Recently there has been attack on a woman who went to an ATM.
She was injured seriously.
The Court has directed that the Banks must provide adequate security in the ATMs with immediate effect.
The banks have been balking at the issue of providing security at the ATMs because of the cost of security personnel.
Right now ATMS have elderly guards from Security firms,.
These guards can hardly walk, let alone stop the intruders.
Let’s see how the Banks act now.
I have seen Banks cheating customers in Account statements.
My son has an account with a leading private bank.
He never reads the account statement.
I read his account statement.
I find , on regular basis, amounts being debited, Rs.100/200,as .towards ‘Service Charges’
When I contact them they regret and reverse the entry and credit the charges they have debited.
As an explanation,I was informed that these things do happen!
Imagine Rs.100 per customer and assume that the Bank has 1 Million Customers.
A minority like me check the account statement.
Unreported, the Bank collects a huge amount.
Such are the practices of the Banks, where they cheat when no one is looking.
And they cheat heavily on House Mortgages, Loans.
I am yet to see one who has cleared his Housing loan.
I have posted on how banks mislead customers on Housing Loans and keep you in Debt till you die.
On top of this the Banks get bail out from the Government, as in JP Morgan.
Many Banks have been caught in cheating customers and some of them were caught in some cases.
The compensation they have to pay is mind-boggling.
But they are unfazed, for it is not their money, it is the Public’s/Shareholders!
Here is a List of compensation paid by Banks for Frauds, misleading the customers.
Click on the Image for more details.
Their mortgage servicer, Nationstar, foreclosed on them without their knowledge, and sold the house to an investment company. If it wasn’t for the Sinclairs going to a local ABC affiliate and describing their horror story, they would have been thrown out on the street, despite never missing a mortgage payment. It’s impossible to know how many homeowners who didn’t get the media to pick up their tale have dealt with a similar catastrophe, and eventually lost their home.
As finance writer Barry Ritholtz has explained, home purchases involve a series of precise safeguards, designed to protect property rights and prevent situations where borrowers who are perfect on their payments get evicted. “In a nation of laws, contract and property rights, there is no room for errors,” Ritholtz writes. “The only way these errors could have occurred is if several people involved in the process committed criminal fraud.”
Any observer of the mortgage industry since 2009 is no stranger to foreclosure fraud, and the fact that virtually nobody has paid the price for this crime. But the case of the Sinclairs involves a new player in that rotten game: Nationstar. Unheralded just a few years ago, the firm, owned by a private equity behemoth, has been buying up the rights to service mortgages, accepting monthly payments and distributing the proceeds to the owners of the loan, taking a little off the top for itself.”
- Karnataka issues ultimatum to banks on ATM security (thehindu.com)