Banks leverage on promotions to encourage savings habit

The banking industry has witnessed efforts by several banks to encourage savings habits and mobilise cheap funds through savings promotions that offers more than the paltry interest rate. Two of such promotions are presented below.

Heritage Bank unveils ‘Happy Days’ promo

Stories by Babajide Komolafe

IN a bid to empower and reward its teeming loyal customers, Heritage Bank Plc introduced a promo tagged ‘Happy Days Promo’ The promo which is additionally designed to encourage savings at this period of tight economic situation will see the emergence of a winner of a brand new car and a handful of millionaires from across the country.

On a monthly basis, 12 lucky customers will be rewarded monthly with 42-inch flat screen LED television sets in the 6-month life of the promo, strategically meant to also deepen financial inclusion in the country.

According to a statement from the bank, customers who save up to N100, 000 will qualify for a draw to win N1million from each of the six geo-political zones of the country at the end of the fifth month while a customer that saves up to N500, 000 by May 2017 will stand a chance to win a brand new saloon car.

To participate in the promo, accounts must be opened or reactivated with a minimum balance of N20, 000 to attract a gift and a raffle ticket with an additional monthly N20,000 giving the account holder more chances of winning the prizes.

The statement further said that the draws would be done at the end of every month from December 2016 to May 2017 in the six geo-political zones with two customers winning TV sets in the six geo-political zones. Altogether, customers will win 48 TV sets.

“The ‘Happy Days’ promo, underscores our determination to improve the standard of living and lifestyle of our customers who deserve the reward for their unflinching loyalty to the brand since the bank berthed three years ago.” The promo is open to persons from age 18 years and above.

Diamond Bank renames flagship savings account

DIAMOND Bank PLC has changed the name its flagship savings account in a bid to cater to a larger section of the public. Hitherto known as ‘Diamond SavingsXtra’, the account has now been renamed ‘DiamondXtra’.

Commenting on the name change, Head, Corporate Communications of the Bank, Mrs. AyonaTrimnell said, “The name change was informed by the need to change a wrong perception on the target market of the Diamond SavingsXtra account.

Over time we found that people perceived the account to cater to only the lower mass market segment, a wrong perception. With the name change we wish to communicate to everyone that the account is open to everyone who is willing to put away some money for the rainy day, as well as enjoy a number of rewards for saving.”

DiamondXtra account is a special savings account designed for individuals who want to build up their savings gradually. It is an interest-yielding savings account which allows the deposit of both cash and third party cheques. In addition, DiamondXtra accountholders receive a chequebook and an ATM card with which they can withdraw from their account at any Diamond Bank branch. It is a simple and straightforward savings account that comes with a low minimum opening amount of N5,000.

DiamondXtra is currently executing the longest running reward scheme in Nigeria, called the DiamondXtra Reward Scheme. It was launched in July 2008 in a bid to encourage a savings culture and also to reward customers for their loyalty.

The draws are held weekly (every Friday), monthly (every last Friday of the Month) and to mark special occasions as determined by the Bank. Every Friday, 4 customers stand a chance to win N250,000.00 (two hundred and fifty thousand naira) each, 10 customers will win N500,000 (five hundred thousand naira) each while another customer will win the star prize of N1, 000,000.00 (One Million naira) in the weekly draw.

In the monthly draw, 1 customer wins N2.5 million, another wins N5million and a third customer wins the star prize of ‘Salary 4Life’. The Salary 4Life is a unique feature of the DiamondXtra account in which Diamond Bank pays the sum of N100,000.00 into the customer’s account every month for the next 20 years.

Electronic process

The draws are conducted through an electronic process approved by the National Lottery & Regulatory Commission and the Consumer Protection Council and which is also verified by the renowned auditing firm, KPMG Professional Services. Every N5,000.00 deposited by the customer increases the customer’s chances of winning as the winning tickets are chosen by a random draw.

Amongst the numerous benefits of running a DiamondXtra account is a free access to all Diamond Bank electronic banking channels like Diamond Online, Diamond Mobile and Diamond Dial.DiamondXtra account holders also enjoy a free life assurance cover of N50,000.

DiamondXtra customers also have access to a secured credit card called the DiamondXtra VISA Credit Card which allows them access to a credit limit of up to 75 percent of the funds in their account without dipping into valuable savings, hence granting them the privilege of qualifying for the weekly and monthly draws.

To enjoy the benefits of the Reward Scheme, existing DiamondXtra account holders must have a minimum of N5,000.00 (Five Thousand Naira) in their account. Multiples of ¦ 5,000 deposits increase the customers’ chances of winning.

Since the reward scheme commenced, over 1,000 loyal customers have been rewarded with cash prizes valued at over N1.2bn in total.

UNION BANK

Angel Nelson NB Ossai

You app is no longer working on BB phone; it is always saying check network connection even when network connection is ON.

