Dear All, I would like to take out my frustration through this forum against Kotak Bank. I would rate it as the worst bank I've ever seen in my life. I'm a victim of both car loan account and the bank account. Let me tell you about this bank... Let’s start with Car Loan account... I took a used car loan from Kotak Bank in Dec. '07. I gave all my financials and ECS mandate from Axis Bank. I was told by the loan executive that my first installment will start from Feb. '08. However, they presented the first installment in Jan. '08 and it got bounced b'coz I was not aware of it. Anyways, I made sure that the Feb. '08 should not bounce, but, it got bounced. When I received a message from the bank that Feb. installment got bounced, I called up at the Cust. Serv of the bank to know the reason of bouncing, they informed me that it was because of insufficient funds. However, I told them that there are funds in my account and it should not get bounced. I’ll explain you why it was bounced. Let’s talk about the bank account… After 10 days of taking the car loan from Kotak Bank, I was offered a free zero balance bank account in Kotak Bank. Here the problem started, as I mentioned that I gave the financials and ECS mandate from Axis Bank, they presented the Feb. installment in Kotak Bank Account for which I never authorized. People from cust serv say that u must have signed at the ECS mandate form for Kotak Bank account but I was never told of this. If I can deposit the money for installment in Axis Bank, I would have deposited it in Kotak account if I was aware of it. Now, in Feb. ’08 only, I got one more message from Kotak Bank that I’ve issued a cheque of Rs. 40,139/- wide cheque no 20 has been bounce. I called up the cust serv immediately that I never issued any cheque from Kotak account. They said go to any bank branch with the cheque book. I went to a branch in Saket, New Delhi and I showed them that cheque no 20. They said it’s a mistake from end and we are sorry for that. Lets get back to Car Loan account, I paid the installment of March ’08 and April ’08 from Kotak Bank account. However, my installment for May ’08 got bounced because it was presented into Axis Bank. I really fail to understand that what Kotak Bank Is upto. No one is able to tell me that from which account my installment will go. I’ve bouncing charges and a bouncing spot on both the accounts. I feel that it will affect my credit history. Nobody at the bank’s cust serv is been able to help me out and they are trying to check my patience level again and again. i'm working for a company where almost 150 people are working and I've told this story to everyone. Everyone is in sync with me that Kotak Bank is the worst bank. It's a nightmare to deal with this -------- bank... CAN SOMEBODY AT A SENIOR LEVEL FROM KOTAK BANK TAKE AN ACTION ON THIS??? CAN SOMEBODY AT THE HIGHER LEVEL CALL ME TO DISCUSS THIS MATTER FURTHER?
