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  1. #1
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    Bouncing Charges of the banks


    Hello friends,

    Iam new to this site.
    Was searching for help regarding issues in the Personal Loan.

    I have Personal Loan of CITI financial who debit EMI through ECS on my saving account, Earlier i requested CITI not to deduct EMI on 5th on every month but they are not in position to change there rules and due to that both ICICI bank ( Saving Account) and CITI are charging me Bounce charges even though I make the payment after 3 days.

    Can anyone help me how to sort out this issue ?

    Regards,
    niranjan


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  2. #2
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    Ganpat
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    Re: Bouncing Charges of the banks


    The ECS debit for which you have given a mandate to CITI financial cannot be modified as they have standardised the entire process to be put through on the 5th of every month. The only way for you is to ensure that you keep sufficient balance in your account by the first of every month to meet the debit.
    Defeat is not final when you fall down. It is final when you refuse to get up.

  3. #3
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    Re: Bouncing Charges of the banks


    All Parties included in you case are Private Banks, so no RTI here. If you use RBI Act, then also banks are not going to change their policy. So you need to manage yourself, keeping sufficeint amount in you bank a/c on every 5th. Also, RTI is get information from a organization, not changing their policy.
    All the best.

  4. #4
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    Re: Bouncing Charges of the banks



    Can anyone help me how to sort out this issue ?

    Hello niranjan,
    What exactly you want...

    Do you want to change the ECS mandate to some other form of payment or you want to change the date of presentation of ECS mandate?

    ECS mandate can changed under certain circumstance. For instance if you have Closed or Transfered the A/c then you have a right to ask for change in ECS mandate. But banks/financiers usually charge a hefty amount for this.

    If you are thinking of getting back the money already deducted from your account due to Cheque Bounce then your chances are slim.

    Have a look at the "Fine Print" (T/C) supplied by the Financier.

    Sidmis
    Last edited by sidmis; 02-11-07 at 08:32 PM.

  5. #5
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    Re: Bouncing Charges of the banks


    dear friend,

    thanks for your advise, but I requested many times to change the date of the ECS but CITI says that they are not in a position to assit me. I dont wanna be a defaulter but delay of 3 days each month is costing me 500 per month ???
    Both of the banks are just hungry for money !

  6. #6
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    Re: Bouncing Charges of the banks


    Quote Originally Posted by zms3niran View Post
    dear friend,

    thanks for your advise, but I requested many times to change the date of the ECS but CITI says that they are not in a position to assit me. I dont wanna be a defaulter but delay of 3 days each month is costing me 500 per month ???
    Both of the banks are just hungry for money !
    Yes..... They are the Shylocks of modern times... feel sorry for you buddy, you'll need to manage your finances in such a way dat you are left with sufficient funds till the time of ecs

  7. #7
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    Re: Bouncing Charges of the banks

    It takes each of us to make difference for all of us.



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