Recent Banking Credit, Transfer, Loan and Mutual Funds Questions

asked Oct 29, 2015 in Others by Rodrigues

In the last one month, I have been charged for something called 'ECS DR RETURN CHARGES' - Rs. 393.26 once and Rs. 842.70 just a couple of days ago. I've also been charges for '3RD PARTY CASH TXN INC ST & EC' 3 times within this time period when these number of transactions have not happened. Why is the amount being deducted?? Besides, even if I buy a product worth Rs. 15/- online, sends me an SMS alert. Why don't I receive such alerts when makes deductions that are more than multiples of this figure?

1 Answer

answered Oct 29, 2015 by Deepak

Mr Rodrigues,

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 query / complaint / grievance in respect of financial services. This site does not belong to any Bank or a Regulator, which may please be noted.

Banks levy cheque return charges when cheques are returned unpaid for want of adequate balance. Similarly, Banks levy charges when ECS debit instructions are dishonoured due to insufficient balance in the account. Based on the category of the account like normal account, priority account, premium account, wealth account, there are charges on the third party cash transactions. These number of free or charged cash transactions differ from Bank to Bank. You may refer to schedule of charges available on the Bank's website for ascertaining the number of free 3rd party cash transactions for your category of account.

You may approach senior officials of the branch for refund of charges, explaining the circumstances under which they got levied. Bank may at its discretion consider your request for reversal of full charges or partial amount.

Regards

Deepak