Topic: Delay transaction; who to blame? (Read 137 times)

I agree with you that the banks uses these failed transaction to cheat customers because they know that not all customers have the time and patience to follow the rigorous process of resolving them. 

There was a time I went to buy bread at Jevinik and I decided to pay with my card through their POS, the transaction failed twice yet I was debited and was told the money will be reversed within 24 hours. I have waited till date the money was never reversed and when I consider the transportation and stress of going to resolve a problem of N4,000, I just decided to let it go. Imagine how many people that face these  kinds of issues on daily basis.


Bitcoin is for sure better because so long as there is no mistake in the address, there will be no issue of failed transaction.  Besides, the whole thing is open and can be verified easily in the public domain

I go like blame the Bank, the Network and our Politicians. Plenty things dey wrong with our system o my mate. The customer service and representatives are unprofessional. Like today person call me as customer representatives of one platform like that dey talk anyhow after I don lay complaint severally. Small problem dem no fit solve. Na so this matter dey also remind me one certain time when one of our network providers pack my credit o. I con call them for rectifying but na so if another rep picks up after network glitch from the previous, him gaz frustrate me to repeat myself again from the beginning. Wai... Very annoying!

Second thing na the kind poor network wey dey plague us for this country. As we dey try meet up with other countries, na so our network standard dey reduce small small. The matter dey pain me like tire. Even for your transaction, network fit be major issue self. Na so I dey try register my business with one payment gateway for Nigeria on top my company account. Na so e don almost reach one week I dey battle with them to respond amongst others. Majorly contributed by the service provider's network. Person no fit enter casala call for network o. Because guarantee no dey even small.

Lastly, Why I include politicians be say ba dem be the genesis of all these wahala we dey face. Politician one chop on top every work wey dem give am. Even na one kobo. Na why we dey where we dey today. My mate, no vex for all that have happened to you o. Kpele!

I agree with you on this observation in the banking sector. When it comes to stealing, banks are rated A. They are stealing from their customers in what they call a legal manner, from their charges for things that don't really matter to overcharges and all of that.
 
When it comes to unsuccessful transactions, on transactions carried out by an individual between two banks or failed ATM, POS, or online payment, if the customer doesn't go to the bank to report such an issue, they will not say that they don't see some uncleared balance from the customer's account, which they could trace and send back to the owner, I have heard of several cases from relatives and friends where they execute a few transactions below 3,000 naira, which they consider small, and due to the fact that the money is small to them, they barely even report the issue to the bank, which also doesn't in turn refund the failed transaction amount back to them.

The bank that you sent the dunds to was the cause of the failed tranasaction, because it was clear that the bank which you sent from has successfully sent the transaction accross. This was the reason why both banks has to communicate with one another with the prove of payment because they both know how to deal with such matter. As for bitcoin, apart from when the blockchain is congested, transactions don't delay, and this is the reason why I love bitcoin because as long as you sent it to the right address, and it has told you transaction confirmed, your bitcoin must be in your wallet, unlike banks that will show successful and nothing is succesful. If this happens in p2p exchange, it is simple, just don't release the coins till you have confirmed the money in your accout, because you wouldn't know if it is the bank delay or the p2p guy hasn't sent the money, so it is better to play safe by not releasing the crypto.

I will also like to share my ugly experience with bank as well, few months ago i also ran into subscribing my DSTV using my debit card but on login on to the DSTV official website with my details and IUC number. I clicked on my preferred plan which i regularly paid on so i proceed with the amount and i used my card to allow payment after which it was redirected to another payment gateway (Interswitch) after i inputted my card details and approved payment my bank sent me OTP and i copied the code to required place after which payment was successful but the said network refused to credit my network to start showing.

What i did was to call my bank and they said payment was successful and they requested for transaction and payment slip which i did but to my noticed nothing was they said i should wait till some days if it didn't reflect then i should write to dstv official, getting to the days given to me it yet didn't reflect so i have to write to them on their support team and the responded to me saying they didn't receive payment I was like what happened and whom do i go to now.

I got angry and never asked of that money or even to disturbed the two party, after 30 working days the money was reversed to my account, like what i am trying to say now is that what if i am doing it for someone else what would i have said, maybe they could had labeled me as scammer or criminal.

Then let looks what op is say, sometimes p2p trading is very risky because if your bank is that active on receiving alert you could wait and wait for all the day while the buyer had already sent you payment. Maybe when next you have to use another account that are very smart for instance you can Opay, Monie point or Palmpay i think all this app don't hold payment within 30 second to delivered to your account. After which you received alert you can moved them to you normal bank which you have full confidence on.

