I&M Bank on spotlight after growing complaints that it may be taking advantage of customers through hidden exchange rate tricks during failed international money transfers. At the center of this troubling pattern that shows the bank possibly refunds failed transactions at a lower exchange rate than the one used when the transfer was initiated, leading to unfair and unexplained losses for the customer.
Many now believe this isn’t just a small error but a calculated way for the bank to profit from failed services.This matter became more serious when customers started speaking out online. One of the loudest voices was that of Njeri Thorne, who shared her experience on X.
According to her, she sent £5,000 at a rate of 175.28 Kenyan shillings per pound. The transfer failed for reasons that were not clearly explained, but when the money was refunded, it was done at a rate of 171.08.
That difference meant she lost £120 money she never agreed to lose. The bank never warned her this could happen. Worse, she even received a message saying the transaction had been successfully processed, only to be told later it failed.
This left her feeling cheated and frustrated.What makes this worse is that this isn’t the first time she’s gone through such a situation with I&M Bank.
Njeri said she had faced a similar issue just weeks before, with a smaller amount but the same pattern her money came back, but less than it should have due to the adjusted exchange rate.
This points to a deeper problem that could be affecting many others. People responding to her story online have also started questioning how often the bank gets away with such tricks, especially since the bank’s own terms and conditions are vague and offer no clear protection in these situations.
The silence from I&M Bank is only making things worse. At a time when transparency should be a basic part of customer service, the bank has said nothing to explain its actions.
Customers are now asking if the bank is using these failed transfers as a way to generate extra revenue without openly admitting it. If so, this is nothing short of theft masked as policy.
There is growing demand for financial regulators to investigate the bank’s refund practices and force it to reveal exactly how it handles exchange rate differences on failed international transfers.
The fact that customers like Njeri Thorne have to go public just to get attention says a lot about the bank’s lack of accountability.
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