Polaris Bank Capitulates to Court Order, Pays Customer N500,000 For Failed POS Transaction

• After two years of court battle a woman has gotten justice as court has asked a bank to pay her N500,000 for failed POS transaction
• Indongesit Nwoko had sued Polaris Bank after she used a Point of Sale system to withdraw N61,000
• She said the transaction failed and the bank refused to reverse the money within 72 hours as stipulated by the law

After back and forth, one of Nigeria’s commercial banks, Polaris bank capitulates to a court injunction and paid a customer N50,000 as damages over failed Point of Sale (POS) transactions.

The bank on Wednesday, June 22, 2022, paid the money to the customer, Idongesit Nwoko who had complained that it did not reverse the failed transaction within 72 hours as prescribed by the law.

According to Premium Times, the bank paid the money in compliance to an order of the State High in Uyo, Akwa Ibom State.

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Nwoko said on Wednesday that she was invited to a branch of the bank in Uyo where N500,000 was given to her in cash by the bank’s official.

Justice at last

She urged other bank customers with grievances to approach the courts on any issue whenever they feel mistreated by their banks or bank officials.

Nwoko, who is a civil servant, had used POS to make a withdrawal of N61,000 on December 24, 2020. She was debited by the bank even when she could not withdraw the money.

According to Nwoko, she made several efforts to make the bank reverse the money but was unsuccessful until 28 days elapsed.

She took the bank to court via her lawyer, Utibe Nwoko and asked the bank to force the bank to refund her N61,000 and pay her N100 million as damages and legal costs.

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Woman drags polaris to court over N61,000 Failed POS transaction, wins N500,000 as compensation

It should be recalled that Legit.ng reported that Polaris Bank will have to pay N500,000 in damages to one of its customers, Mrs. Idongesit Nwoko, for failing to reverse a failed Point of Sales (POS) transaction within the 72-hour time frame required by law.

Justice Bennett Ilaumo of the State High Court in Akwa Ibom State gave the directive on Wednesday, 4th May 2022

During the court hearing, Nwoko stated that she made a N61,000 POS withdrawal on December 24, 2021, but was debited without payment.

Source: Legit.ng