Friday 17 March 2017

Why Shouldn't Diamond Bank's Integrity Be Questioned?

Some years ago , Diamond Bank Plc launched a product called HIDA account which denotes "High Interest Deposit Account" with the purpose of  encouraging people to save money for a project  with a minimum balance of #100000(ONE HUNDRED THOUSAND NAIRA).

The most interesting feature of this product was its "USP" which gave people the opportunity to save towards a project , get high interest rate, withdraw from their respective accounts anytime they deem fit.

On, March 13 2017, the aforementioned bank sent a mail to its customers that the rule has changed adding that HIDA account holders would no longer be able to withdraw from their accounts anymore also only transfer to other Diamond Bank accounts can be made twice a month.

This decision of the bank led to a  pandemonium  in the Ogba branch of Diamond Bank.

I understand that the said bank must have requested for the approval of this so called policy change
from the Central Bank of Nigeria but the truth about the matter is that the CBN needs to take a deep look at this so called policy change that lacks integrity.

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