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Guaranteed Trust Bank (GTBank) is facing a growing backlash from its customers over a recent system upgrade that has caused widespread transaction failures, unauthorized debits, and trapped funds. The bank had announced plans to upgrade to a new Finacle Core Banking Application System between October 11th and 14th, 2024, promising enhanced customer experience and innovative technology.

However, the supposed “upgrade” has instead caused significant issues for many Nigerian customers. An investigation revealed that numerous customers are still complaining about problems, including trapped funds, unauthorized debits, and inability to make transfers or receive payments.

Customers took to social media to express their frustration and disappointment, with many accusing the bank of emptying their accounts or being debited for transactions they never initiated. One customer, Oladejo Samson, said, “This Bank has been giving heart attacks almost every day since last month. I have been complaining about an issue over and over and nothing has been done about it. It’s really disheartening. Terrible Bank of the Year so far.”

Another customer, Chioma Chizaram Bobs, accused GTBank of deducting ₦6.9 every time a customer uses the USSD code, regardless of whether the transaction is successful. “How can you people charge ₦6.9 each time your customer uses your USSD code? More worrisome the GTCO doesn’t care whether or not the transaction for which they charge is successful,” she wrote on Facebook.

Theresa Abashi succinctly voiced her frustration, saying, “All I want is for them (GT Bank) to reverse my money back to my account since October 29 till now.”

A frustrated customer wrote, “I don’t understand the kind of broad daylight fraud that is going on in GTBank”. “Like how are you guys just debiting people randomly. Airtime purchase as how. I haven’t been able to use my app for a month now,” he said.

Another GTBank customer said, “This is how GTBank turned themselves into a mockery; all the failed transactions I had hasn’t been reversed; they keep deducting 6.98 before 737 transactions, the majority of which FAIL. I am really disappointed.”

A customer who has been with the bank for nearly two decades expressed her disappointment, saying, “I honestly feel @gtbank has lost the plot. And for people like us who have stayed loyal for almost 2 decades, it’s just sad to see what is happening. A bank that built the bulk of his service rendering on tech innovations to have had this appalling service for almost 2 months”.

Another customer warned, “Wait o! Am I the only one @gtbank is just debiting at will, see if you don’t revert all my money ehn, u won’t believe what is coming. This is pure fraud”.

A customer accused the bank of emptying her account nearly a month ago, saying, “Going to a month now @gtbank removed every penny in my account and placed my account on -782 with no transaction history! Been to the bank countless times, wrote letters upon letter! TF (transfer) is going on! Two month no access to my money can’t even receive money with it! Tf!!”

GTBank has appealed to affected customers to direct their issues to the bank’s dedicated customer support handle, @gtbank_help, for resolution. However, some customers who physically visited the bank said the problems have persisted for weeks after the supposed system upgrade and after complaints.

The bank’s response has done little to alleviate the concerns of its customers, who are growing increasingly frustrated with the lack of effective solutions to the problems caused by the system upgrade. It remains to be seen how soon GTBank can effectively address the concerns of its customers and rectify the financial difficulties faced by them.