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STANDARD CHARTERED - Grievance against STANDARD CHARTERED
Posted on Wednesday, October 21st, 2009 at 2:23am CDT by 3f7a2395
Company: STANDARD CHARTERED
Category: Business, Finances
I am an old customer of Standard Chartered credit card and would like to
express my concerns and problems I have faced recently due to inappropriate handling of my credit card related charges which has affected my home loan processing due to unexpected entry in civil records. I would need your time and patience to read my email in its entirely and understand the problem.
2 years back I made a payment of approx INR 500.00 through check payment two days before the payment due date. Standard Chartered Bank delayed in
processing the check and thus the check was realized after the payment due
date. As a consequence of this, next month they charged a whopping amount of INR 400.00 as the late payment fees. I do not understand what prompted them to charge late payment when there was no delay from my side. Secondly, with INR 400 being charged as late payment fees for INR 500, is the bank supposed to charge 80% per month interest? I had multiple discussions with the customer care executives but they refused to listen and understand and only wanted that extra amount to be paid to bank. So it was decided to deactivate the card. After that I did NOT hear anything from Standard Chartered Bank either through email, or phone or through letter correspondence.
Now after the span of more than 2 years I applied for home loan and during
that processing I came to know I have a payment due of approx INR 7240 which came as a surprise for me. Firstly, card was deactivated then how could that amount be there due on me? Secondly, I did not hear anything from the bank
about this. Thirdly, if by chance I had applied for loan after another 2-3
years, bank would have made INR 1 Lac due on me!!!!!
I called the customer care (Phone banking) and first they asked me to visit
MG Road, Bangalore branch. There I was asked to go to Koramangala, Bangalore
branch. However even Koramangala branch also does not handle credit card
specific grievances but one executive sent an email to customer care to
handle my case. I got the call from customer care and I explained complete
problem and situation to customer care executive. He ensured me that if
there are no transactions from my side, he will reverse the charges and
issue a full and final settlement letter. Meanwhile I also requested for my
contact details and requested for last 26 months email statement. I was told
that it will take 2-3 working days to send the email statement. I called
after 2-3 working days and some other executive told me that it will take
7-10 working days to send the statement. I fail to understand whether all
customer care executives are actually knowledgeable about the processing
time to generate the statement.
After this I got the call from Standard Chartered Banks Recovery department
(Mr. Shyam) for my complaint. The executive admitted that there was delay in
processing from the bank but still the I would need to pay the INR 7240!!!
On explanation he told that you did not do "Closure" of your card but did
just "Deactivated" the card. As a normal middle class customer would I
really need to bother or read banking literature before I put up a request
to customer care executive? Even if there is a difference between these 2
terms, then why was I not getting the statement from the bank? Also it very
ironical that on the one hand bank executive is admitting that there was
delay in processing from bank's side and on the other hand asking customer
to pay for bank's delay. It is clearly evident that an advantage of my
situation is being taken. Bank knows that I will be forced to pay
unnecessarily to get my home loan processed.
The same evening I called up the executive who had contacted me for the
first time and told him about the discussion that happened with recovery
department. He told me that bank would waive off INR 4000 and I would still
be liable to pay INR 3380 approx. Now in any case I felt that I have to be a
victim of someone else's mistake and circumstances, my bad luck and bad
experience with the bank.
Next day I got the call from recovery department and they asked me to pay
INR4500 instead of INR3380. I could not understand that when one executive
had already confirmed for INR3380 then why recovery department is indicating
INR4500. On arguing they agreed for INR 3380 but asked me to pay INR 3500!!!
I could not understand this difference again and then after again arguing it
was agreed for INR3380. It was mutually discussed that I will pay by cash at
my office from your collection executive on production of full and final
settlement from Standard Chartered bank.
Now, is there any body who can answer my questions:-
1. Why the hell was I charged when I made the payment on time and it was a
delay from banks side?
2. What was the rate of interest with which the late fees was charged?
3. If my account was deactivated, why they kept on charging interest on
4. After 2 yrs, when they agree that there were no dues from my side, then
why do I have to make the payment.
I cant see any other reason except taking advantage of the situation of the
customer. Is this a new policy bank has come up to earn money? Is this the
way a multinational company deals with their customers? Is there anyone who
can stop these banks from cheating innocent customers? Is that the only way
left for us to spend our hard earned money? I know the amount is not that
big, but i am highly surprised with the way it has happened.
I request you to look into this matter and take action appropriately. As a
helpless customer with no choice I have no other go except to pay the amount
I am asked for.