Polaris Bank obeys court order, pays customer N500,000 for failed POS transaction

Polaris Bank on Wednesday paid N500,000 as damages to a customer in Akwa Ibom State who had complained that the financial institution didn’t reverse inside 72 hours as supplied by the legislation a failed N61,000 Level of Sale (POS) transaction.

The financial institution paid the cash in obedience to an order of a State Excessive Court in Uyo.

PREMIUM TIMES, final month, reported on the order of the court

The customer, Idongesit Nwoko, instructed our reporter Wednesday night that she was invited to a department of the financial institution in Uyo, the place the N500,000 money was handed to her by an official from the financial institution.

She suggested different financial institution prospects to at all times search redress within the court of legislation every time they aren’t handled pretty by financial institution officers.

Mrs Nwoko, a civil servant in Akwa Ibom, used a POS to make a withdrawal of N61, 000 on December 24, 2020. The financial institution debited her even when she couldn’t withdraw the cash.

She stated she made a number of efforts, together with repeated visits to the financial institution, however that the debit was not reversed till after 28 days.

She later sued the financial institution by means of her lawyer, Utibe Nwoko, asking the court to compel the financial institution to refund her N61, 000 and pay her N100 million as damages and N1 million as price of authorized motion.

Justice Bennet Ilaumo, whereas delivering judgment on the matter, ordered Polaris Bank to pay the customer N500, 000 as damages for failing to reverse the failed transaction throughout the 72 hours as supplied by the legislation.

A supply within the financial institution, who didn’t need his title talked about as a result of he was not authorised to talk on the matter, stated the financial institution had a real case to enchantment the judgment however that the authorized price of enchantment far outweighs the damages the financial institution was requested to pay.


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