Banking Complaint

A credit card is a great asset if used carefully and smartly. It can help you solve your money problem in times of financial crunch, make you get through an unexpected event of expense and give few days of time leverage to pay that amount later. However, credit card users tend to spend more than what their pocket allows and do not plan their credit card expenses well. It is an art few people could plan wisely while others learn with time.

When it comes to paying the credit card bills, usually credit card companies give a minimum 20 day time to pay your bills before charging a daily interest and late fee charges on the bill amount not paid. Also, there are multiple ways in which you can pay your credit card bills, most of which are described below:

·         Net banking: The most convenient way to pay your credit card bills. You can get your cards registered on net banking and make bill payments every month. For ex., HDFC Bank account holders can register their HDFC Credit card or any other company’s credit card on their net banking and keep paying bills easily, every month.

·         ATM Funds Transfer: Another easy way to pay your bills. Go to your bank ATM and transfer funds from your bank account to the credit card account.

·         NEFT/VISA money transfer:Money transfers through NEFT is also possible into your credit card account number.

·         Pay by cheque: Make a cheque in favour of your credit card account number and submit at your nearest branch or put it in an ATM drop box.

·         Autopay: You can also provide standing instructions to get your credit card outstanding amount or minimum amount due, deducted from your bank account every month. An autopay registration form must be filled and submitted at your bank to start this service.  

We all have our priorities in life and some things are always important than others. We love our family and nobody comes before them. They take the top position in our priority list and would always be on the top of our mind, nextcome our most beloved assets: house, personal car, mobile phones, and other personal assets.

In our busy day to day life, we do try to get time for our family members, also use the facilities of all our personal assets, but forget to understand that need protection too and not just your love & affection.

Protection for your family

You might be thinking, you work so hard to make sure your family gets everything they deserve. What if something unfortunate happens to you? Will they be able to maintain the same standard of life as you have been able to give them today, while you are around?

Life insurance is the most convenient and wise way to guarantee your loved ones do not have to compromise on anything even when you are not around.

Insure your personal assets

You have acquired them using your hard-earned money and we bet you would want them to be insured. Although getting your vehicle insured is mandatory, there are other assets that you can get insured too. You house against theft, your mobile phone against theft or damage etc. While you have spent a lot of money on acquiring them, it makes a lot of sense to spend a little more on their security.  

Insurance sector in the country is full of options today and with FDI norms relaxed year over year; we have seen the number of companies offering insurance increasing too. This has happened both for the life insurance and general insurance sector. People have multiple options to choose their policies from, while online aggregators have also helped them compare different policy offerings before picking up the final one.

Insurance sector has been thronged with bad selling. People have been sold policies with wrong promises. While buying, they trust the agent or the company official enough not to go much into details. It’s after a few years you realize that the policy was sold on a different benefit while its actual benefit is something else. This happens both in general insurance and life insurance policies. If you have issues with your policies and want to know where to complain and how to get your query solved, put your doubts on online portal www.BankingComplaint.com, one of the upcoming bankingportals give a perfect step by step guide for you to act upon. Queries on BankingComplaint are replied by industry experts having enough experience in the respective sector.

Electronic transfer is the modern way to transfer funds. Gone are the days where you would have to visit your bank branches and get the money transferred to the desired account. Today, thousands of amounts can be transferred in a few clicks on your touch smartphone. Also, electronic transfer systemshave added more security with increased usage, to avoid incidences of wrong transactions.

Have you seen yourself jumbled with the different modes of fund transfers, namely NEFT, RTGS and IMPS? While the common objective of all these modes is the same, they still have functionality differences based on which they operate. There are differences on charges, the time it takes to transfer, the daily time till which you can transfer funds and some other operational differences

However, each transfer mode has its purpose and none of them is a clear-cut winner, below are some of the reasons people choose NEFT over other modes:

·         It is the oldest electronic mode of transfer. For those who play safe and have lesser information on new digital banking offerings, they would always choose NEFT mode of transfer.

·         For RTGS, the minimum amount to be transferred is 2 lakhs. With NEFT there is no minimum limit while there is a limit of maximum of 10 lakhs per day for the retail banking.

·         With IMPS, if a new beneficiary is added, you can only transfer a maximum of INR 10,000 in the first 24 hours and a maximum of INR 25000 in the first 48 hours. With NEFT, you can transfer INR 50,000(in full or parts) in the first 24 hours and INR 100,000 for the first 48 hours.

·         NEFT has the lowest charge structure. So, if you have no hurry on a fund transfer, NEFT should always be your preferred choice.

