Court orders bank to pay N500K to customer for failure to reverse failed POS transaction

The High Court of Akwa Ibom State, Itu Judicial Division presided by Honourable Justice Ilaumo awarded N500,000.00 against Polaris Bank in favour of Mrs Idongesit Utibe Nwoko for failure of the bank to reverse a failed POS transaction within 72 hours as required by law.

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 it's duty of care to his customer and therefore must pay damages of N500,000.00 to customer.

The judgment was delivered on the 4/5/2022.

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