Deducting payments without Notice, changed account type.?

Question

My account is Student account with your bank  camp pune. There is no need to maintain balance in student account, still started deducting my balances every month. When I called customer care, they told me it is a new policy of bank where saving account holder have to pay fine to the bank for not maintaining account balance to a minimum average balance decided by bank. My complaint is: 1- Why they changed my student account to a saving account? 2 - The deduction come without notice.

Answer 1

Dear Jay

At the outset, let me clarify that this site is designed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

You should be getting in touch with either your home branch or any nearby branch to get a clarification on the status of your student account. The mail did not contain full details to guide you appropriately, like when the account was opened, was it being operated upon, have you become a major etc.  Nevertheless, your branch/bank would be able to respond to your query.  There could have been two possibilities, either [a] the bank might have withdrawn the zero average balance facility to the student account or [b] might have introduced some minimum average balance.  Check it out and take it further accordingly.

RAJA

Answer 2

Dear Jay,

At the outset, let me clarify that this site is designed by a group of senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

It is banks prerogative to change policies as per their requirements. However, if such a policy change has implications for their customers, the same need to be communicated to the customers concerned 30 days prior to implementation. The purpose is give sufficient time for customers to understand and take suitable action.  In your case, changing of status of your account from Student category to Normal called for advance notice to you. It is unlikely for the bank to not intimated you of the change. Please check your email and other normal mode of communications from your bank to satisfy yourself regarding receipt or non receipt of the requisite   notice. 

Please visit your branch and have a conversation in the matter with the officials to satisfy yourself. After this, if you still have a case,  you can write to the Nodal Officer of your bank by email or letter. You can find email address and office address of the Nodal Officer on the bank’s website or ask the same from your branch. 

If you don’t receive a response from the Nodal Officer to your satisfaction, you can approach the Banking Ombudsman for resolution of your grievance. For address of the Office of the Banking Ombudsman, Area of Operation (jurisdiction) and the procedure for lodging complaint, you may access the website https://bankingombudsman.rbi.org.in/

Regards

 

J R Mohandas