Review Standard Chartered EMI account policy

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raja_mastana

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Normally when you purchase something with your credit card, you pay to that card when payment is due. But, not according to Standard Chartered.

I purchased item from flipkart.com and used the 3 month EMI option. Paid with Standard Chartered credit card.
Standard Chartered created a new account to "track" the EMI. The problem is all the EMI has to be paid to this account only. If you pay EMI to the primary card (the card using which the item was purchased), they do not accept it. This is weird according to me. They do not inform the customer that EMI has to be paid to the new EMI account created and not to the primary card.

I got a message from SCB that payment is overdue for account ending in xxx. I was surprised since i did not know about such an account. I ignored it at first. But that night something struck me, and decided to give them a call. That's when i came to know about all this EMI accounts. I paid all the dues. Later, requested them to revered the late fees/interest. As a service gesture they did it.

But not happy with all this and would close this account soon. Do other banks have such policy?
 
If you have not been informed of the process or if you have had the bank being inordinately obstinate on charging you the penalty due to their lapse in informing you about the process, you can first file a complaint with your branch manager with a copy to the Zonal Nodal Officer or Central Grievance Officer (every bank has to have one according to RBI guidelines). Usually this is where the matter will be resolved. If you do not receive any feedback or support within 15days, send them a reminder and wait another 15 days. Failing which you can approach the Banking Ombudsman of the RBI and the consumer court.

Here's more information: Reserve Bank of India

Remember, no bank can levy any charge against you without prior intimation. Most banks threaten customers and just try to roughshod their way over you over charges, but at any stage, it's actually the customer who has more power via the rights conferred upon him/her by the Banking Ombudsman and RBI acts that safeguard against unilateral action by the banks.
 
Using SC EMI Card? You should have read the terms and conditions mentioned in the Faq's first.

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Even I faced the same issue. Called up cc and got the late payment charges reverted.

Haven't seen any other card create a separate account for emi. Have to read the terms and conditions more carefully. But if they are creating different accounts they should at least generate 2 separate statements. Instead they generate just 1 statement for both accounts.
 
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Another one bites the dust. I've used emi schemes on my hsbc and icici credit cards before with no issues.
The way I see it, Standard Chartered sees this as an opportunity to trick serious buyers.
I called up thrice (before realizing i was screwed), once before paying the first emi, and I positively insist they told me I could pay on my regular account. When I complained about extra charges on the subsequent statement, they promised to roll it back. I eventually realized they'd rolled back only a partial amount. The executives were either incompetent or left in the dark themselves.
PS the emi's are cleverly added to the same statement with no specific instructions on making separate payments.
I am definitely not the last person to make this gaffe.
And Standard Chartered very well knows it.
 
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Guys, SC has this habit of imposing arbitrary charges on customers without informing them. For example, they changed my account (as well as my mom's) from a Standard a/c to a "Preferred a/c" without intimating or asking us. After that, they started imposing charges on both accounts.

I emailed them mentioning that I was forwarding my complaint regarding this absurd, unethical practice to the RBI Ombudsman and lo and behold, they reversed the charges and changed both accounts back to their original status.

I would advise anyone using SCB to go here -

https://www.sc.com/in/help-centre/service-charges-fees.html

and read up on their charges so you're aware of what is involved.

SCB has completely lost it IMO. From a TOI article a while back -

"Standard Chartered Bank has informed savings account and credit card customers that from next month they will be allowed only two free calls to their phone banking executive each month. For any calls made thereafter, they will be charged Rs 50 per call. "

I think this is absolutely ridiculous. Been banking with them for some 11 odd years but will be closing both a/c's soon.

Full article here (covers other banks as well) for anyone interested -

http://timesofindia.indiatimes.com/...ges-on-phone-banking/articleshow/22085064.cms

I also bank with HDFC bank and find their policies much better. They do not impose these idiotic charges or place such silly restrictions as long as you maintain the minimum balance for your account type, which is perfectly acceptable to me.
 
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Rickyk said:
"Standard Chartered Bank has informed savings account and credit card customers that from next month they will be allowed only two free calls to their phone banking executive each month. For any calls made thereafter, they will be charged Rs 50 per call. "
Click to expand...

My gosh. That is simply unbelievable. What an absurd implementation.
 
If anyone has a recent standard chartered credit card statement - check the following row in your statement:
Previous Balance - Payment - Credits + Purchases + Cash Advances + Charges = Total Payment Due
Do the calcuations and see if you are able to arrive at the "Total Payment Due" figure as mentioned in the statement. I couldnt.
It seems, the charges column should be - instead of +
Is it a bug or am i missing something?
 
No no, thats not what I ment.
Comming back to the credit card statemtnt - There are corresponding figures for each column value. When I add/subtract (as instructed in the statement by the + and - signs), my calculation does not match the value in the statement.
However, when the charges value is subtracted (instead of added as instructed in the statement), then the final value (Total Payment Due) matches.
Hence, wanted others to check as well[DOUBLEPOST=1391595047][/DOUBLEPOST]A picture is worth a thousand words
 

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There's a difference of 112.7 rupees here. Maybe you got some kind of cash back which is not reflecting.
 
There's no bug. I checked last years statement and the charges are added, not subtracted. I didn't find a statement with me where charges were levied, but found one very similar.

1391602498474.jpg


Edit: I suggest you call up cc if required.
 
I don't see any reason why a CC company will charge you less unless it benefits them in some way or other. Its a bank, and banks thrive on levying ridiculous charges on customers.
Probably its emi conversion charges or something like that. You should check the statement properly for debit & credit heads.
 
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