Banking transactions happen to be the most frequent ones in our day to day lives. Yet, most of us remain oblivious of our rights and our bank's obligations under various circumstances.
In order to acquaint you with some of the most common but often ignored facts about banking transaction, Akosha.com's Quick Tens brings forth 10 things your bank will never inform you about:
1. Deduction of fine for non-maintenance of minimum balance from an account holder's account is not allowed without due information to the account holder.
Banks cannot debit fines for non-maintenance of minimum balance from an account holder's account without informing the account holder about this term.
2. No amount can be debited from an account holder's account at the bank's discretion without hearing the account holder.
It is the responsibility and obligation of the bank to ensure that proper hearing opportunity is given to the account holder.
3. While making online payment through debit/credit card, ensure the transaction is secure.
Look for https instead of http in the website's name. The additional's' stands for secure.
4. The banking ombudsman can be approached if the bank rejects the complaint or does not respond to it within a month.
The banking ombudsman should be approached within one year of the bank rejecting or not responding to the complaint.
5. The award passed by the ombudsman is binding on banks but not on the consumer.
It is only the bank against which such an award can be enforced, not the consumer.
6. In case of a mismatch, the amount in words on a cheque is given preference.
When the amount in the figure and the words differs on a cheque, it is the amount in words that is to be considered.
7. In case of theft of an ATM card, any loss after the customer has requested the bank to block the card is the responsibility of the bank.
An FIR should be filed with the police as soon as the ATM card is stolen to help establish the time of theft.
8. If a stolen ATM card is found, do not use it again.
Cut it diagonally and dispose it off.
The bank will issue a new card for nominal charge.
9. Bank is liable to pay compensation if the contents of a locker are damaged/destroyed.
You can claim compensation from the bank if the contents of your locker are destroyed as the bank is liable for their safety.
10. Banker's cheques should be presented to the bank within three months from the date of the cheque.
RBI has reduced the validity of Cheques/Drafts/Pay Orders/Banker's Cheques to three months from the existing six months with effect from April 1, 2012.