When you grow into some level of financial knowledge you'll begin to be skeptical of the bank. How they operate becomes very suspicious when asking the right question of who actually owns the money. You know the crypto rules 'not your keys, not your wallet' and it widely plays out in the centralized system like the banking sector. How these guys play the money toggling game is always funny. Do the banks have money? Of course not, you can call them the poorest institutions who turn out to be the richest. Like them or not, it's your money that makes them rich. How they just write irrelevant figures in your account balance to keep you at peace but those are just numbers you know, anyone can put that up. Where is the actual money? Just call it brain work.
So what brought about this conversation? Ok, it was me branching my aunt's place to pick up some groceries and she told me about the current network issues at Zenith bank Plc. Her customers have been flooding her business premises with transaction issues telling her to exercise some patience. Of course it's one of the most reputable banks over here and many will say it will soon be resolved. How come I never heard about this for nine days now? Perhaps it's not my regular day to day transaction business bank. From how she was explaining, it was as if they were actually folding up and running away. Sometimes you should be careful of how you digest information before your BP rises if you have such issues. I was just there imagining my funds inside there. Hahaha, I couldn't even tell her that I am banking with them. Oh! Dani, you see why you never liked the banks was just what I was reasoning with myself.
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Actually, I don't have much funds there and not that little also. Anyway, no matter the funds in there it was I that put it and I deserve access. Finally I just picked my groceries and off I went. I started doing some online research and when I saw the headlines like Zenith down since October 1st I just decided to give myself a break. I have had a hectic day already, if these guys are off, let me be. We will do further research by tomorrow. This is my final conclusion. I slept fine if you wish to know, when you've witnessed financial market loss before it just trains you to withstand the unexpected.
I woke up this morning to start proper findings, I called someone who does daily business with them and he said he has swap bank for NOW that their network is down. The way he was sounding raised hopes of just temporary issues. To get more facts I had to call someone working there and his reply was that they are gradually paying customers depending on network stability. He said I should reach the banking hall to make my transaction. I have gone there and have returned. Was I able to transact? No, the bank is not still not stable and the branch I went to made the matter worse. I wish I had chosen another. I stayed there for a while and later left. My confidence is that it's just network issues; at least I can rest.
System Upgrade for efficiency
From the report I got from the bank this morning, they were planning of upgrading their network by January next year, but they decided to do that this October. The idea is to make their service much more efficient. According to the report from the insider, the current upgrade will make transactions faster and much more efficient, we are yet to see this; maybe because of the current panic that is making customers jampack in their branches. Explaining further, he said the idea is to make customers spend less time in the banking hall.
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The current data upgrade creates an ALL in one app according to him which makes bankers able to transact and verify accounts without passing through several procedures. From his explanation, let's say reducing a ten minutes banking time to five.
It's a nice one, I think they are beginning to value speed and efficiency the more courtesy of what is happening in the crypto world. Nevertheless, they have really stressed their customers and it's something we know they won't compensate for. Many are paying transportation to the bank to end up doing nothing. It is really frustrating with some customers promising to close accounts when they successfully get their funds out. It's one of those things, will customers actually leave? I don't really think so, where will they be going, all these banks have their issues of always inconveniencing their customers.
As I am speaking the insider also said GTB (Guaranteed Trust Bank) will be doing an upgrade too tomorrow by 12:PM which will last till Monday precisely in case down time exceeds expectations. Banks have their verifiable English and you'll always have to cope when they speak one. They are the long standing big guys in business who have government backups.
To conclude, let me add, the issues of centralized banking entities always leads to inconvenience. I have as I am speaking when looking at the time I have spent going there and returning unsatisfied. It is out of such things that many are gradually pursuing and siding with decentralized transactions.
Posted Using InLeo Alpha