[Jaguar]

Originally Posted by Oxy

Weird experience with HDFC Bank.

I then asked him to check with the branch manager. After talking to the manager, he tells me that all dormant accounts before 2013 were wiped out of their records! And now there is nothing they can do to retrieve it, and I would need to open a fresh account with them.

Is this normal? How can my account just vanish even if it was unused?

I am in the same quandary. In my case, I closed the account long back but missed updating the bank details in the MF. Now, the fund house (HDFC) wants the account closure letter from the bank to change the bank details. But HDFC bank has no info regarding the old accounts. Plain stupidity IMO.

Even if you open a new account, the fund house will ask for old bank proof, which HDFC is not able to provide.

Were you able to get anything in writing from the manager stating that all dormant accounts were wiped out from their system in 2013 and the old account doesn't exist anymore?

[saket77]

Originally Posted by Jaguar

I am in the same quandary. In my case, I closed the account long back but missed updating the bank details in the MF. Now, the fund house (HDFC) wants the account closure letter from the bank to change the bank details. But HDFC bank has no info regarding the old accounts. Plain stupidity IMO.

Even if you open a new account, the fund house will ask for old bank proof, which HDFC is not able to provide.

Were you able to get anything in writing from the manager stating that all dormant accounts were wiped out from their system in 2013 and the old account doesn't exist anymore?

One can also provide old bank's cheque leaf in lieu of bank account closure letter, which is much more practical and convenient for updating new bank in your MF folios. Still in case you don't have that, you can go for COB form (change of bank) with just new bank proof but details of old bank will be required like account no. and IFSC, etc.

Trust that helps.

[Jaguar]

Originally Posted by saket77

One can also provide old bank's cheque leaf in lieu of bank account closure letter, which is much more practical and convenient for updating new bank in your MF folios. Still in case you don't have that, you can go for COB form (change of bank) with just new bank proof but details of old bank will be required like account no. and IFSC, etc.

Trust that helps.

I closed the account over a decade ago and don't have any cheque leaves. The COB form also says one needs to attach the old account proof. That is optional but most fund houses require it apparently.

[gopi_rm]

This is my strategy:

• Using a private bank account for online/card transactions and maintaining only a small balance (e.g. 70K) all the time to limit the loss of any card based frauds. I am using ICICI for the past 11 years and have 0 complaints.
• Using a good PSU bank account for savings and loans and not using it’s debit card anywhere. Whenever the balance in ICICI reduces, I top it up from PSU bank.

[condor]

SBI has brought in Cheque Deposit machines: you feed the cheque, enter the account number, confirm the details, and then the machine provides a print out with the details of the cheque deposited and account to which deposited.

Good to see this coming in.

[Ashutosh]

My experiences of Banks.

Regular A/c's

Kotak (A/c since 2015-till now)
Service at Branch - 5/5
Service On Call 5/5
Mobile App - 5/5
RuPay Card - only available in specific account.
SPAM Experienced - 5/5 (Credit Cards)

Axis (A/c dealings since 2000)
Service at Branch - 2/5
Service On Call 3/5
Mobile App - 5/5
RuPay Card - did not bother to check till now
SPAM Experienced - 2/5 (Credit Cards)

HSBC (A/c during 2010-2016)
Service at Branch - 5/5
Service On Call 5/5
Mobile App - 5/5
RuPay Card - account closed as HSBC scaled down their branches
SPAM Experienced - 1/5 (Credit Cards)

Digital A/c's (created online first)

DBS (A/c Since 2020)
Service at Branch - 0/5 No direct customer support for DigiBank customer at branches. One may try this-1860 2103 456
Service On Call ?/5 Never tried
Mobile App - 4/5
RuPay Card - Not available for this account yet
SPAM Experienced - 0/5 No Spam on call, not much on emails

IndusInd Bank (A/c Since 2021)
Service at Branch - 4/5
Service On Call ?/5 Never tried
Mobile App - 5/5
RuPay Card - Not available for this account.
SPAM Experienced - 2/5 (Credit Cards)

RuPay Card - the government of the time is prioritizing portals for RuPay Cards. The future looks bright for UPI / NEFT / RTGS and RuPay. VISA and MasterCard's lines are getting smaller

[Sheel]

I am facing a strange issue WRT transactions between my SBI & HDFC Bank. I am not able to transfer funds from my SBI to HDFC. Either from my Current A/C or Savings. HDFC is a Savings one. HDFC is working fine, it can receive funds from other banks and can send funds to my SBI.

I tried to delete & add the HDFC A/C from beneficiary section, but, the problem persists.

[binand]

Originally Posted by Sheel

I am not able to transfer funds from my SBI to HDFC.

Have you checked if online fund transfers are blocked for any reason for you at SBI? These sort of issues, I have found it helpful to walk into a branch and show it occurring first-hand to the BM/RMs - they can make the necessary calls / raise internal tickets which are treated a tad more respectfully than ours.

Today I found that HDFC's eCMS account cannot be the recipient of a UPI AcNo+IFSC transfer. My apartment maintenance was due; so far I had been doing it via regular NEFT. This time I thought I should do it via UPI, but bummer. Funny part is, the source account is also held with HDFC Bank.

[ToThePoint]

Originally Posted by Sheel

I am facing a strange issue WRT transactions between my SBI & HDFC Bank. I am not able to transfer funds from my SBI to HDFC. Either from my Current A/C or Savings. HDFC is a Savings one.