Even though the banking sector has developed considerably in the past few years, getting fast, going digital and much more secure, the unlucky ones still face issues with it. Things like transactions going into the wrong account, wrong amount getting credited etc. keep happening.

www.BankingComplaint.com

Go to a bank and you would hear the words NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement),IMPS (Interbank MobilePayment Service). These are commonly talked about in banking arena and whenever transfer of money is being talked about. Are they difficult to understand? Even if they are, the below description would make sure you start understanding RTGS mode of payment in detail while getting a glimpse of other modes and proudly know what you are doing with your money, the next time.

What are these three modes? While RTGS and NEFT are quite old now, IMPS relatively is a new mode of payment. In RTGS, the settlement of fund transfer is done in real time while NEFT follows a Deferment Net Settlement(DNS) method of clearing the transactions. NEFT operates in hourly batches and there are 12 batches from 8 am to 7pm on Monday to Friday. There are six NEFT batches on Saturdays from 8 am to 1 pm. While NEFT and RTGS have their stipulated timings, IMPS service can be used 24*7 on all days of the year.  

Below are five important things you should know about RTGS:

·         The process: In RTGS, the processing of fund transfer instructions is done on real time on order by order basis. This is unlike NEFT, where instructions are treated in batches.

·         Min/Max transaction amount:It is the most suitable way of fund transfer for large transactions. While there is no upper limit on the amount that can be transferred through RTGS, a minimum transaction amount of 2 lakhs is required for RTGS method to be used for fund transfer.

RTGS charges:

Rs 2 lacs – 5 lacs - INR 25 + Service Tax

Above INR 5 lakhs – INR 50+ Service Tax

RTGS timings: RTGS can be done between 08:00 am to 04:00 pm from Monday to Friday. On Saturdays (excluding second and fourth), it can again be done from 08:00 am to 04:00 pm. There is no RTGS possible on Sundays and all bank holidays.

Is it real time? Yes, the beneficiary bank receives the amount in real time from the remitting bank. Post this, the beneficiary bank must credit the account of beneficiary within 30 minutes.

Every day brings out a new challenge in life. The latest has been to get some money, post demonetisation where a lot is being talked about the ATM machines since the demonetisation step taken by the government. There have been long queues of people looking to get some cash of new currency notes of Rs. 2000 and Rs. 500. There have been politicians going to meet the common man standing in the queues, to get some political worth out of it.

What is an ATM?

But, what is an ATM? Have you been asked about the full form of an ATM, and could you reply? Well, ATM is called Automatic Teller Machine and assists us in withdrawing money or carry out other financial & non-financial transactions without visiting a bank branch. Mobile phone has changed our habits and the way we communicate with others. We do not have to wait for days or calculate the landline bill while talking to our relatives. It is just in your pocket and you can talk to anybody anytime, very economically. ATMs have changed the way we transact.

Although, the most common way we use ATMs is to withdraw cash, there are many other utilities that can be drawn out of this automatic teller machine. We can deposit money, change ATM pins, update passbook or deposit money with immediate credit coming into the bank account.

What problems can you face at an ATM?

Amount debited, but no cash: It has happened with many of us. We put in the instructions and the ATM makes a flapping sound to send out the money we have entered. Everything happened, the sound, the calculation but the cash did not come out.

Undue charges: There is a limit to the number of free ATM transactions you can make at an ATM of your own bank or some other bank ATM. Even within the limit, sometimes, banks deduct unwanted charges, out of mistake or wrong system calculation.

ATM card lost: You left your card at the ATM machine or lost it somewhere, you do not have an idea about? This issue happens with many of us.

While everything about banks (long queues to slow service, to empty ATMs) is being talked about, post the demonetization of Rs. 500 and Rs. 1000 notes, they are one of the most important institutions of our country.

They carry the earnings of hardship, our jewel of happiness and our promise of the future.

The government of India has taken a bold step by announcing the demonetization of big denomination currencies in a courageous bid to curb black money in the country. Prime Minister Narendra Modi made announcement on 8th November, 2016 at around 8:15 pm IST, declaring 500/1000 invalid from the midnight of the day. Although, short term inconvenience is being seen for the common people with long queues, to exchange now defunct notes and get the new ones, its long-term results could be very progressive. It has given jitters to people stocking up black money for years through illegal ways.The change would lead to an economy learning to work less on cash payments and move towards cashless payments. It shall also make irresponsible citizens learn the importance of paying taxes on their income. It would reduce real estate prices, help curbing the corruption and make the economy clean of black money.

