 14 | 5967 | 11299 | 7 |
| June 16, 2020 | 17148 | 490 | 455 | 31 | 5623 | 11070 | 7 |
| June 15, 2020 | 16658 | 573 | 424 | 4 | 5349 | 10885 | 7 |
| June 14, 2020 | 16085 | 403 | 420 | 13 | 5220 | 10445 | 7 |
| June 13, 2020 | 15682 | 501 | 407 | 8 | 5101 | 10174 | 7 |
| June 12, 2020 | 15181 | 627 | 399 | 12 | 4891 | 9891 | 7 |
| June 11, 2020 | 14554 | 681 | 387 | 5 | 4494 | 9673 | 7 |
| June 10, 2020 | 13873 | 409 | 382 | 17 | 4351 | 9140 | 7 |
| June 9, 2020 | 13464 | 663 | 365 | 4 | 4206 | 8893 | 7 |
| June 8, 2020 | 12801 | 315 | 361 | 7 | 4040 | 8400 | 7 |
| June 7, 2020 | 12486 | 260 | 354 | 12 | 3959 | 8173 | 7 |
| June 6, 2020 | 12233 | 389 | 342 | 9 | 3826 | 8065 | 7 |
| June 5, 2020 | 11844 | 328 | 333 | 10 | 3696 | 7815 | 7 |
| June 4, 2020 | 11516 | 350 | 323 | 8 | 3535 | 7646 | 7 |
| June 3, 2020 | 11166 | 348 | 315 | 1 | 3329 | 7522 | 7 |
| June 2, 2020 | 10819 | 241 | 314 | 15 | 3239 | 7266 | 7 |
| June 1, 2020 | 10578 | 416 | 299 | 12 | 3122 | 7157 | 9 |
| May 31, 2020 | 10162 | 307 | 287 | 14 | 3007 | 6868 | 7 |
| May 30, 2020 | 9855 | 553 | 273 | 12 | 2856 | 6726 | 7 |
| May 29, 2020 | 9302 | 387 | 261 | 2 | 2697 | 6344 | 7 |
| May 28, 2020 | 8915 | 182 | 259 | 5 | 2592 | 6064 | 7 |
| May 27, 2020 | 8733 | 389 | 254 | 5 | 2501 | 5978 | 7 |
| May 26, 2020 | 8344 | 276 | 249 | 16 | 2385 | 5710 | 7 |
| May 25, 2020 | 8068 | 229 | 233 | 7 | 2311 | 5524 | 7 |
| May 24, 2020 | 7839 | 313 | 226 | 5 | 2263 | 5360 | 7 |
| May 23, 2020 | 7526 | 265 | 221 | 0 | 2174 | 5131 | 7 |
| May 22, 2020 | 7261 | 245 | 221 | 10 | 2007 | 5033 | 7 |
| May 21, 2020 | 7016 | 339 | 211 | 11 | 1907 | 4898 | 7 |
| May 20, 2020 | 6677 | 284 | 200 | 8 | 1840 | 4637 | 7 |
| May 19, 2020 | 6401 | 226 | 192 | 1 | 1734 | 4475 | 7 |
| May 18, 2020 | 6175 | 216 | 191 | 9 | 1644 | 4340 | 7 |
| May 17, 2020 | 5959 | 388 | 182 | 6 | 1594 | 4183 | 7 |
| May 16, 2020 | 5621 | 176 | 176 | 5 | 1472 | 3973 | 7 |
| May 15, 2020 | 5445 | 288 | 171 | 3 | 1320 | 3954 | 4 |
| May 14, 2020 | 5162 | 193 | 168 | 3 | 1180 | 3815 | 4 |
| May 13, 2020 | 4971 | 184 | 164 | 6 | 1070 | 3737 | 4 |
| May 12, 2020 | 4787 | 146 | 158 | 6 | 959 | 3670 | 4 |
| May 11, 2020 | 4641 | 242 | 152 | 10 | 902 | 3589 | 4 |
| May 10, 2020 | 4399 | 248 | 142 | 17 | 778 | 3479 | 4 |
| May 9, 2020 | 4151 | 239 | 127 | 11 | 745 | 3278 | 4 |
| May 8, 2020 | 3912 | 386 | 118 | 10 | 679 | 3115 | 4 |
| May 7, 2020 | 3526 | 381 | 108 | 4 | 601 | 2818 | 4 |
| May 6, 2020 | 3145 | 195 | 104 | 5 | 534 | 2507 | 1 |
| May 5, 2020 | 2950 | 148 | 99 | 5 | 481 | 2370 | 4 |
| May 4, 2020 | 2802 | 245 | 94 | 6 | 417 | 2291 | 2 |
| May 3, 2020 | 2558 | 170 | 88 | 2 | 400 | 2070 | 2 |
| May 2, 2020 | 2388 | 220 | 86 | 17 | 351 | 1952 | 2 |
| May 1, 2020 | 2170 | 238 | 69 | 10 | 351 | 1751 | 2 |
| April 30, 2020 | 1932 | 204 | 59 | 7 | 317 | 1556 | 2 |
| April 29, 2020 | 1728 | 196 | 52 | 7 | 307 | 1369 | 2 |
| April 28, 2020 | 1532 | 195 | 45 | 4 | 255 | 1232 | 2 |
| April 27, 2020 | 1337 | 64 | 41 | 0 | 255 | 994 | 2 |
| April 26, 2020 | 1273 | 91 | 41 | 5 | 239 | 994 | 2 |
| April 25, 2020 | 1182 | 87 | 36 | 3 | 222 | 925 | 2 |
