Union bank

Union Bank deducted over N300,000 as charge, Lady cries after losing admission to study abroad – TechEconomy.ng

Amusat Wuraola explained how over 300,000 Naira was waived as a transaction fee by Union Bank Nigeria Plc. after paying £6,000 to a UK university as part of his tuition fees.

The software engineer who lives in Lagos was offered admission to study at the University of South Wales, had made a deposit of £6,000 (N3,346,069.86) on December 30, 2021 at Union Bank via the form A that she obtained.

Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade).

The form allows customers to purchase currencies at the CBN or interbank rate to make payments for eligible services, as pre-determined by the currency manual.

According to Amusat, she lost admission due to Union Bank’s failure to pay the funds (tuition fees) to the university before the deadline.

He said that after losing admission, the University of South Wales immediately remitted the funds to Union Bank and even added £27 to the £6,000 that had originally been paid, i.e. £6,027 in total reimbursed by the school.

Unfortunately, she said that Union Bank withdrew more than 300,000 Naira from the total sum refunded as a charge.

She wrote on Twitter: “To my surprise @UNIONBANK_NG and @cenbank refunded N2,962,511.58 to my account and a total of N383,558.28 after the school added an extra £27 in due to exchange rate fluctuation.

“This is total madness and I want my money back…Over 300,000 has been deducted from whose account please?”

“Is that a joke, we strive for a better life and you do. It’s my hard-earned money, my sweat, my savings.

The TechEconomy check on the exchange rate website, Xe.com, indicates that the exchange rate was higher in December 2021 than in July 2022.

At the time of this report’s filing, Union Bank and the CBN had yet to respond to the tweets.