Hum Hain Na..

Over the last few years there has been a rapid increase in the population of thieves in my city. Land lords, Auto drivers, the traffic police, to name a few. To add to the list is ICICI Bank. The only difference is the former are unorganized and the latter is an organized looting. Let me tell you how..

Cut 1: ICICI Forex, Bldg 10.

Being in Infy we have very few options of not being associated with ICICI Bank. I had a loan with ICICI bank (that I finally foreclosed). A fortnight back, I had put a request for foreclosure. Since I had USD with me, I had to get it converted. Since ICICI FOREX was inside the campus, I got it converted. I was given a cheque in the name of ICICI Bank, which I had to deposit in my account, and a cheque was needed to be given out from my account towards fore closure. (The things had to be made so complicated to simplify management!).

Cut 2: ICICI bank, Terminal office.

I deposited the cheque in my account and informed the bank that I would be giving a cheque in the foreclosure department. They happily agreed. Since I did not have a cheque book, I had to fill in the form for a cheque leaf that cost me Rs. 28 per leaf! Company policy, they said. Helpless as I was at that time, I gave them a “what the heck” look and agreed for the amount to be taken out of my bank account. I walked away with the cheque.

Cut 3: ICICI bank, Lotus court office.

I informed the fore closure department that I had just deposited the amount in my account, would it be okay to give a cheque dated today. (please note this point, for later).
‘This cheque is going to get cleared only tomorrow, you can submit it now’ – is what was told to me. Again, not aware of the consequences, and not made aware of it either, I gave the cheque and foreclosed my loan. Happy ending? How I wish!

Cut 4: A few days later…
I see that the amount on my account is not debited. I walk up to the ICICI bank counter in Lotus Court.
‘Avinash! Your foreclosure cheque has bounced. There is a bounce charge of Rs 221 and your EMI for the month will be deducted’, said the all excited loan department representative.
I was a bit surprised. Wasn’t I told that the things will happen in order? That the cheque deposited in my account will get cleared before the foreclosure cheque. What went wrong? Where?
‘Sir, they did not process it before us’ she said.
‘So, is it my mistake?’
‘Okay, you give us a letter. We shall follow it up’ she said.
‘I shall give you the letter now. A couple of days later you are going to ask me to give it to the manager of the branch and then a couple of days later he would ask me to forward it to a manager in some other branch, till you get me all frustrated with the system and give up. But anyway, here is the letter. I want my Rs 221 back and also the interest levied on the EMI for this month.’

Cut 5: A couple of days later…
At the ICICI bank counter, Lotus court.
I smiled.
‘Sir, I spoke to my manager. Since this is something that is levied by the bank, they would have to take it up. They would handle both the bounce charge and the interest charge.’
‘Okie’

Cut 6: ICICI bank, Terminal, Branch Manager Mr. ManMohans desk.
‘Sir please come in’. For a moment, I really thought he cared.
I explained the situation to him.
He called the loan desk and discussed the matter with them, in front of me.
‘Sir, we shall reverse the bounce charges, but the rest has to be taken care of by loan department. But since you have come here, we would like to tell you that we will take up the matter further.’
‘So shall I go to the Loan desk now?’
‘You can go a couple of days later’

Cut 7: Couple of days later… at the loan desk.
‘Avinash, the system does not allow reversing money.’
‘So?’
‘Since it is not a fault of the loan desk, we cannot do anything about the interest money’
‘huh? Not your mistake? You could have asked me to give a post dated cheque. Just one day in the future. Not your fault? Dint I inform you of the situation before I submitted the cheque? Did you not know about the situation? Could you not see the possibility of this happening?’
‘Sir, but you wanted to close the loan’
‘So? I also want my money back’
‘Sir, the system…’
‘What system? You can’t reverse the money?’
‘Sir it was not the fault of the loan desk’
‘It was not your fault, not the fault of the bank, then who is taking the responsibility?’
‘Sir you wanted to close the loan on that day’
‘What the heck?!?! Okay, what about the 221 rs’
‘Sir, bank says, it was levied by the loan desk and that too cannot be waived by them’
‘What!!?!? He told me that he would reverse it’
‘Not any more. He says it is the loan department problem’
I realized that Manmohan had called the loan desk, immediately after I left, asking her to dismiss me once I get there.
‘Could you not tell me a word that this situation was possible? You are supposed to think that your customers do not know banking. Could you not explain to me?’
She was sorry for what happened, at least she pretended like she was.
I had to walk away, but there ends my relation with ICICI loan department. No more loans from them. I am also going to close my savings account with them.

Nationalized banks are good in this aspect. They atleast listen to you and do not blame it on the system. The manager is accountable and he listens to your grievances. ICICI Bank has a huge profit from Infosys. I have had an account with them for last 4 years. Is this the customer service – assuring me of returning the bounce charges and then instructing the department not to. And bounce charge of Rs 221 seems absolutely insane. We have to be careful with our transactions, but Rs 221 for a small folly! Next they would issue a rule that – Kill the customer if the cheque bounces. Hum hain na!!
I think ICICI bank, like all other private banks are way too unreasonable and have to train their managers to take responsibility than blame it on the system and fill the ICICI bank coffers.