> 3 ATM transections are chargable now. What is the way forward ?
Dear consumers,
What is the next step ?
Surely there are so many views and surely make a case to be taken up with the RBI, relevant ministry and may be Fin minister.
But will that be enough, will that give us results or will just get lost in the bureaucracy. Not to forget that this is going to impact big revenues for the banks and hence will be opposed tooth and nail by so many powerful people and agencies.
I am sure this may be a very small issue, but to my mind its potent enough to be the flag bearer issue for a fight from a consumer against large corporates and highlight strength of consumer to government as a force.
We need to make it visible in public by sending it to press, TV and most importantly demonstrating it in the field.
Can we all take a resolve to go to our relevant bank branches and withdraw 100 rs as many times possible in a week. I am sure banks will not be able to charge any thing for the same. Also we must spread this as a movement across. Obviously local circle should provide a method to count this and give it as much publicity as possible.
It may be useful if we can spread this across other circles and convert it into an action plan. more
What is the next step ?
Surely there are so many views and surely make a case to be taken up with the RBI, relevant ministry and may be Fin minister.
But will that be enough, will that give us results or will just get lost in the bureaucracy. Not to forget that this is going to impact big revenues for the banks and hence will be opposed tooth and nail by so many powerful people and agencies.
I am sure this may be a very small issue, but to my mind its potent enough to be the flag bearer issue for a fight from a consumer against large corporates and highlight strength of consumer to government as a force.
We need to make it visible in public by sending it to press, TV and most importantly demonstrating it in the field.
Can we all take a resolve to go to our relevant bank branches and withdraw 100 rs as many times possible in a week. I am sure banks will not be able to charge any thing for the same. Also we must spread this as a movement across. Obviously local circle should provide a method to count this and give it as much publicity as possible.
It may be useful if we can spread this across other circles and convert it into an action plan. more
Viewed by 25
Mr Devinder sharma may be the fact is just opposite. While the account holder gets 3-4 % taxable interst banks loans it to needy including credit cards at very high interests and makes money. The gap between rate at which banks make revenue and pay to the account holder is highest in case of saving accounts. This precisely is their business. Free services like withdrawal is very much part of the services they are bound to provide to the consumers against the lower interests they pay. ATMs were one wonderful product which was complete win-win for both banks and consumer. banks saved huge costs in terms of serving the customer thru their branches and saved on cost in terms of space required, staff required etc. This is very typical of unfair practices by corporates where in a symbol of service improvement get converted into a money spinning activity. Profits of every bank and their share prices have gone up big time in last few years and surely these costs savings have contributed big time. Charging it to mind is just fleecing the consumer. The saving interests are not tax free but are taxable like any other income except that they also make part of the tax relief like many other incomes and are limited to a fixed value. Never mind this does not give any loss or gain to the banks. more
Nov 16
The bank is earning money/profit on our money. No bank is raising their own fund.Out of these earnings they are taking salaries and other expenses. As the public needs the facilities has to be given. So they should give many advantages on the Use of ATM. more
Nov 11
If that is so , is it not known to the bank that these facilities involve costs and therefore such charges should be introduced in the beginning itself. Why offer it as free facility and then once a facility becomes popular , banks introduce restrictions and additional charges. The way you are siding with the banks and giving them the ideas , it appears banks may soon withdraw even this 4 % Interest. more
Nov 09
Rember that banks are paying you an interest of 4% on the deposits, which is tax free and not leving any bank charges for maintaining your account with prescribed minimum balance. Your money is secure in the bank and also insured for an amount in the event of bank failure. Banks also have their operating cost and have to generate profits so as to pay dividend to their shareholders and also generate surplus as reserves. You have to pay for the services and convenience. more
Nov 09