Ecobank Staff (Lucky Gabriel)

Please uninstall and download again from your blackberry world. It’s possible the app version you have has expired and requires update. After downloading, click on New User to register with your account details.

If you are an existing Unionmobile customer, simply login with the password you choose during registration and proceed with your transactions. If you are new, you will get an activation code via sms, enter the code to activate the app.

Olovo Obinna

Union bank my missing N10,000 has not been returned back to my account oh…1yr now…Oga CEO please oo

Union Bank of Nigeria Plc.

Hi Olovo Obinna, we apologise for this. Please send us an inbox message with your account details, to enable us investigate. Thank you.

SKYE BANK

Ogunyemi Saheed

Skye Bank Please try to upgrade, your service is too poor. The Skye I use to know before was superb, agile and always treat customers well.

Skye Bank Nigeria Plc

Dear Ogunyemi, Thank you for contacting us. We appreciate your feedback and we wish to inform you that delivering outstanding customer service is our goal and we shall improve to serve you better; Thank you. We re-affirm our commitment to providing excellent customer service

Idowu Oluwamuyiwa

I pity whosoever that open account with that link, even the one you open in the bank have issues, I will not talk more than this. I am regretting banking with them.

Account debits of N 20,000 since December, and I am stranded now. I am not begging for arms or charity from you people now.

Skye Bank Nigeria Plc

Dear Idowu, thank you for contacting us. We are concerned with your above message and we regret the inconvenience experienced. However, may we confirm the exact challenge that may have purged your message. We wait for response.

DIAMOND BANK

Timothy Uzochukwu Obi

I sincerely don’t know what’s going on with you guys lately, firstly you guys have employed a lot of new guys who are not only poorly dressed but can’t communicate effectively like I could literally talk to them of updates in the bank’s policies that they aren’t aware of. That’s really strange.

It took you guys almost a week to open a domiciliary account after several calls and visit to the bank and another two weeks to get the dollar debit after several calls and visit to the bank too..

Thought that would be over and now the card is been declined on every website. I called and you guys said it’s the Ipin. I have set the Ipin and its still been declined. Called again and again only to be told that your service has been down for a whole day.. You guys are really terrible

DiamondBank

No response

Chijioke Okwunakwe

It must be very ridiculous that a bank like yours still exists in 2016.

I send in my instruction to close my account with you, you closed the account alright, and then for some reason that only yourselves may understand, you choose to hold on to the balance on my closed account.

In spite of my instruction to transfer those funds to my account at another bank, you all at your Diamond Care act like that part of my instruction were written in Chinese.

My message is this: Keep holding on to my money. Pass it down from one generation to another; use it to build your balance sheet. Your kind of banking makes me sick.

DiamondBank

No response

Chinonso Laus Stan

Please refund me my money or give me ATM card

Diamond Bank

Hello Chinonso Laus Stan. Thank you for your message. We will like to resolve your complaint at the earliest. Please send us a personal message with your account details. This will enable us assist further.

Sule Sunday

Must I visit the branch where I opened my account before I can migrate??

Diamond Bank

Hello Sule Sunday. Thank you for your message. You can visit your nearest branch to migrate.

Sule Sunday

And I went to DiamondBank branch located at Banex Plaza Abuja on the 20th December 2016 to fill migration form but up till this moment nothing has changed is that how Diamondbank treat their customers?

Diamond Bank

Hello Sule Sunday. Thank you for your feedback. . We regret the inconveniences experienced. Please send us a private message with your account number and registered phone number to enable us address further. We await your response please.

Sule Sunday

But I sent a private message concerning this issue, but no feedback. For over two weeks now

Diamond Bank

Hello Sule Sunday. We appreciate your patience and feedback. We apologize for inconveniences experienced. . Please your complaint will be resolved at the earliest.

ECOBANK

Dafe Kelvin

Same Ecobank that could not get me a refund of my N20 ,000 for over two years now…they said the transaction was successful but I was debited four times and got paid three times…I’m just taking a chill pill because when my lawyer is back to the country, walahi, they will pay times 10 of that money, useless bank.

I’m getting all my facts in place, We will meet in court. You guys will regret ever having delayed the refunds. Even after requesting for a video feed and filled anti fraud forms. All they know is to tell you to fill forms all the way.

EcobankNigeria

Kindly reach out to us on Whatapp via 08087603717 or call our contact centre on +234 700 500 0000.

Omorionike Ekins Ogunleye

I hate Ecobank so much. They debted me N50,000 and it wasn’t rectified till now.

EcobankNigeria

Hello Omorionike Ekins Ogunleye, Thank you for contacting Ecobank. We sincerely apologize for the inconveniences experienced and the delayed response.

Please confirm if the disputed transaction has been reversed or forward the transaction date, amount, first six and last four digits of her card, account and telephone number to engcontactcentre@ecobank.com to enable us investigate and provide feedback.

SOURCE: Banks leverage on promotions to encourage savings habit

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