Choose your Bank wisely. Review on Using Traditional Banks

People, especially the youngsters, fall for the glitzy, gtlamorous, modern private banks who are very aggressive in their marketing.

The so called high tech facilities and services offered by this new breed of private Indian & Foreign Banks is nothing but hype & crap.

I have experienced the Banking operations, loans as well as the credit card services offered by these including ICICI, Citibank, HDFC, Stanchart etc. They are all same. Too much of hype, very little substance. They spend millions in advertising, payout handsome commissions to agents & DSA, s, whose money are they splurging around? Yours and mine of course!

, Too few officers whom you can approach, most of queries are redirected to call centers manned by agents who can’t do anything except mumbling inanities in clipped accents.

Too many mistakes, overcharges, given a slightest opportunity they are out to rip you off. One of the Banks charged me 545% interest p .a.  On a so called delayed payment!

Besides all this, they employ collection agents who are nothing but goons let loose on rampage with high percentages as collection fees.

After having experienced all these, I have reached my own conclusions and made a list of dos and don’ts which are as follows;

1.   These hi-fi banks do offer some benefits besides the glamour quotient; use it to the extent needed by patronizing just one of them. Multi branch and multi-city operations, at par cheques, demand drafts requisitioned on internet, home delivery & home pick-up, ATM network are some of the facilities that could be useful. Use them.But, be very careful, they would be debiting many charges and withdrawals, you will run from pillar to post to get the entries corrected and debits reversed.In case any such thing happens, HOLLER! LOUD and Clear, Dont hesitate, go ahead and write to the grievance redressal officer, RBI Banking Ombudsman, et.all.

2.   Bulk of your deposits and operations should be with a PSU Bank such as SBI, BOB . These banks not only are safe, dependable and offer personalized services, but also are more accessible & accountable. In case of any problem you can go right upto the CMD of the Bank, or even Secretary Banking, Finance Ministry, even RBI! These guys listen, and are nice. Gone are the days of bureaucratic insolence and endless procedural wrangles. Ever since the computerization, networking, downsizing, VRS and NPA accountability factors have come into play, PSU Banks have woken up and are performing better.

3.   Credit Cards issued by PSU Banks are safe bet. You can bet on their inefficiency & innate delays to give you enough time to make payments. . They don’t rip you off like Citi or Stanchart do.

5.   Go through the bills, statements and other communications with fine tooth comb and whenever you notice anything funny, immediately send an email, or log on to the site and register your protest. Keep a print-out, comes in very handy later!

6.   Don’t take things lying down! Create a stink, holler loud, write to all levels, .   Do not carry around too many credit cards, ATM cards, Debit cards etc. in your pocket. Initially it may look impressive to be flaunting an array of cards. Come to think of the unnecessary risks you are taking, it is plain stupidity. Wherever possible, go in for a photocard.

8.   The good old PSU Bank in your neighborhood with those friendly uncles & aunties behind the counters are any day better than the Hi-fi Banks with cold & callous customer service executives too busy glaring into computer screen to acknowledge your right to be born on this earth! To them you are an unnecessary, unwanted intrusion! The contempt & disgust that they exhibit in attending to your queries should not be tolerated at any cost. Assert yourself. If you don’t look after your own interests, no one else will.