A friend from a pvt bank told me this - The banks actually want you to default on credit cards, so that they can earn. Hence , they will send statements late, or put in hidden charges and clauses.
Think friends, think - What otherwise, is the bank's gain in giving you interest free credit for a month ?? ----- I have a home loan from ICICI bank. My other bank delayed processing my salary, and so the ECS bounced (First of all, ICICI tried to withdraw before the stipulated date, and the withdrawal date was a Sunday).
The ICICI bank goondas waited for a week (why did they wait for a WEEK?), called me up the next Sunday at 730 am (Yes !! 730 am on a Sunday). I told them to call after 9 am, but they still called me twice in half an hour, used abusive language.
I told them that I dont even know that the ECS had failed (I hadnt checked my other banks statement at the ATM), and that I would pay by cheque. They demanded cash instead and said that the cheque should be at par (Obviously , they knew that savings accounts normally get local cheques only). Even after giving them the cheque, they called me up twice to confirm whether I have paid my EMI or not.
--- People, Please avoid ICICI Bank
I have heard too many incidents of cheating by them. I regret being their customer.
RE:Credit card woes
by vivek ananda on Oct 16, 2007 09:27 AM Permalink
wow! what a fabricated story... given a chance to say freely to aggrivate the so-called media pray. please Mr.XXX. its not fair on your part being so envy to pay the pending dues for the benefit enjoyed with the financial company. 1. its professionally run organisation with set of standards and code of conduct. and banks never like to earn on credit cards the way u said. its totally misguided to propogate 2. ECS hits on a pre fixed date in consultaion with the customer. 3.ECS never hits on sunday.... RBI clearing house will not work on sunday 4.its centralised system run and never hits the account before date. 5. all the recovery cases reaches recovery agencies only after a month. its impossible to get a so-called call from agents in a week.
please justify and rethink from your sol for all your comments dumped. be a responsible citizen before teaching someone the same...
RE:Credit card woes
by kisari sridhar on Oct 16, 2007 01:09 PM Permalink
You have got it completely wrong. I think you don't even know the basics of ECS. ECS can and will always hit before the due date, if the due date happens to be a holiday ( like sunday or festival holidays ). There is no proper time limit for ECS , because the bank can send the ECS to your bank any time after the due date. Comming to the agents, they will never call you for a single cheque bounce, they get cases which are basically beyond the recovering capabilities from the banks, and which needs exclisive focus.,
RE:Credit card woes
by Amita Surendar on Oct 16, 2007 12:49 PM Permalink
Excellent reply from Vinu...Public should also understand the practical difficulties banks are facing with default customers. If bank is going to post everything like that, This forum will be filled and over flow...Bank as an institution will never induldge in such activities...This comments only shows the lack of awareness in technical and bank norms..Sorry friends...Pls rethink on your comments against banks...
RE:Credit card woes
by Phaltu Uloo on Oct 16, 2007 04:39 PM Permalink
ICICI is overstaffed by an extravagant army of inefficent officers and blunderinging clerks. Further, ICICI has kicked its own ass by hiring its current BPO and Call Centers which are staffed by absolute morons.Any interaction with these are bound to lead to you pulling your own hair in frustration.Incidentally I turned bald recently after a minor exchange of corresspondence/calls at the end of which I was back to square one. Mr. Kamath better review this area of their operations or else he and his army of imbeciles will be down to their knees collecting chillar off the streets.
RE:Credit card woes
by jeyabalan manickam fedelish on Oct 15, 2007 07:15 PM Permalink
I totally accept even though i am corporate customer of icici , I have heard so many cases like this . These private bank peoples are robbers . I normally keep a balance of 30k in my icici a/c For the past 3 yrs i have nevered received any interest for my a/c.Kindly any one advice for this.
RE:Credit card woes
by GRT Guru on Oct 16, 2007 01:03 PM Permalink
What Tomcat said might be true but I dont accept your claim ( Jeyabalan ). I am also having ICICI account.. every March and September they have credited the interest.
I sure have been harassed by them. I have a home loan from ICICI bank. My other bank delayed processing my salary, and so the ECS bounced (First of all, ICICI tried to withdraw before the stipulated date, and the withdrawal date was a Sunday).
The ICICI bank goondas waited for a week (why did they wait for a WEEK?), called me up the next Sunday at 730 am (Yes !! 730 am on a Sunday). I told them to call after 9 am, but they still called me twice in half an hour, used abusive language.
I told them that I dont even know that the ECS had failed (I hadnt checked my other banks statement at the ATM), and that I would pay by cheque. They demanded cash instead and said that the cheque should be at par (Obviously , they knew that savings accounts normally get local cheques only). Even after giving them the cheque, they called me up twice to confirm whether I have paid my EMI or not.
--- People, Please avoid ICICI Bank
I have heard too many incidents of cheating by them. I regret being their customer.
RE:recovery agents are mostly goons
by Ram Chavan on Oct 15, 2007 06:28 PM Permalink
you should switch to some other nationalised bank. Transfer your loan.
what way the recovery agents are permitted in india to harrash people and beat them. why the people are waiting instead of punishing and harrassing the agents because you have not barrowed any loan from the recovery agent and the agent has no right to harrash.
