ramanan50

Banks Cheat Fined Details.ATM Attack Penny Wise

In banks, US on November 23, 2013 at 08:49

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.

US Banks fined.

Banks Fined for cheating Customers.

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.”

Sources.

http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/untouchables/how-jpmorgans-13-billion-settlement-stacks-up/?elq=8a114900ab8643b2ac20033cfe56cfe2&elqCampaignId=754

http://www.salon.com/2013/09/24/banks_find_appalling_new_way_to_cheat_homeowners_partner/

  1. Recently my relation has been cheated & skimmed off more than 4000 thousand UK Pounds for the FCNR (B) FD, by a leading private bank which in my view is a Criminal breach of trust as well deficiency In service by the bank. It is widely announced by most banks that there is no more Pre mature withdrawal penalty for Renewal as well for Withdrawal. As well client has not signed for any of such clauses while opening the Account. But recently at the point of trying to Prematurely Renew the Deposit with the said bank, due to hike in interest rates, they told us there is a penalty, weather we Renew or Withdraw. This we feel as Extortion tactics of the said bank which has a notorious name on Well sites as well else where. So the client decided to shift the funds to another bank. While we saw the Interest paid for 3-1/2 years out of 5 years we saw approx 4000 UK Pounds short. Even after calculating corresponding related interest rate for 3-1/2 years the deposit stayed by them. How can a bank dictate at the point of Withdrawal a penalty which was never discussed or signed for through an Application form? Nor through a letter by the client. We here stories Karnataka Ombudsman mostly favours the Banks at least at first sight, which RBI must take a note. We have sent CC to RBI of communication but till now not single word from him. Why.? This makes Bank clients discouraged to go to Bank Ombudsman, instead take the Law Courts which are time consuming, Expensive to the client. But Banks corrupt staff has no problem as they have a dedicated Legal Dept. to cover them. Is there any other way to contain this menace please? I am not against Women, in fact I love them, but Some Private Institutions managed by them are out of control. And they have no clue what is happening.

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    • File with the Ombudsman for the banks in Karnataka.
      Await their response.
      If not favorable. file a case in Consumer forum as well as the Court.
      How t file a consumer court case, I have provided a Post

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      • 4000 UK Pounds shortage means above 4 Lakhs of Indian Rs. Can any Bank take a penalty of that seize without proper timely documentation signed by the Client in good time. They say the Penalty is printed on the Receipt. But the Receipt it self comes months after the Deposit is received & accepted by the Bank, so it is too late for the client at that point to say, he/she does not want to park the funds with them as the Amount is already with the new said defaulter Bank & without prior knowledge of Penalty on Premature renewal/withdrawal by the client. Isn’t this a catch the Banks are hoodwinking the Depositors to give them a shock.. Bur how come Banking Ombudsman does not understand this, when we have sent every CC to their office in Bangalore to stop the Bank from their phony explanations. Which only puts the client in an un easy situation that is Cart is before the Horse. Which is utter nonsense in this Country, everything is Chalthahai.!!!. Long live our India Democracy.
        Note before
        In the above previous comments pl read it as WEB Site & not Well site. Was an error while typing in a hurry, as I had to rush to a Police Station to report another crime. In this country what is going on I wonder, in everything if u go a bit deeper there is a crime element waiting for you.

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