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Old 19th September 2007, 14:50   #1
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Default PDC or ECS?

Hi all,

I am buying a car this month, and have taken a loan from UTI (now Axis) Bank. They have given me an option of paying through Post Dated Cheques (PDCs) or Electronic Clearing Service (ECS). Any idea about pros and cons for the both? Which one is better?
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Old 19th September 2007, 19:53   #2
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PDC only.

You have complete control on the # of payments, amount, date of payment. You can stop the payments as well.

In ECS, you may be able to do all this, but will require some forms and visits to the bank. Also you will have to ensure that bank does not continue to take EMIs after the loan is cleared.
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Old 19th September 2007, 20:24   #3
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PDC!

Its easy to "bounce" cheques if need be.
But, its not in ur hands in the ECS' case
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Old 20th September 2007, 13:10   #4
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Thanks!!

I will go for PDCs then!
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Old 24th September 2007, 15:26   #5
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The banks are good at hounding you for payments but when it comes to them having to refund excess you have to move the heaven and earth before recovering your money.

HDFC pestered us through August claiming the ECS was rejected. Citibank then informed us that they had never got a request for payment that month from HDFC. Since our Citi account is operated from Mumbai it took a while to dig for the details.

Meanwhile in order not to complicate things my dad decided to issue a cheque for the August EMI and dropped it off at the local HDFC branch. We also told requested them in writing to cancel the ECS and that we would issue PDC's.

Needless to say every day we got calls from multiple people asking for the payment even after the cheque had cleared. They even went to the extent of sending someone home and to the office for "collection."

We were then pleasantly surprised to find that HDFC had sneakily re-presented the ECS for August last week and in doing so got 2 installments for August.

Also the reason all this crap happened was because HDFC forgot to include the loan / account number on the originaly request form to Citi, which meant citi had no idea who to debit/credit.


Last edited by s0uljah : 24th September 2007 at 15:28.
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