Loan sharks are better.Let me quote an example.I have remitted cash in my daughter’s account in Bangalore in HDFC Bank, a leading private sector bank in India ;she has account in Chennai, which is 6 hrs drive from Bangalore.For remitting cash into her account the has debited her saying it is their policy.Imagine paying money into your own account costs you your money.(all branches are in computer network)
In Loan products, you are charged a percentage if you foreclose the loan.Isn’t it ridiculous?If some one repays loan faster he is penalized.
Another one is documentation charges ;that is to document.It is banks job to document and the staff are paid for it.Then why should the customer pay?
Same with processing charges.Processing is a part of banking activity.Why charge for it? At this rate,they may charge for snacks for their staff as ‘Staff entertainment Charges’Last two charges are also made by international Banks as well.They brush aside by a litany of financial mumbo jumbo.Unless the customers take united action, banks will not mend their ways..
Leave a Reply