| April 24, 2020 | 1095 | 114 | 33 | 1 | 208 | 855 | 2 |
| April 23, 2020 | 981 | 108 | 32 | 3 | 197 | 753 | 2 |
| April 22, 2020 | 873 | 91 | 29 | 3 | 197 | 648 | 2 |
| April 21, 2020 | 782 | 117 | 26 | 3 | 197 | 560 | 2 |
| April 20, 2020 | 665 | 38 | 23 | 1 | 188 | 466 | 2 |
| April 19, 2020 | 627 | 86 | 22 | 2 | 170 | 436 | 2 |
| April 18, 2020 | 541 | 48 | 20 | 2 | 166 | 356 | 2 |
| April 17, 2020 | 493 | 51 | 18 | 4 | 159 | 317 | 2 |
| April 16, 2020 | 442 | 35 | 13 | 1 | 152 | 277 | 2 |
| April 15, 2020 | 407 | 34 | 12 | 1 | 128 | 267 | 2 |
| April 14, 2020 | 373 | 30 | 11 | 1 | 99 | 263 | 2 |
| April 13, 2020 | 343 | 20 | 10 | 0 | 91 | 242 | 2 |
| April 12, 2020 | 323 | 5 | 10 | 0 | 85 | 228 | 2 |
| April 11, 2020 | 318 | 13 | 10 | 3 | 70 | 238 | 2 |
| April 10, 2020 | 305 | 17 | 7 | 0 | 58 | 240 | 2 |
| April 9, 2020 | 288 | 14 | 7 | 1 | 51 | 230 | 2 |
| April 8, 2020 | 274 | 22 | 6 | 0 | 44 | 226 | 2 |
| April 7, 2020 | 254 | 16 | 6 | 1 | 44 | 204 | 2 |
| April 6, 2020 | 238 | 6 | 5 | 0 | 35 | 198 | 2 |
| April 5, 2020 | 232 | 18 | 5 | 1 | 33 | 194 | 2 |
| April 4, 2020 | 214 | 5 | 4 | 0 | 25 | 185 | 0 |
| April 3, 2020 | 209 | 25 | 4 | 2 | 25 | 180 | 0 |
| April 2, 2020 | 184 | 10 | 2 | 0 | 20 | 162 | 0 |
| April 1, 2020 | 174 | 35 | 2 | 0 | 9 | 163 | 0 |
| March 31, 2020 | 139 | 8 | 2 | 0 | 9 | 128 | 0 |
| March 30, 2020 | 131 | 20 | 2 | 1 | 8 | 121 | 0 |
| March 29, 2020 | 111 | 22 | 1 | 0 | 3 | 107 | 0 |
| March 28, 2020 | 89 | 19 | 1 | 0 | 3 | 85 | 0 |
| March 27, 2020 | 70 | 5 | 1 | 0 | 3 | 66 | 0 |
| March 26, 2020 | 65 | 14 | 1 | 0 | 2 | 62 | 0 |
| March 25, 2020 | 51 | 7 | 1 | 0 | 2 | 48 | 0 |
| March 24, 2020 | 44 | 4 | 1 | 0 | 2 | 41 | 0 |
| March 23, 2020 | 40 | 10 | 1 | 1 | 2 | 37 | 0 |
| March 22, 2020 | 30 | 8 | 0 | 0 | 2 | 28 | 0 |
| March 21, 2020 | 22 | 10 | 0 | 0 | 1 | 21 | 0 |
| March 20, 2020 | 12 | 4 | 0 | 0 | 1 | 11 | 0 |
| March 19, 2020 | 8 | 0 | 0 | 0 | 1 | 7 | 0 |
| March 18, 2020 | 8 | 5 | 0 | 0 | 1 | 7 | 0 |
| March 17, 2020 | 3 | 1 | 0 | 0 | 0 | 3 | 0 |
| March 16, 2020 | 2 | 0 | 0 | 0 | 0 | 2 | 0 |
| March 15, 2020 | 2 | 0 | 0 | 0 | 0 | 2 | 0 |
| March 14, 2020 | 2 | 0 | 0 | 0 | 0 | 2 | 0 |
| March 13, 2020 | 2 | 0 | 0 | 0 | 0 | 2 | 0 |
| March 12, 2020 | 2 | 0 | 0 | 0 | 0 | 2 | 0 |
| March 11, 2020 | 2 | 0 | 0 | 0 | 0 | 2 | 0 |
| March 10, 2020 | 2 | 0 | 0 | 0 | 0 | 2 | 0 |
| March 9, 2020 | 2 | 1 | 0 | 0 | 0 | 2 | 0 |
| March 8, 2020 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| March 7, 2020 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| March 6, 2020 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| March 5, 2020 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| March 4, 2020 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| March 3, 2020 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| March 2, 2020 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| March 1, 2020 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| February 29, 2020 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| February 28, 2020 | 1 | 1 | 0 | 0 | 0 | 1 | 0 |
Coronavirus
Update: FG suspends reopening of schools, students won’t write 2020 WAEC exams
