Crouching Banks, Hidden Charges
“Wow!! You look really depressed. I could sense the gloom from the hall. What happened?” Inuke asked me.
To be honest, he was the last soul I wanted to see.
“It's that obvious huh?!!!” I replied.
“Obvious is an understatement, you stink of depression. Your vibes can kill a birthday party in City Center..” As expected inuke started roasting me.
“Yo!! I am not in the mood.” I tried shrugging him off.
“Bro, come on... Why sso sseriouss?” inuke imitated Joker but ended up being a weird guy speaking Slytherin.
“Tsk!!!” I sighed. Knowing that he is not going away any time soon. Might as well give this guy a shot to crack the situation. I handed over my bank statement from last month.
Inuke was silent and I enjoyed that while it lasted.
“Hahaha!!! Ho ho ho!!, Dude, you are fucked. Hahaha.” Inuke started losing his balance because of all the laughing.
“Is that all you have to offer?” I asked him.
“Tell me this is a joke. Hahaha.” inuke continued his annoying laughs.
“Haan mera chacha hain bank jo aise joke karega.” I replied.
“You know what this is right?” Inuke pointed to a debit entry in the statement.
“Yeah!!” I replied knowing where the conversation was going. “Charges for not maintaining minimum account balance.”
“Exactly, they are punishing you for not having money. The punishment is debiting money, you don't have. Hahaha.” inuke was laughing hard at the joke that Bank played on me.
This is something that can land anyone in trouble. Banking to my knowledge makes money through interest on credit cards and loans. But they are also making money using the rules against you. While the other two can be managed to a level this one with rule get pretty wild at the time. At times the bank can debit a very absurd amount from your account stating that you violated the agreement. And yes you are in agreement with the bank. Remember the beautiful day you opened an account with the bank thinking you will be using that as a saving account, that day you might have signed a booklet with very fine print and hard-to-read terms and conditions. By signing you are agreeing to all that nonsense that is there in between the lines. Trust me, if people started reading the documents/terms and conditions of the banks… the customers from banks will go away.
Like the ATM withdrawal charges, it seems to be very absurd. You are withdrawing the amount from your account using your card and your time. But still, you will be charged for the withdrawal which varies depending upon the amount you are withdrawing. That doesn't make sense. Does it? The bank will always tell you that you can avoid withdrawing cash and get it from Bank directly. But that's the whole point of having an ATM so that no one has to stand and deal with the miss grumpy bank teller. Similarly, they will charge for transactions depending on the source and destination channel. Netbanking, UPI, Card Swiped, Surcharge, convenience fee, annual fee, monthly rental, SMS charges, E-Statement Charges and whatnot. And like the shit cake it is, there is ‘a cherry on top’ called taxes.
I came across a situation where the person was maintaining a minimum balance (INR 5K)on his account to avoid a penalty, and they charged him anyway. Actually, there was a debit of INR 3 (SMS charges) on that account that was followed by a debit of INR 700 penalty for not maintaining the minimum balance. That debit was monthly, till the account hit negative balance. Poor guy.
This may seem like an extreme case, but on the contrary, it is very common. The bank may seem harsh and doing wrong so, but it is operating within its rights and that is fair. The best way to deal with such cases is to read the document carefully and ask upfront the bank person about the charges and get more clarity on that. Ask them about the hold amount, overdraft and other things that affect your available balance. And please review your existing active accounts.
Hi, I am inuke,
I had been serious about my finances and how I am managing them. Yes, there have been slipups in between but I am fine I guess. Now this post hopefully is one of many from me on the subject of finance. Before I call it a day, Let me thank IndiaUnited and BeAwesome family. They are real good people who are supportive and helpful check these communities out.
Cheers!!!
Absurd stuff.
All the more reason to get into crypto... ;^)
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I was with one of the major banks over here for many years as whenever I got my first bank account it was the only one where I grew up, and then I stayed with it because I'm lazy like everyone else, and then when the kids became old enough to have bank accounts (we'd kind of arbitrarily decided they would get their first bank accounts when they were 5, had we known that things were going to head to hell in a handbasket we might have started it from incubation and done more to buld it up but even then it might not have mattered) I abandoned my old bank and their stupid account keeping fees and jumped ship to a credit union which kind of evolved into a minor bank but they still don't charge the stupid account keeping fees, it's just large fees for doing transactions in a branch that could be done online or for using an ATM that they don't have deals with, both of which are very easy to avoid.
If you have something similar might be worth jumping ship XD
Hahaha, exactly my thought on handling finances for the little one.
I recently enquired about the school fee nearby. Yesh will be going to school in about 3years and I should be prepared but the moment I heard the fee I kinda blacked out for a sec. Hhehe.
1Lac (100,000 INR annually) for Kinder Garden. During my school days, I used to ask Mom for INR 200.00 school fee that my class teacher has written on the board.
Its hard warping my head around such ridiculous expenses but some things are unavoidable. 😅
As for the Bank, I did jump ship but lately, I had been thinking that it's better to keep the money invested somewhere else. The interest bank offer is very low 2-3% while the inflation is 7-8%. Looking for safer options available in the market to keep my hard earn money safe.
Hey!! Look at me talking numbers and investment..🤣🤣🤣
If it's any consolation I still have no idea what's going on at the best of times XD like I was looking at superannuation stuff because I figured I should probably look at it closer (after having lost some mostly because I didn't know back when I was at uni that temps and casuals still got super so I never checked) and maybe change the way that it was being invested.
And after being attracted by the "socially aware" option, I ended up just staying on the default one purely because it was easier (easier because I was already on it and just easier to understand in general as far as all the insurance and other associated nonsense goes, dyscalculia makes finances harder to deal with than it should be).
Sometimes with banks I feel like the money is almost safer in a sock under the mattress or whatever the oldschool methods of squirreling it before banks became the default, the chances of the lot getting stolen seem about the same (I am counnting the fee gouging as theft for purposes of the argument).
He hee bank walo ka esa he hai bade bhai, bas unko to mauka chaheye paise katne ka 😅. Or Agra aapne galti se loan le liya to hogya fr too. Intrest rate to ese batna hai uske baad kya he kehna 😕😔
Good one bhai @inuke
Banks ka to sach me yhi hal hai.. ab ulta banks paise kama rhe hai aur hum nai. nic graphics also bhai.
Arey abhi to mujhe pata chal raha hain Bank kar business model hi kuch aur hain.
Hahaha. Kahan mujhe lag raha tha ki general public ke seva ke liye hote hain bank. 😅
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