One thing is clear; our financial system cannot run without banks. They are the fuel to keep economy running swiftly on its wheels. Next one month is expected to be a challenging for the banking sector and the economy. Things would take some time to settle but shall prove to be beneficial in many years to come. In these days, if you have any doubt and confusion in understating the demonetisation process,reachout to BankingComplaint.com and receive guidance on next steps from the industry experts. For those who wish not to disclose their financial issues with others, the portal provides the facility to ask the queries in private from the industry experts.

Banks offer many services to NRI (Non-Resident Indian) globally. Non-Resident Indians, though staying abroad mostly have some part of their earnings or savings parked in India.  For that, Indian banks offer them the facility to open an NRE (Non-Resident Rupee) account or an NRO (Non-ResidentOrdinary) account. The two types of accounts have their specified benefit and NRI customers whichever is required or many a times open both types of accounts.

NRIs also make a lot of investments into India's economy market through stocks/shares/bonds and mutual funds. Banks have realize the potential NRI clients have and the capability they carry to maintain a varied and large portfolio with their bank. NRI customers have surplus savings and consider India as a potential market to invest their money in. Some of them also have a plan to come back Home in few years down the line and hence plan for a happy retirement in India. Then, there would be many other reasons too.

Hence, NRIs are treated as High Net Worth Individuals(HNI) by the banks who have defined and devised specified service for these customers. Banks understand these customers would not have much time and patience to visit banks and will visit when they come to India. They also expect door to door services from their Indian bank, being a high net worth position. Many banks have dedicated relationship managers who continuously stay in touch with their NRI customers on mails, if not on calls, because of different time zones.

Not being in India for many years now, an NRI person may not be well versed with the banking processes in India. Hence they find it difficulty in finding the right person to contact to open an NRE or an NRO account. Also, you may have an account but haven’t talked to anybody from your bank. And you have been finding it difficult to do so. You have some investments against your account, you never made. Such doubts and complaints of NRIs are answered on

We all face poor service from our Banks and we all know changing the Bank isn’t a solution and it never was, and never will be in the immediate time. Banks have been known to boast about their high standard services, taking care of their clients to the best. However, the reality has been different.At what levels do the customers face the issue?

·         Transactional levels: A lot many times, customers face issues over their banking transactions not being done or if done, makeinto a wrong account. The wrong amount gets deducted or the money gets deducted from your account but doesn’t reach the beneficiary. Customers face a lot of such issues and getting them resolved becomes an issue

·         Time taken to get the work done: Many Banks do not follow their turnaround times of fulfilling a service and would take their own comfortable time to take the customer’s request. Such situations lack professionalism on part of the bank and should be highly objected

·         Service levels: The bank staff, the call center employees or at some other point of time, you might have felt humiliated by your bank for one reasons or another. That’s when you feel, you made the wrong choice of getting associated with that bank. Service levels define how we perceive brand and many banks have still not learned this simple fact of banking services.

·         Wrong selling and frauds: Did you ask for a mutual fund investment and your relationship manager made you invest in a Life insurance ULIP with huge deduction of charges. Such scenarios are commonly seen with many Bank employees looking to meet their business targets at the cost of precious money of their customers

  Above are some of the broad categories where you might face issues with a Bank. There can be many other reasons too.

Banking is a serious job and should be treated the same way. With so many banks now opened in India and so many more looking for a license from RBI, the bank professionals should be careful of the services they provide to their customers. However, it has happened so many times that we are not treated well by our banks, though we have been trusted them for years.

While choosing a bank to open an account we consider many factors. We have the option to choose from big national banks or small regional bank. Regional banks may lack the national presence but they treat their customers with better incentives and offers services with human touch. While, bigger banks would always have a wider range of services and follow standard processes for every service and doesn’t tender personal touch.

However, many customers still face the harassment of a bank due to many different reasons. The problems we face from the bank employees are as below:

·         Partial services to some customers: Your bank might be indifferent to your needs and provide better services to other customers while ignoring your demands

·         Delay in getting the work done:Even though every Bank has defined TATs (Turn Around Time) for fulfilling the customer requests, many bank branches take much more time to resolve them. Many a times the reason behind this is the indifference of bank employees to their customers

·         Unwanted charges or products: Hidden maintenance charges or unwanted services are started by bank, which were promised to be free of charges. The customers get to know about their charges only after money gets deducted from the bank account at frequent intervals

·         Disrespect by the bank employee: Arrogance behavior by Bank employees should be reported with strictness and no bank customer should let it go. Every customer is a valuable customer of the bank and should not be treated with disrespect any time of their relationship with the bank.