The Minister of Education, Adamu Adamu, said that WAEC should suspend exams.
The Federal Government has just announced that schools under its control will not be reopening for the forthcoming West African Examination Council (WAEC) exams.
This was disclosed in a tweet post by the aide to President Muhammadu Buhari on New Media, Tolu Ogunlesi from his official Twitter handle on Wednesday, July 8, 2020.
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According to Ogunlesi, the Minister of Education, Adamu Adamu, said that WAEC should suspend exams and also urges State Governments to toe the line of the Federal Government as this is not the right time to reopen.
According to the tweet post, ‘’Minister of Education has just announced that schools under control of the Federal Government will not be reopening for the forthcoming WAEC exams. Says WAEC should suspend exams and urges State Governments to toe Federal Government line. This is not the right time to reopen,’’
READ MORE: Full speech of President Buhari on COVID-19 pandemic
Adamu, while addressing state house correspondents after the virtual Federal Executive Council meeting on Wednesday, July 8, 2020, said that none of the schools under the control of his ministry will resume until schools are considered safe enough
The Minister appealed to the State Governments that have already announced the resumption of schools to reconsider that as it is not safe and the students should be protected. He said that he would prefer that students lose an academic year than expose them to dangers.
He also debunked an earlier report that claimed that the Minister of State for Education, Emeka Nwajiuba, announced that schools will be resuming on August 4, 2020. Adamu said that the Minister of State must have been misquoted as the schools under the supervision of the ministry will not be opening on August 4 or anytime soon.
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Going further, Adamu pointed out that WAEC will not determine what Nigeria will do as he will rather have the country lose a school year than exposing the students to danger.
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Samson Ighodaro
May 29, 2020 at 11:38 am
Thanks very much for the timely and workable advice.
Anonymous
May 29, 2020 at 3:25 pm
Nigeria gorvernment doesn’t have emergency saving , don’t expect citizens to have
Miete Oruambo
May 29, 2020 at 3:37 pm
You have highlighted some good points and tips. Not always easy to do but will make life easier in a crisis.
Azeez Yahaya
May 29, 2020 at 4:47 pm
well you forget to realise that in Nigeria there is no savings account, every savings account is syphoned by banks through incessant sms alert, card maint fees etc at the end of the day your account has depleted. or should we be arguing about deposit that you can not withdraw in this kind of time.ideally banks should be charging for transfers only so that you would be happy to see that your funds are untouched as far as you haven’t made any transfer that way banks would be a reliable and encouraging support for making savings a reality.