HDFC Bank totally sucks - How HDFC Bank left me cashless during the Diwali Season !
This HDFC Bank saga started around four days before Diwali when I found a HDFC Bank letter on the stairs of my apartment building. Assuming it was a HDFC Bank credit card offer, I almost did'nt open it. It's good that I did though, and was totally shocked by what the HDFC Bank letter read regarding by salary account.
"We observe that there has been no salary credit in your account from July-September 2006.............we learn from your previous employer that you have since left the organization.........the captioned salary account would need to be closed..........visit our nearest branch during working hours within 30 days from the date of this letter along with your debit card and unutilized cheque leaves.......to continue a banking relationship with us , you will need to open a normal savings account...........treat this matter as urgent .......failing which we will be constrained to block operations in your account. " Srinivas Iyer, HDFC Bank.
This was like a bolt from the blue, considering I had left the company mentioned more than two years ago. Also, I had lakhs (hundred thousands) invested in HDFC Bank, plus term deposits and mutual funds. Thinking there had been a mistake, I called up the HDFC Bank customer care center and was in for a ruder shock !
Cyberkitty : I recieved this letter from HDFC Bank......blah blah
HDFC Bank : It's your fault, you should have informed the bank whenever you switch jobs. Now you have to open a new account.
Cyberkitty: Haven't you heard 'customer is king', is this the way you treat a valued customer who has invested so much in HDFC bank ? I have given this bank account number for direct credit of divident from mutual funds and stocks. Think of the inconvinience ?
HDFC Bank : It's your mistake, there is nothing that can be done, come to the office and close your account.
Cyberkitty: I can easily transfer my 'huge' balance to my ICICI Bank Account. In these days of intense competition in the banking sector, do you really want to lose a customer. I can also tell lots of folks about the lack of service at HDFC Bank.
HDFC Bank: It's your mistake. If you want to go to ICICI Bank then go ! Submit your debit card and cheque book at our office to close your account or we will disable it.
Shit scared of losing my cash, I cut a cheque and transferred every drop of money to my ICICI Account by depositing the HDFC Bank Cheque in the ICICI automatic cheque machine. I asked at ICICI if they forced customers to close an account on quitting a job and the answer was no, they just change the salary account to a regular one. Since, I did not have much cash in my ICICI account, I could not do the Diwali shopping that I had planned for as I had to wait for the HDFC Bank check to be cleared. HDFC Bank took nearly a week to clear my check.
HDFC Bank has always been tardy when it comes to dealing with customers. The ATM's never seem to be stocked with cash. I have never recieved my internet banking password despite many reminders neither has my friend recieved her ATM Card pin code. I have not visited HDFC Bank with my debit card and cheque book to close the account as I don't want to face more rude service. Anyway I heard they automatically close the account if the balance falls below Rs.10, so good riddance to them !
Dear Mr. Aditya Puri, (CEO, HDFC Bank) these policies won't take your bank very far, you know. Closing accounts of folks who don't earn you fat profits by applying for credit cards, home loans, education or car loans make seem cost effective, but in the long run you will lose out on the very funds that enable you to give out these loans .
I should have closed my HDFC Account, the day I heard top executives were involved in the demat account and IPO scam, but it's better late than never, i suppose.
Did any blogger face a similar problem with HDFC Bank ?