Polaris Bank Is Experiencing Tension As A Result Of Customers’ Excessive Withdrawals And Account Closures
Polaris Bank Is Experiencing Tension As A Result Of Customers’ Excessive Withdrawals And Account Closures.
Due to a sizable number of clients seeking to either shut their accounts or remove all of their assets, the higher echelons of Polaris Bank’s administration are visibly uneasy.
Customers are rushing to withdraw money and close their accounts because of the bank’s instability, according to reports from Kano State, Abuja, and Lagos.
Small and medium-sized businesses in particular are reportedly shifting their money to safer institutions so they won’t be caught off guard. This gives them peace of mind and prevents them from worrying about possible financial difficulty.
According to an unnamed source within the bank, there has recently been a drop in clients (depositors) who are worried about the security of their funds and have lost trust in the bank as a result of large job losses and unethical business practices currently occurring.
Remember that Blueprint had reported that over 100 branch managers had been sent on indefinite leave without pay for the second straight month due to their high nonperforming loan ratio.
Our investigation revealed that several people and small and medium-sized businesses had canceled their Polaris Bank accounts and moved their money to more safe banks as a result of the bank’s obvious symptoms of crisis. A building materials vendor at the well-known Jabi market claimed (name withheld), “I chose to relocate my business from Polaris Bank because of the cruel treatment my account managers received. The bank fired the manager who had persuaded me to open an account with them a few years prior at the beginning of the year.
“I had also given him introductions to a lot of other merchants, and I discovered the branch was successful. When the new manager who replaced him informed me that he was already on suspension without pay but that the management insisted he must restart every day and beg for more business, I was still considering the loss of my financial advisor’s position and how solvent the bank was.
