How ICICI Bank makes extra money. Review on ICICI Bank Visa Credit Card

I would like to highlight the dubious way in which ICICI Bank makes that extra cash. Pls read the below narration of my recent experience.

I have an ICICI Credit card no. xxxx-4x3x-0x8x-xxxx. I paid for my Stt dtd 14/3/02 vide ICICI Ch no. 278936 dtd 2/4/02 for Rs 1160. Subsequently I Rxd a letter from ICICI around stating that the payment has not been rxd. I called up ICICI call center & they confirmed that the cheque is not rxd & asked me to pay. So I again paid vide ICICI cheque no. 115753 dtd 2/4/02 for Rs 1160 (backdated so that I don't pay penalty for late payment). Then ICICI very conviniently encashed both the cheques (First on 20/4 & second on 18/4). SO I ended up making double payment. By the time I realised this thorugh a ATM stt, I had also rxd the next stt dtd 4/5/02 for Rs 1113 for which I had sent a cheque No. 278943 dtd 3/5/02.

When I asked for a Refund of Rs 1160 (due to double payment) , I was told that no such process exists & the excess payment made by me will be adjusted in the next bill - No Interest will be credited for the extra period that the money is lying with ICICI. Hence I had no option but to STOP PAYMENT of the next cheque of Rs 1113 of teh chq dtd 3/5/02.

Now the thing got more interesting. On my STOP PAYMENT request, I rxd a communication from ICICI Bank (Ref no. 260402SP.let/26D2/xxxx dtd 27.4.02 confirming that the STOP PAYMENT instruction is carried out for the cheque and a debit of Rs 25 will be made to my account on account of STOP PAYMENT.

I am shocked. Is it some new way of generating revenue by ICICI Bank. Instead of penalising me by Rs 25, ICICI should compensate me for

1.making a wrong stt & collecting double payment from me

1. Not informing me of the double payment. It was left to me to figure this out

   
   




2. ICICI's reluctance to refund the extra payment collected.

   
   




3. Charging me Rs 25 for stopping payment of cheque which would have resulted in further extra payment- extra bonus to u

   
   




4. Already having extra payment from me (Rs 1160 colelcted extra -Rs 1113 due) = Rs 47.

   
   

Is this why ICICI Bank is now cliaiming to become No 1 Bank in India in terms of collections. I am sure ICICI bank will be unbeatable in terms of collectiosn, if they continue to employ such methods to generate revenue.

I have asked ICICI Bank to refund my money with compensation, Interest & an apology letter - Not to mention - Credit Rs 25 which r debited as STOP PAYMENT charges

Regards

Sanjay Sinvhal