If we had been living in ideal world we would have enough money to satisfy all the needs whenever and wherever required. We all work so very hard to keep our self, the family and all our needs fulfilled. Still, we get into those situations when we must borrow from others. When it comes to borrowing from a financial institution we call it a loan. This then becomes a big opportunity for banks to capitalise upon.

We take loans for different purposes, and to commercialize that, banks have made loan categories to serve the customers better. For your personal needs, there is a personal loan. Home loan to buy or build a home, Vehicle loan, Gold loan etc. Then there are certain rules or advices that suggest you take a Home loan which should have an EMI of not more than 40% of net income. Car loan to be around 15% of net income and personal loan not to exceeding 10% of income.

You might get messages on mobile, ATM, email, on Facebook account or a phone call, informing over every channel of communication that you need a loan. With online banking technology improving and more & more transactions happening online, you might see that pre-approved loan messages on your net banking account the moment you login into it. These are quick and easy facilities banks have started providing to us for our loan needs.

Below are few suggestions we should keep in mind while taking a loan:

 ·         Borrow not more than what you need

·         Keep the tenure as short as possible

·         Ensure timely payment of your instalment or face unnecessary charges

·         Never borrow loan to invest or just splurge

·         Insure your loans with a term insurance

People still face a lot of issues related to loans. Some have become a casualty of fraud from a loan company or from a bank employee. Others have got delayed loan disbursements even after all approvals. People have been charged higher rates than the market standards and wrong EMI being charged from their bank accounts.

If you are frustrated loan customer not able to solve your loan complaint, reach out to www.BankingComplaint.com for a perfect advice on your complaint.

Today, it is advised to keep less and less cash with you and use more online transactions. Debit Cards, credit cards, mobile wallets have surely supported the cause. Credit Cards are a shrewd way to solve the cash crunch problems. In a way, they help you borrow money for no cost and give you extra protection through online transactions & record keeping of every transaction you make. They help you solve sudden unwanted expenses you cannot avoid.

Credit cards in a lot of ways have a lot of other advantages too. Apart from borrowing for free and safe transactions, credit cards also offer earnings in the form of cashbacks, loyalty points, air miles etc. Online Shopping offers by Ecommerce portals on bank specific credit cards are the best example of this. But, keeping all the benefits on one side, we should always use cards judiciously, keeping in mind our expense budget and not get getting attracted by offers and rewards. You may end having an undesirable debt problem.

What about the customer problems?

A lot of us have faced a lot of issues with our credit cards. We have been charged unwanted maintenance charges, some additional paid updates without being asked, extra interest etc. Is our credit card company resolving them all on time? Certainly, not. To the many frustrated people, credit cards have been a very bad experience. They were offered by the pushy relationship manager, promising the card to be free of join fees, giving many additional benefits. We were never told the term and conditions that came with it. While all these banks have been boastful about their perfect services, they have kept many frustrated customers with a bad experience with their bank, on the way.

www.BankingComplaint.com is a portal where you can get resolutions to all your credit card issues, your bank never fixed. Your queries are responded by industry experts with a wise advice to get your problem fixed. The best thing about BankingComplaint

There was a time when people would get their salaries in cash and the banking system in the country wasn't that strong. Come today and we are so much dependent on Banks for everything we earn or spend. Banking system in India is as old as 1770 when Bank of Hindustan was established in India. With reforms in the Banking sector, especially after 1991, the people today have options to choose products from multiple banks, have ample choices to pick their product and change them if not satisfied with the services. The banks have expanded too, adding more and more products under their basket and adding newer ways to help the customers

No two banks can be similar in services but might be selling almost identical products. That's where a pool of happy customers is built from. But, as the customer pool increases, serving all of them with the same quality becomes a challenging task for the banks. Ask anyone and they will have some issue or the other with their bank. Some have been serviced badly and not treated with respect by their banks while others have been given false information. They were given false promises while opening of bank accounts, selling of credit cards or application of loan. Some customers also face frauds being done by the unethical Bank employees against their valuable money. In a nutshell, the issues that people face with a bank range from small to big, but Banks have not been successful to make their customers happy always.

Bankingcomplaint.com is a portal where complaints and issues of customers are addressed on an individual basis and people are guided on the next steps to be followed, by the industry experts. With everything present online today, there was a need for people to have an open forum where complaints could be shared and guidance be provided to people for all that has gone wrong with them.There are common issues that people face and an open forum could help them find a solution by knowing what others have done for it. Special services that Bankingcomplaint.com portal provides to the user are:

·         You can put your query and get it answered by an expert.

·         You can read the solutions others have received for their problems.