As @Nwada001 talk nah so e be, the bank nai get all the blames, because if no be say their Network dey worry the transaction for no dey delayed, so I go suggest say make this banks do their Network system to dey strong so that people no go dey worried when them do transactions, because of the way transfers them they worry e dey dey hard for people to even do am, more especially for POS I rather use my cellphone to do the transactions than to go meet POS operators, there them fit tell you say the transaction done dey successful but you fit dey for some days or even reversed but this POS guys go turn turn you untill you go just tire self.
I better do transaction to a micro finance bank than to any other bank just because of this their frustration.

 this is a very big issue in Nigeria banking system. I have hard this experience countless times still the money was not reverse. this lead me to close my access bank acct, because the money was not mine. and the person that own the money believe that I have eaten the money why I did not. since then till now, I have not have access to those money.

this is always a strategy to eat people's money. which bankers should be held responsible.

Yeah truly is very common, but me I'm seeing it as a strategy of extorting money from people, even me I was paying money using my card through pos machine I was debited but could not get to the recipient at first I was thinking is a network issue I waited for almost two days so I decided to go to the bank and lay complain which I did and they told me to give them ten working days and after the ten working days still the money was not reverse I went to the bank over and over till now the money was not reverse so that's was they stole the money.

Failed transactions are one of the commonest means banks are scamming customers. There are some people that will make transaction, the transaction will fail and the bank will do nothing after the issue has been reported. But most times, the bank will resolve it after 5 to 10 working days, while some can take longer. But there are some that might not be resolved.

This is one of the reasons bitcoin transaction is better because the banks can have failed transaction, although not common that is not solved but possible. But because of how bitcoin is volatile and because of how people prefer to go for their country's fiat, bitcoin can not be adopted to the extent that it will replace the fiat which banks and government are using to scam people.

If it is P2P, do not release bitcoin until your bank account has been credited, no matter what that happens and if taking long, make sure you contact customer support asap.

If you are asking who is to blame for such a transaction's delay, IMO I will sue the bank for being to blame, and if it's also important to note that the seller always has the right to not release their fund to the buyer, provided that they have not received the said fund in their account if the transaction is not yet completed, it should not be treated differently. There is every possibility that the money that the buyer sent can still be reversed back to the buyer, and what if the seller has released the crypto to the buyer?
 
There is one good thing about using some of these microfinance banks: they give you the chance to check how effective the receiving bank network is at that time of transaction. You can check and see if the transaction you are about to send is going to take forever, or if it's likely to fail, they will warn about the bank network congestion issue, so it's possible that the buyer can see such a network issue from his side from the sending back and still forge ahead to send the money, which at the time of sending will show success, which it will later refund back to the sender's account.
 
If I am to be in any of these situations, I will have to wait until I receive my money in full and in my account intact before I can move further in releasing the crypto. It's not the buyer's fault, but if our local bank network is affected, what do you expect me to do? Trust the buyer and believe my bank will deliver the fine safely. It's money we are talking about here, and there is also a high possibility of a fake transaction scam, which will also be another reason why we need to be extremely careful when dealing with such matters.

I greet this house with utmost respect. I carry this matter come here for proper conversation as brotherly concern. The matter no too concern here as per na my personal experience but since we dey transact on P2P on a daily basis, something like that fit sup one day. In case something like this happens wetin be the way forward?

This response https://bitcointalksearch.org/topic/m.62877631 in another thread is the reason I Wan drop this here.

I'm talking from experience because it has happened to me  just last month. Although mine was not in P2P exchange but it was a similar case. I sent money from one of my bank account to another different bank and it was successful while I was not credited in the receiving bank. At first, I thought it was network issue and I gave it some hours but unfortunately I still didn't receive it after 10hrs passed. I had to reach out to receiving bank for complaint since the transaction was successful from the bank I sent from. I was told to wait for 24hrs and if I still didn't receive it after that, I should let them know.

To cut the long story short, I called back after 24hrs elapsed and I was requested to provide the transaction details which I did. The issue was forwarded to their technical support for checks and I received a response that "Dear Customer, sincere apologies for the delayed inward transfer issue, transaction can not be found, kindly reconfirm the transaction details from your bank." I was like ahhhh so this money has gone just like that? No, I contact the bank I initiated the transaction from and update them on what is happening and they confirmed to me that the transaction was successful from their end and if the receiving bank insisted it wasn't successful, I should request for a statement of account so they can check.

As instructed, I requested for account statement and sent it to the bank I sent the money from for checks. I don't know how they both do about it but I received the money after 14 days from the date of initial transaction. The transaction took place on the 25th of August while I received the money on the 7th of September after I already assumed the money has gone.

Let assume this happened in P2P transaction; what will be the way forward? I'm sure we all we assume the payer did not pay just like the guy I posted his link thought whereby he paid but the problem is actually from the bank.

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Disclaimer: Don't assume this to be the case when you're dealing with any transaction on P2P and release your crypto, you might lose your asset. I repeat this here so we can share ideas.