Corporation bank

[bangerabs]

Corp Bank bosts of its performance in 2nd quarter ending 30.09.09 as 291.67 cr. v/s. 191.51 cr. Good show. But how?

We hv been its customers since very long and presently have 3 CorpLinked SB A/cts at Orlem, Mumbai Branch. We continue to patronize the bank, inspite of shifting away from the branch and inconvenience to operate. We hv FD a/ct. too. Recently, I was shocked to note that from one our CLSB a/c. an amt. of Rs.600/- was debited towards " non-maintenance of minimum balance". I appraoched bank in writing on 15th Oct 09. to know the reason and I was informed that bank had revised minimum balance from 10K to 25K in the a/c. While 2 of our a/cts do have sufficient balance, one of the accounts has less in savings but linked balance put together the balance exeeds 25 K. The bank, if willing, could hv drawn back the required amt. from linked FD.

First of all, bank can not unilaterally revise the guidelines to the exisiting customers. Even if the Bank has the right, it should have informed the customers in advance. We have not recd. any intimation at all. and the first communication dated 12.10.09 was recd. on 21.10.09 , where as bank had deducted the amount on 30.09.09 and I took up the issue on 15th Oct. Inspite of inconvenience of time and conveyance, we again approached bank on 23.10.09, along with the copy of their letter dated 12.10.09 to prove that the communication was actually dated and received by us subsequent to the deduction was made. Till date the amount has not been reversed back. Besides, I was told by the branch that these things are attended by Bangalore. Should I go the Bangalore to recover my 600? I am not concerned whether it is Bangalore or Mangalore but with my money wrongly deducted by the bank. E-Mails sent repeatedly to website are bounced back. Next step that I am proposing is to write to Nodal Officer/Zonal Manager/General Manger and finally to Ombudsman. Herewith, I am just requesting members who have accounts with Corp Bank to fight against the High Handedness of the bank and refusing to analise and give justification. Meanwhile, we shall plan to withdraw FDs shortly and close the accounts at appropirate time. For, today it is 600, tomorrow it may be as per bank's bitter wishes. Being Govt. bank, this sort of service is expected?. I have determined to give fight and withdraw our funds.

 

[sandal wood]

I would recommend you to shift your account to some old private sector banks like Karnataka Bank

New private sector banks are very very expensive and unapproachable to common man

Public sector banks like Corporation Bank, Syndicate Bank, Canara Bank are not at all bothered about their customer. The approach of the staff of these banks is like take it or leave it, we are getting our monthly salary and we are bothered with our benefits only. Let the customer hang himself whereever he wants. As long as we get our salary and benefits, we are happy and we are not bothered about the customer. Same is the approach by SBI staff also. They are having strong unions and they are having feeling that if we donot work no one can question us. That exactly happens also.

After having many such bitter experience I shifted my account to Karnataka Bank. I must say I am extremely happy that I shifted my acount to them

 

[bangerabs]

Dear Sandalwood,

We do hv account with Karnataka Bank at Kandivili (E), Mumbai and its services, as of now and as per our experience is very very excellent. Branch Manager/Asst. Manager themselves give personalised services, unlike PSU Banks. I had bitter experience with SBI the only bank where I had my SB A/c. This, after bitter most experience with the service of SBI, I shifted my account from Malad Mumbai to Times Bank at Santacruz which was far off from my residence at Evershine, Malad. The experience at Times was so wonderful that once executive handed over me PO before I handed her the cheque towards said PO. I can not forget it. Thereafter, I had account with OBC at Malad where once I approached (On sunday) for attestation of signature of my College going son. The SB officer there called the boy on Tuesday. For a second's job, he expected me second time with my son after bunking to college. I complained to their HO but there was no reply. Therefore, I closed that account and approached Global Trust Bank, Evershine, Malad, Mumbai. where again the services were excellent, unforgettable. But here again, it was taken over by OBC. Due to certain ECS mandate, we still maintain a/c. but propose to close once ECS mandates get over. Yes, in the past I had experiences with all the PSU banks mentioned by you. Out of which, one is worth mentioning here. I had account in Canara Bank at Malad (SV RD) branch. Hardly had few hundred credit balance. As Saturday was w/off, I approched the bank after travelling all the way from Evershine Nagar to update the pass book. I was called to come some other day. So again, another Saturday I went there. The answer from the same woman was sterotyped. For the third time also answer was same. But I lost my head and shouted back with all my might. It took just 2 seconds to update 1 or 2 entries and it was done. Therefore, I closed the account subsequently. These people, have more fat and want fatter packets. But do not want work. Now even in computer age, when service is required, their face become sulky. There is no solution to this. I feel shy to tell that I did shifting from bank to bank for want of service. I shall definetely come out of Corp Bank where again all of my fly. members hv accounts and given ECS mandate in our long-term investments; as soon as opprtunity permits. In december, my FDs mature. I shall transfer the fund to some pvt. banks. Hell be with those so called PSU banks. The purpose of writing this is just educate the people. Nothing else. More People should know about this and I propose to give more publicity by writing to many more blogs. The PSU banks do not have any courtesy even to acknowedge the complaints nor have provision in their websites. Not only this, even where e-mails available, all mails repeatedly returned forcing me or my wife to travel personally to the bank by auto, to and fro, as we have health problems. I curse myself for having given ECS for my pension to this bank and I do not know whether I shall be ever able to change the mandate. Incidentally, just a minute before writing this, I advised my son to use corp. bank fund to pay LIC premium so as to reduce the balance in the said bank which intend to plunder the customers money. We shall withdraw fund from this bank and move to Pvt. bank, preferably Karnataka Bank.

