FREQUENTLY ASKED QUESTIONS BY CUSTOMERS

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Q1)      How do I send money urgently to someone in any part of the country?

A1)      You instruct your branch manager to debit your account and credit the account of the beneficiary or pay in cash if you are not a customer of the Bank and give the same instruction.

Q2)      Do I need to be an account holder to purchase a bank draft?

A2)      No, you don't need to be an account holder.

Q3)      Is it possible to withdraw or pay money in Port Harcourt branch of the bank when my account is at Lagos?

A3)      Yes, it is possible. With our current IT facility, all our branches have been networked, operating on-line, real-time.

Q4)      How do I carry cash around conveniently?

A4)      Union Bank ValuCard is the answer. As much as N 16million can be loaded in a card. Enter any of the branches and present your card to the tellers for any amount you want loaded into the Union Bank Valu Card.

Q5)      Do I need to enter the branch or be at the counter to cash my money?

A5)     You can buy Union Bank Easy Cash Card, this gives you the opportunity to conveniently have access to cash always by using the Automated Teller Machines (ATM) designated outside the branches. It is a Self-Service Banking Solution at your own time in all our selected branches nationwide. The ATM will pay you clean, crisp cash notes at every withdrawal.     

Q6)      How do I pay the school fees of my child studying abroad?

A6)      Take your child's admission letter, the school bill and other documents.

            Indicate the mode of payment you want, for example - Telegraphic Transfer or Draft and our branches will handle the rest.

Q7)      My child is residing abroad and intends to send money to me in Nigeria. How does he do that?

A7)      Your child could contact any of the Travelex Money Transfer outlets in any part of the world and intimate the company that he/she wants to send money to you in Nigeria through Union Bank of Nigeria Plc.

            Your child could also utilize the services of Vigo, MoneyGram, Money Exchange or Ria Express services overseas to transfer money to you in Nigeria.

Q8)      How do I receive this money transferred to me from overseas?

A8)      Visit any of our branches to collect your money with something to identify yourself, for example Identity Card, Nigerian Passport or Driving Licence.

            Also inform your child to disclose certain information he used in remitting the funds, for instance the security number, the exact name of the beneficiary, amount, branch of choice if specified, country sent from, city/country, telephone, etc.  

Q9)      How do I open a personal, company or club/society account and what are the requirements?

A9)      Fill a form on this website (Open An Account), then visit any Union Bank branch of your choice for any further information.

Q10)    How do I manage the cash proceeds from my various sales outlets all over the country and ensure that all such proceeds reach my main account.

A10)    The Bank provides Cash Management Service. Your main account holding branch directs the branches to transfer all your proceeds to the branch on daily, weekly, or monthly basis depending on your instruction.

Q11)    How do I solve the problem of late receipt or non-receipt of dividend warrants?

A11)    Give a mandate by informing the company's registrar to pay dividend directly into your bank account with Union Bank.  

Q12)    What are the preconditions for obtaining overdraft/ loan?

A12)    You must be a good customer of the Bank, then, write a proposal letter indicating the purpose of the loan.

            State the amount of loan required, repayment mode and the repayment period.

            Support the loan with the necessary security; this could be in form of - Lien on Cash, Stocks & Shares, Insurance Policy, Real Estates, and Debenture (for a company that will attach assets).

Q13)    What qualifies as a good collateral for the proposed loan?

A13)    The security must be solid, tangible and adequately realizable.

            The customer must provide the bank with the necessary documents that will facilitate perfection of the securities by the Bank before drawing down on the facility.

Q14)    How do I inherit the bank accounts and other valuables of my late father under the bank's custody?

A14)    Probate of the deceased's will or Letter of Administration

Q15)    How do I start export of cashew nuts?

A15)    You must be a registered member with the Nigerian Export Promotion Council

            You must be able to source the commodity to meet the required order and international standard, and there must be a market for the product.

            For further details, approach your branch manager on the required documentations and modes of payment / settlement.

Q16)    Who qualifies for the Small & Medium Industries Equity Investment Scheme?

A16)            Beneficiary must be registered as a limited liability company in Nigeria

            Comply with all applicable tax laws and regulations,

            It must be an enterprise with a maximum asset base of N200 million, excluding land and working capital.

            Have the number of staff employed by it not less than 10 and not more 300 persons.

            Funds shall be provided by way of investment /purchase of Equity share in the company.

            Ownership of the company shall be diluted to the extent of the Bank's investment.