15 Secrets Your Bank Never Reveals | THE CFO INSTITUTE

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15 Secrets Your Bank Never Reveals
SIRCAR RAJ
Sujit Sircar, CFO iGate

1. Your online account information will not necessarily be accurate all the trust banks and other institutions for all your financial matters, but there are some rights which most of us are unaware of. So here are few secrets which time as ATM and online bank statement will show deposits available your bank hides from you, brought down by Rediff. before the money actually comes in your account. It always good to carry some cash before you leave your house as depending entirely over ATM card can bring you into some unpleasant situations. 2. Deduction made in the name of fine because of the failure on your part in the maintenance of the minimum balance is not allowed in any bank without giving you due information. Banks dont have the discretion of debiting fines for non-maintenance of minimum balance from an account holders account without informing the holder about the term. 3. Bank is not authorized to deduct any amount from your account without hearing from you. It is the duty and obligation of the bank to ensure that proper hearing opportunity is given to the account holder. 4. If you dont want to suffer from any kinds of trouble which can lead to situation where you check gets bounced, then make sure the date mentioned on your cheque is not postdated. 5. When you make any kind of online payment through your debit/credit, first ensure that you are making a safe transaction. The best way to verify any website is to check that the website links starts with https instead of http. The additional s stands for a secure link to a particular website. This will help you to prevent the risk of some vital information relating to your card from getting hacked online. 6. In case of confusion arising out of the mismatch between the amount in words and the amounts in figures mentioned in the cheque, the amount written in words is given the preference. It is every bank policy to consider first the amount in words if at all it differs from the amount mention in figure on the cheque. 7. In case of theft of your ATM, any loss arising after you make a request to the bank to block the card the bank stands responsible. File an FIR with the police as soon as you realize that your ATM is stolen. This will help you to establish the time of theft of your card. 8. Be careful with your ATM cards as this will help you to evade from the danger of someone else using your card without your prior approval. In case you find your stolen ATM card, do not use it again and instead cut it diagonally and dispose it off. The bank will issue a new card with some nominal charges. 9. If you have your contents stored in the bank lockers and you find them damaged/destroyed, then dont delay to claim compensation. Bank is liable to pay you compensation and it stands responsible for the safety of your contents. 10. You must present your bank cheque within the duration of three months from the date of the issue of the cheque. RBI has reduced the validity of Cheques/ Drafts/ Pay Orders/ Banker's Cheques to three months from the existing six months with effect from April 1, 2012. 11. Sometimes its better to deposit your money in smaller banks as they pay higher rate of interest on your saving accounts and other products. Many big banks not only bring in huge fee income but they also pay less rate of interest on your deposits and other products. 12.The fine print in the bank documents relating to the terms and conditions are sometimes very make it difficult for us to read and we end up signing it without having a correct understanding about it. It has been also found that in many cases bank does not provide a sufficient amount of the required information. And at the worst the details about the banks fees are kept hidden form the potential customers. 13. When you use ATM machine of your bank to withdraw cash, you are aware of the fact that there is no charge deducted for it, but when you use a machine of any other bank, there is a limited number of free withdrawals. But what you dont know is that from October 2011, its no more free. Whenever you use an ATM machine of other bank, they deduct a minimum charge for this transaction, which is not even shown in your ATM receipt. 14. Banks play safe by not revealing about the high interest rates on their deposit schemes to you. Especially when you are willing to sign up for such accounts which will actually yield you less returns and you end up paying a huge amount without knowing about the schemes which may give you the best returns for your money. 15. Banks do keep changing their interest rates on credits all the time. And regardless of what your credit card agreement states, you can never be absolutely sure about how much interest bank will charge. Source: Siliconindia
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