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

The bank says they could have incurred a higher cost if they had appealed the court order.



Polaris Bank on Wednesday paid N500,000 as damages to a customer in Akwa Ibom State who had complained that the bank did not reverse within 72 hours as provided by the law a failed N61,000 Point of Sale (POS) transaction.

The bank paid the money in obedience to an order of a State High Court in Uyo.

The customer, Idongesit Nwoko, told our reporter Wednesday evening that she was invited to a branch of the bank in Uyo, where the N500,000 cash was handed to her by an official from the bank.

She advised other bank customers to always seek redress in the court of law whenever they are not treated fairly by bank officials.

Mrs Nwoko, a civil servant in Akwa Ibom, used a POS to make a withdrawal of N61, 000 on December 24, 2020. The bank debited her even when she could not withdraw the money.

She said she made several efforts, including repeated visits to the bank, but that the debit was not reversed until after 28 days.

She later sued the bank through her lawyer, Utibe Nwoko, asking the court to compel the bank to refund her N61, 000 and pay her N100 million as damages and N1 million as cost of legal action.

Justice Bennet Ilaumo, while delivering judgment on the matter, ordered Polaris Bank to pay the customer N500, 000 as damages for failing to reverse the failed transaction within the 72 hours as provided by the law.

A source in the bank, who did not want his name mentioned because he was not authorized to speak on the matter, said the bank had a genuine case to appeal the judgment but that the legal cost of appeal far outweighs the damages the bank was asked to pay.

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