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Lady Drags Polaris Bank Over Unauthorized Debits As Fraudulent Beneficiary Already Cashes Out Money In Palmpay

Secrets Reporters

Adedoye Jolaade Olayemi, who goes by the name Ola Yemmy on Facebook, has taken to the popular platform to share her harrowing banking ordeal, one that has left her questioning the integrity of Polaris Bank and demanding answers from the financial institution.

Olayemi’s plea for help, posted on a Friday, revealed the distressing tale of unauthorized debits of N2,550 and a staggering N97,300 from her Polaris Bank account. She appealed to her friends and the wider Facebook community, stating unequivocally that Polaris Bank should reverse the transactions, accusing the institution of attempting to sweep a fraud case under the rug.

According to her, the sequence of events unfolded with the first debit of N2,550 on September 20, 2023. Olayemi, clearly perturbed, promptly initiated contact with the bank via email. To her surprise, a customer service representative from Polaris Bank reached out to her almost instantly, confirming the receipt of her email.

Filled with trepidation, Olayemi asked the representative if it was safe to transfer her remaining funds from the account, to which she received an unequivocal “NO.” She said she was assured that the bank was diligently working to rectify the situation, acknowledging the transaction as an error.

The nightmare, however, did not end there. Just four days later, on September 24, another debit, this time a whopping N97,300, hit Olayemi’s account. The transaction recipient bore the name “Idris Musa” with account number 8902580540 domiciled with Palmpay.  Olayemi promptly sent another email and made a direct call to Polaris Bank in search of answers.

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The bank’s response was less than satisfactory. Olayemi said she was instructed to visit a branch of Polaris Bank in Oshogbo, where she was asked to draft a letter detailing both debits. However, circumstances conspired against her when she was informed to return the following Wednesday, only to discover that it was a public holiday. Her persistence led her to the bank’s doorstep on Thursday, but the answers she sought remained elusive.

She further explained that the bank staff, seemingly at a loss, informed her that the money had been transferred to a “Sporty Bet” account registered under a different name, “Joseph Manu Dogo.”

A visit to another Polaris branch brought no solace, as Olayemi said she was told the money had been transferred to a “PalmPay” account, with no recourse for retrieval.

Frustration and despair mounted as Olayemi took to social media, her last recourse to seek justice. Her post garnered attention and concern, prompting a deeper investigation into the matter by SecretsReporters.

SecretsReporters reached out to PalmPay to determine whether the beneficiary, whose bank is PalmPay could be traced. The fintech company disclosed that the account holder is indeed traceable. However, they clarified that they cannot initiate any tracing from their end until contacted by Polaris Bank, which is Olayemi’s bank.

Responding to the situation, Polaris Bank informed our reporter that the matter is under investigation by the security unit responsible for handling fraudulent cases. The customer care representative disclosed that Polaris Bank has already contacted PalmPay regarding the issue, and PalmPay informed them that the beneficiary had withdrawn the money. Consequently, they claimed there was no way to reverse the transaction. They further explained that in such situations, banks typically restrict the recipient’s account and monitor it for any incoming funds. If the account receives any funds, the bank would seize the money and possibly refund.