All these People who really make a issue of these recovery agents are the people who really dont want to pay the Bank.why would the recovery agents harass you if you are paying your dues on time.i think these are just weird excuses given by defaulters.if the Bank has given you the money they have the right to collect it & afterall it is the people's money which they are collecting.People intentionally submit fraud documents to get a loan & default it.If you want to ban such Banks it is the genuine people who will suffer the most.
RE:Excuses from Intentional Defaulters
by ramprasad on Oct 15, 2007 06:08 PM Permalink
COLLECTING MONEY CANNOT BE BY WAY OF HARRASHMENT. YOU HAVE THE COURTS AND THE JUDISIARY SYSTEM IN INDIA DOESNOT ALLOW HARRASSMENT DEAR FRIEND. IF HE IS A DEFAULTER IT IS THE BANK TO TAKE IT UP TO THE COURT.
RE:Excuses from Intentional Defaulters
by tomcat on Oct 15, 2007 06:21 PM Permalink
I sure have been harassed by them. I have a home loan from ICICI bank. My other bank delayed processing my salary, and so the ECS bounced (First of all, ICICI tried to withdraw before the stipulated date, and the withdrawal date was a Sunday).
The ICICI bank goondas waited for a week (why did they wait for a WEEK?), called me up the next Sunday at 730 am (Yes !! 730 am on a Sunday). I told them to call after 9 am, but they still called me twice in half an hour, used abusive language.
I told them that I dont even know that the ECS had failed (I hadnt checked my other banks statement at the ATM), and that I would pay by cheque. They demanded cash instead and said that the cheque should be at par (Obviously , they knew that savings accounts normally get local cheques only). Even after giving them the cheque, they called me up twice to confirm whether I have paid my EMI or not.
--- People, Please avoid ICICI Bank
I have heard too many incidents of cheating by them. I regret being their customer.
The illegtimate role of recovery agent should be ended at the earliest. The banks should have regular employees who should be given the task of following up with default of loan. The regular legal process should follow once the loan is declared non-recoverable. The conditions and legalities must be told in clear terms to the borrower. A list of rights and duties of borrrower and bank should be drafted by the RBI.It is high time that this hooliganism of recovery agents should come to an end.
Hi, This is shafeeq my brother had borrowed money from citifinance due to some circumstances he was to leave for dubai and he asked me to make one time settlement when i contacted the bank they ran up the interest to absurd heights i promised mys elf i will never extra money then the recovery agents started called everyday and harrassing my parents with much difficulty myconvinced my parents to give the case to me i took the number i said the same thing they said they impound my brothers passport i said ok last year during ramzan time when i was fasting some called me and said i am calling from a police station iam ASI i explained the issue he started using foul language i was so pissed of since i was fasting i said whoever u r i care a damn even i used foul language i dared him to arrest me he siad he would send NBW i saidd ok i dare you to come home and after that someone from legal cell called me and threatened to file a criminal case against me i used the same language after few days realised its not easy to recover money from me they came to my terms and conditions
RE:pay them in the same coin
by ramprasad on Oct 15, 2007 06:13 PM Permalink
THESE BANK FELLOWS WILL NEVER WANT YOU TO SETTLE YOUR LOAN EARLY IF YOU HAVE MONY THEY ARE INTERESTED IN DEFAULT AND COLLECTION OF MORE INTEREST.
RE:pay them in the same coin
by tomcat on Oct 15, 2007 06:23 PM Permalink
Ramprasad, Shafeeq,
I agree with you. The banks actually want you to default, so that they can fleece more money out of you. Not just loans, the practice of sending statements late is common for credit cards. If you dont default , they dont earn !! Why else would they offer interest-free credit to you on your credit card ??
I have a home loan from ICICI bank. My other bank delayed processing my salary, and so the ECS bounced (First of all, ICICI tried to withdraw before the stipulated date, and the withdrawal date was a Sunday).
The ICICI bank goondas waited for a week (why did they wait for a WEEK?), called me up the next Sunday at 730 am (Yes !! 730 am on a Sunday). I told them to call after 9 am, but they still called me twice in half an hour, used abusive language.
I told them that I dont even know that the ECS had failed (I hadnt checked my other banks statement at the ATM), and that I would pay by cheque. They demanded cash instead and said that the cheque should be at par (Obviously , they knew that savings accounts normally get local cheques only). Even after giving them the cheque, they called me up twice to confirm whether I have paid my EMI or not.
--- People, Please avoid ICICI Bank
I have heard too many incidents of cheating by them. I regret being their customer.
The Recovery process should be standardized by Govt and RBI. The banks should be strictly forced to have a standard procedure to follow up, if a borrower defaults on loan repayment . The procedure should have consideration for the bank right to ask for the money and the lender right to have his dignity intact in this transaction . The loans are the bank's one of the main activity and the borrower is not a culprit or theif if for some unavoidable reason is not able to pay one or two instalments in time. This activity of taking loan and paying has been very messy and its time for the regulator RBI to completely standardize the processs of giving and taking loans.