 

[sandal wood]

One difference I have noticed between Karnataka bank and all other Banks so far I have approached. It is this

In Karnataka Bank, after you approach their branch several times, when they know you personally I mean when they acuire sufficient acquaintence with you, they become just like your family members. You approach any staff your work will be done immediately. You may not have any ocassion to approach branch manager, asst. manager etc. Ofcourse they too are very helpful. So much so that now if I need any help, I just telephone them and tell them what I want. When I get there it will be ready. No need to wait no need to beg no need to curse anyone.

 

[columbus]

The influence of some HDFCbank branches and some
ICICIbank branches is slowly creeping on SBI also,
otherwise this PSU bank used to give utmost
respect to customers previously.

 

[sandal wood]

The influence of some HDFCbank branches and some
ICICIbank branches is slowly creeping on SBI also,
otherwise this PSU bank used to give utmost
respect to customers previously.

SBI and other its associate banks are getting govt transactions. They are treasury banks in almost every place. That rakes in unimaginable amount of money, practically interest free deposit to SBI.

Further, being a largerst bank and one of stronger banks feeds its own arrogance to employees of SBI. Not to forget these worker unions

 

[bangerabs]

I do not agree that SBI used to give respect to customers. I myself was an employee of one of the largest PSU which has several lakhs crores t/o and whose only banker was SBI. Therefore, I had to deal with SBI continuously (being an accounts man) and do still remember when one of the SBI branch refused to open new a/c for the new unit of the PSU at Hazira, ultimtely which led me to complain to our HO to get the things done. At one time, there was a lapse of time in one of our dealings, in Mumbai. When Accounts officer and me approached the concerned officer at SBI HQ in Mumbai, the officer's reply was " were u sleeping?". This happened 25 years back but still it is afresh in my mind. See the culture/arrogant behaviour of SBI officer. If this was the behaviour to an officer from largest PSU with several lakhs crores t/o and a/c. with only SBI what about the fate of individuals like me ? Now, there is big new SBI branch just below my residence. Yet, I am reluctuant even to look at it. Infact, after the incidence of Corp. bank reported above, I am in search of new bank for my family's accounts. For, so far, as we have shifted to new place, all of accounts are much distance away and as such looking for nearby branch/bank.

 

[bangerabs]

How is Indusind?. There is branch nearer to my present residence. How is the culture of staff? How about fees/other charges etc.?.

 

[sandal wood]

How is Indusind?. There is branch nearer to my present residence. How is the culture of staff? How about fees/other charges etc.?.

Sorry. No idea. I have never approached any of their branch

 

[bangerabs]

Further to my writing on the subject dated 2nd Nov 09, I would like to bring further developments to the notices of readers so that those who have similar accounts can take note of it and those who plan to open account with Corp. Bank can re-think about the pro and cons.

Firstly, I take opportunity to this most friendly and educative site for allowing to use the platform for the benefit of its readers.