SBI is notorious for these sort of things. Most of the time their servers are down for maintenance, weekends and holidays included without notice. I have been in situations where I had an emergency, had funds, but couldn't transfer out of SBI. I have had situations where IMPS transfers have failed and debited amount credited back only next working day.

Long story short, I don't trust SBI with my money anymore and park my funds elsewhere.

[vinu_h]

I got into a bit of a situation recently and looking for ideas please.

Car is hypothecated to a bank who also happens to be the broker for the insurance which came from an insurance company. I have been renewing every year directly with the insurance company and this year was no different. Last week, I saw the bank has gone ahead and debited my account for the very same policy and is now making me run around for the refund.

Every month I transfer money in this bank's SB account and they recover the EMI from it. They have the authorization to recover the EMI monthly but not insurance.

How do I stop them from doing this ? I don't have the time to move my business elsewhere.

[skanchan95]

Originally Posted by vinu_h

I got into a bit of a situation recently and looking for ideas please.

Car is hypothecated to a bank who also happens to be the broker for the insurance which came from an insurance company. I have been renewing every year directly with the insurance company and this year was no different. Last week, I saw the bank has gone ahead and debited my account for the very same policy and is now making me run around for the refund.

Every month I transfer money in this bank's SB account and they recover the EMI from it. They have the authorization to recover the EMI monthly but not insurance.

How do I stop them from doing this ? I don't have the time to move my business elsewhere.

Have you written a written complaint to the branch seeking a refund and got it acknowledged? If so, escalate the complaint to the Regional Office of that bank. Wait for a month, if no reply comes , try and see if you can escalate the complaint to the Banking Ombudsman or Insurance Ombudsman seeking refund of the amount + interest + compensation for the mental harassment.

No way they can charge you account for insurance, without your authorisation.

These days all bank's do all sorts of things to get business numbers and behave very arrogantly without any concern for the customer . Unless you put your foot down and take a stand, you will not get what you seek.

[sdp1975]

Poor expereince with SBI. My wife has a SBI account in her home town and she used to get sms messages to update her KYC. When she visited the home branch they said that the KYC update wasn't necessary unless there's been some change and to ignore the sms messages.

A few days ago her account got blocked without any warning or intimation. Upon visiting a local branch in Bangalore she was told that her KYC wasn't updated and she could update it only from the home branch and not from Bangalore. Fortunately she's going for a visit soon and should be able to update her KYC details but this was poorly handled by SBI.

I've asked her to get the KYC done and withdraw the amount lying in her account and then close it. My general experience with PSU banks hasn't been great.

[vinu_h]

Originally Posted by skanchan95

No way they can charge you account for insurance, without your authorisation.

These days all bank's do all sorts of things to get business numbers and behave very arrogantly without any concern for the customer . Unless you put your foot down and take a stand, you will not get what you seek.

I escalated and this is the response I recd - If the car is involved in an accident and is a write off then insurance is the only way to recover in case the primary applicant doesn't meet the EMI's. They are covering their risk, I get that, but, they won't say if they have the authority to recover insurance premiums from me.

A possible alternative is to close my SB account and move to NACH.

[skanchan95]

Originally Posted by vinu_h

I escalated and this is the response I recd - If the car is involved in an accident and is a write off then insurance is the only way to recover in case the primary applicant doesn't meet the EMI's. They are covering their risk, I get that, but, they won't say if they have the authority to recover insurance premiums from me.

Don't you now have two separate Insurance policies for your car? One that you renewed and one that the bank has renewed without your permission? In that case, you have essentially been made to pay twice. Besides, banks do not have the authority to renew vehicle Insurance policies without your permission. If I were you, I would not have let the bank to get away with this high handedness.

I have taken Car loans from PSU banks(Vijaya Bank, Canara Bank) for my cars over the years. None of them ever insisted on buying or renewing Vehicle Insurance through them. The only thing they asked for was the renewed Insurance policy copy to keep in the loan file. At times, they did not even ask but I made it a point to send it to them.

Canara Bank was very fussy when it came to Insurance policies. Once they had debited my account without my permission for some Insurance policy that in the event of my death, that policy would take care of the balance loan amount but that was optional and not compulsory. When I raised it with the branch, they did not respond properly. It was only when I threatened to take it up with the Banking Ombudsman, they promptly reversed it and send the confirmation by e-mail.

---------- Forwarded message ---------
From: manager cb <xxxxxxxxxx@canarabank.com>
Date: Mon, XX XXX 2018 at XX
Subject: Wrong debits from our SB Account
To: Sandesh Kanchan<xxxxx@gmail.com>


Dear Sir,

We have refunded the Insurance charges which was debited to your account.

We regret for the inconvenience caused to you.

Regards
XXXXXX
Chief Manager
Canara Bank
XXXXX Branch

My wife is a bank manager with a PSU bank and she confirms that banks do not have the authority to renew an Insurance policy without the customer's consent.

The only time a bank asked me to take a compulsory Insurance policy was for a housing Loan with Vijaya Bank 12 years ago to cover the outstanding loan amount in case of my death. Even there, I was given the option of buying that policy from outside but they said as the bank had a tie-up with Bajaj Allianz, it would be better and faster to process, to which I agreed.

[vinu_h]

Originally Posted by skanchan95

My wife is a bank manager with a PSU bank and she confirms that banks do not have the authority to renew an Insurance policy without the customer's consent.

I went up to the principal nodal officer today and he triggered a chain of emails to the branch, zonal and regional heads. I received the refund in 30 mins and a ton of apologies

Happy ending.