Polaris Bank on Wednesday paid N500,000 as damages to a client in Akwa Ibom State who had complained that the bank failed to reverse within 72 hours as required by law a failed point of sale (POS) transaction of N61,000.
The bank paid the money pursuant to an order from a State Superior Court in Uyo.
PREMIUM TIMES, last month, reported on the court order
The client, Idongesit Nwoko, told our reporter Wednesday night that she was invited to a bank branch in Uyo, where a bank official handed her the 500,000 naira in cash.
He advised other bank customers to always seek redress in the courts of law when they are not treated fairly by bank officials.
Ms. Nwoko, an official from Akwa Ibom, used a POS to make a withdrawal of N61,000 on Dec 24, 2020. The bank debited her even when she was unable to withdraw the money.
She said she made several efforts, including repeated visits to the bank, but the debit was not reversed until after 28 days.
He later sued the bank through his lawyer, Utibe Nwoko, asking the court to compel the bank to reimburse him 61,000 naira and pay him 100 million naira in damages and 1 million naira as the cost of legal action.
Judge Bennet Ilaumo, while ruling on the matter, ordered Polaris Bank to pay the client N500,000 in damages for not reversing the failed transaction within the 72 hours provided by law.
A source at the bank, who did not want to be named because he was not authorized to speak on the matter, said the bank had a genuine case to appeal the ruling, but that the legal cost of appealing far outweighs the damages. that was requested from the bank. to pay.