Quote:-


Sir,

Thank you for your favour of reversing Rs.600/- which was deducted by you wrongly. I repeat, the amount was deducted wrongly, without having bothered to bring the changes in your unilateral decision into the notice of your clients. Though after discussion with the Branch Manager we decided to close the chapter, we felt it necessary to reply to your mail as under and escalate issue further as instead of regretting for the misdeeds you are caustioning us:-


(1) We have been customer of Orlem Branch of Corporation Bank since 1980s and converted our accounts as CLSB some time in 2004. We have 3 CLSB A/cts at present, besides FDs. The first communication regarding upward revision in minimum balance requirement ever received by us was on 21st Oct 09at 1500 hrs, whereas penalty was imposed and deducted on 30.09.09. (letter OR/CLSB/ /2009 dated: 12.10.09) The other 2 letters are: OR/CLSB/ /2009 dated 15.10.09 and OR/CLSB/417/2009 DATED 24.10.09 were not received in April, but after24th Oct 09. Therefore, your statement that individual communication was sent during April 09 is nothing but false statement. In other words, you are falsifying our statement about non-receipt of the letters and justifying your stand. I had personally produced all three letters to the officer concerned at the branch. Even if we skipped one letter, we could not have missed all the 3 communications. Even if you had sent the communication, it is the responsibility of the bank to ensure that it is received by the clients; before making decision to impose penalty. In the words your own officer, several complaints were received by the branch, which once again confirms that there are many who were not aware of the change in the unilateral decision taken by the bank. Do not try to fool us.



(2) We accepted the terms and conditions of CLSB when the minimum balance requirement was Rs. 10000/-. I fail to understand who gave you the feed back to raise the amount to Rs. 25000/- blocking another Rs.25000/- to be converted to FD. We are not prepared to accept blocking Rs. 50000/-. If the bank is modifying the requirement, it should be applicable only to new customers. It is banks unilateral decision to make it effective from retrospective date. Now, after receiving your mail, we have taken decision to protest against banks unilateral decision. We shall take further action in the matter.



(3) You are stating that you are advising to reverse the amount of Rs.600 as if we have begged for it. You are only correcting where you had wronged. Do not favour us.



(4) Now let us know, who shall compensate the loss of interest on Rs.600/-, cost of time and communications and conveyance?. We had visited the branch on 3 occasions over the issue. The bank has to compensate towards this.



(5) We continued banking with the branch, inspite of inconvenience due to distance as we had shifted from Malad and unsatisfactory services. About 3 years back, after shifting from Malad, I forgot to update 3 CLSB pass books. The woman at the counter grumbled while filling up the pass books. Even thereafter, when we submit 3 books together, we hear grumbling. Just for updating pass books, we have to reach bank and after hearing now a days I take only 1 book at a time; each time waiting in que to update and spending avoidable time and money every time. After that I had suggested the bank to send the statements in lieu of pass books, but the bank did not have the courtesy to acknowledge the suggestion. Besides, many a times I had observed that the clients reach the bank before time, but none of the employees report on time. They report only after opening time and even after that they fail to report for duty as first duty appears to be chit-chat amongst themselves. When we protested with a letter dated 16th Nov 09 towards withholding Rs.100/- out of the penalty, your executive refused to accept the letter. Is it what we expect from the bank?. Justify as to why should we pay penalty. It is bank who has to compesate towards tension given to us and towards waste of time and money. Or is it that PSUs behave that way? Today, you are trying to belie a man who never told lies or even suppressed a truth. Now, you give us justification as to why should we continue our relationship with the bank. Is to see the sulky faces of your executives and get lower returns v/s smiling faces, willing personalized services and higher returns from private Sector banks?. Unfortunately, we will not be able to convert back the a/c. into normal saving a/c since we have given ECS mandates on all our long term investments in all of our accounts but shall close the accounts as and when possible.





(6) I do not find any option to communicate with the bank through internet banking system. Mail sent to Nodal officer was also returned.



(7) With a copy of this letter, I am praying Reserve Bank of India to look into (a) whether the Corporation Bank is justified in revising upward the minim requirement for CLSB even for a/cts opened prior to the decision i.e May 09 (b) whether bank is right in deducting an amount of Rs.600/- from clients accounts without prior intimation


With regards


(PUSHPA BANGERA/PRAVEEN BANGERA BHOJA BANGERA)