In banking, Impersonal Ledger is the record of transactions that’s not related to individual account holders. Unlike personal ledger which is more personal and related to people, impersonal ledger is concerned with bank’s overall financial activities.
Impersonal Ledger is categorized into two main accounting book; cash book (or real ledger) and general ledger. As part of general ledger, impersonal ledger contains entries that deal with assets, liabilities, income, and expenses.
Furthermore, the general ledger is divided into types namely private and nominal. In private ledger, all the transactions related to liabilities and assets are recorded. While in nominal all the transactions related to expenses and incomes of a person are recorded.
However, all these definitions and uses of Impersonal Ledger are slightly different from the way GTBank handles Impersonal Ledger in its banking system. In this article, I will explain to you what GTBank Impersonal Ledger means, how it works, and potential solutions to resolve the issue.
What is GTB Impersonal Ledger?
The GTBank’s Impersonal Ledger is an internal (private or separate) account where certain customers’ funds are channeled temporarily for reasons like unresolved transaction reconciliation, dormancy of account, unclaimed funds or possibly due to security flags.
When GTB transfers customer funds to an impersonal ledger without their consent, it generally indicates an internal banking process or adjustment calling for immediate resolution between the bank and the affected customer.
How GTBank’s Impersonal Ledger works
This GTB Impersonal Ledger isn’t directly accessible to affected customers, which can lead to confusion, especially when funds are deducted without clear explanations. Meanwhile, the deducted funds will be seen under “transaction receipt” and the beneficiary on the transaction receipt will be saved “GTB Impersonal Ledgers”.
See Example as follows:
As you can see, when GTBank transfer funds from a customer’s account to the impersonal private ledger account as a temporary measure, the customer will observed unexpected deductions (e.g., multiple small debits or large sums).
Meanwhile, some of the GTB customers that are experiencing impersonal ledger debits on their accounts are allegedly involved in suspected fraud, whereas the impersonal ledger will be linked to external wallets or accounts without customer consent.
Causes of Impersonal Ledger Debits on GTB
Many GTBank customers have experienced impersonal ledger debits on their bank accounts. Some seek legal advice to resolve the issue while took to social media platforms to seek public support.
Nigerians, help: A thread!
— O. O. Nwani (LP) (@BarrTailorson) April 6, 2023
GTB Bank just compromised my acct leading to d loss of #600, 000.00 in #200, 000.00 tranches.
See my app below
I ve not bn able to make any transaction from d account till Monday this week when the moniee moved to GTB IMPERSONAL LEDGER ACCOUNT pic.twitter.com/WvrEiZD86p
However, it’s important to understand that the impersonal ledger debit issues cannot be placed on your bank account if something is not wrong. Many impersonal ledger issues experienced by account holders are caused by;
1. Dormant Account
If a customer’s account has been inactive for a certain period, banks often transfer the balance to an impersonal ledger account as part of dormancy management. This transfer of funds to Impersonal Ledger due to inactive of account allows the bank to consolidate inactive funds separately which makes it easier for the bank to track and manage dormant accounts.
2.Unresolved Reconciliation
Sometimes, GTbank temporarily transfer customer’ funds to an impersonal ledger if there’s a discrepancy, such as an unbalanced transaction or a technical error, while they investigate or reconcile the transaction. In this case, the account holder might not necessarily take any action as the issue might be resolved in less than 24 business hours.
3. Unclaimed Funds
Funds that remain unclaimed (e.g., refunds, settlements or hanged transfer) for an extended period set by a bank will be temporarily moved to an impersonal ledger until the owner claims it with clarification and verification. Transferring such funds to an impersonal ledger account is a common approach to separate the funds from active accounts, which ensures that customer funds aren’t mixed with operational accounts.
4. Fraud Prevention and Compliance
Occasionally, if the GTbank suspects suspicious activity or if there are compliance issues related to anti-money laundering agencies in Nigeria e.g., EFCC, the bank will temporarily transfer your funds to an impersonal ledger account while you resolve your issues with the anti-money laundering agencies. This ensures the bank is meeting government’s regulatory requirements while also securing its customer’s assets.
How to Resolve Impersonal Ledger in GTBank
The best way to resolve Impersonal Ledger Debit in GTBank is by contacting the bank support. You can call the customer service or visit the bank to ask for a specific reason for the debit and request a full refund.
However, do note that you may need some clarification and verification depending on the reason the impersonal ledger debit was placed on your GTB account.
If no resolution occurs, consider escalating through formal complaints, possibly involving the Central Bank of Nigeria (CBN) for oversight. Legal Action: In cases involving large amounts or persistent issues, some customers, like those in the discussions, have sought legal advice or filed legal notices to reclaim their funds.
Conclusion
In summary, an “Impersonal Ledger” in GTbanking system simply refers to an account that save funds or assets that are separated from individual accounts. but to the bank’s overall financial activities. It’s part of the bank’s policies to separate individual funds from the bank’s internal financial records while the affected account holders are resolving issues on their bank accounts.
