Feb 17, 2011 04:06 PM
25006 Views
Unfortunately my salary account is with yesbank and I had to link my home loan with this stupid bank. The ECS mandate was rejected in the first two occasions. Even being an employee of an organisation with more than 1000 employees whose salaries are with this bank, the experience was too disappointing.
Ultimate result is that you defaulted your loan more than once due to wrong reasons, your cibil credit rating goes down which affects any loan you look for in future...
While ECS is signed and put the seal by bank staff, they will never ever tell you that there is another ECS form you need to fill for the bank separately. On your ECS debit day, some body from the bank will call you for verification and assure that the amount will be debited by next day evening, which is never going to happen. Later somehow from the agency from where you availed loan will update you that the bank rejected the mandate and now you have to pay the additional interest and bank charges.
The faces in bank will later tell you that you need to furnish another ECS form, which anybody can make out as cooked up one, neither in bank’s letter head nor a standard one. After furnishing the same, you get a confirmation from somebody in the bank (if you pursue) it has been registered. You may think next month onwards everything is going to be normal.
Again on next ECS mandate date you will get a call from the bank, asking about the verification, of course, you will be stupid enough to explain the entire episode to these brats and they confirm debiting immediately. But nothing is going to happen. If you toil your time, money and pride a lot, you may be lucky enough to get an answer that the mandate was not registered!.
What as a costumer one can do in this juncture, just keep complaining or moving to the banking ombudsman ?
