A High Court sitting in Akwa Ibom State, Itu Judicial Division has awarded N500, 000.00 against Polaris Bank in favour of one Mrs. Idongesit Utibe Nwoko for failure of the bank to reverse a failed Point of Sale (POS) transaction within 72 hours as required by law.
The Court presided over by Honourable Justice Ilaumo, held that the bank did not reversed the said sum within 72 hours rather, it reversed the money after 28 days.
The fact of the case is that the plaintiff used POS to withdraw N60, 000.00 but the transaction failed. The Bank did not reverse the transaction within 72 hours as required by law. The Bank finally reversed the transaction after 28 days.
The plaintiff had approached the court in Suit No. HIT/2/2021 – MRS IDONGESIT UTIBE NWOKO V POLARIS BANK for redress.
The court held that the bank was negligent as to its duty of care to his customer and therefore must pay damages of N500, 000.00 to the customer.
The judgment was delivered on the 4/5/2022.