Monday, July 28, 2008
Tuesday, July 15, 2008
HSBC Customer Service
Hello Mrs. Kidwai:I'm holding a HSBC credit card since the time I was student and wasvery happy with the service until recently. The spending limit on mycard is 77,000/- and I have never defaulted in the past. Based on mycredit history the limit was revised multiple times by the bank.
I would like to take your few minutes and bring an issue and based onthat a bigger question to your notice. My bill for the month of March'08 was 30,600 odd and I made a payment of 31,700. I made an excesspayment of 1100/- hoping it would be adjusted in the next billingcycle. My next month (apr 08) purchase on card was 77,995.7/-. Asthere was a excess payment of 1100 on my account the card was notrejected for this spending of 995.7 extra (exceeding the limit of77,000/-). However I noticed I was charged an over limit fee of 500 +tax in my bill. As I was traveling I couldn't contact the bank andadvised my family to pay 77000 which was again excessive payment basedon my calculations:
Total Purchase 77995.7 - Previous Excess Payment (1100) = 76895.7
I made a payment of 77000 which is again excess of Rs 104.3 (77000 -76895.7). In the next month's May 08 bill I noticed the finance chargeof 3033.65 + tax. On seeing that I asked my family to contact the bankand on speaking and explaining the issue the contact center associateMr. Arif committed to reverse the charge of 2500 and also said hewould talk to his manager for reversing all of the other chargers. Hecouldn't reverse the entire amount as his limit was 2500. As I madepurchase of 32760.7 from my card that month and I paid 33000 which isagain excess of 239.93 assuming that the entire overlimit of 3033.65 +tax will be reversed based on Mr. Arif's commitment.
I was back in June and called bank couple of times to check why thecharge is not being reversed completely? I spoke to one of thesupervisors on the floor; she at first didn't show any interest onknowing the history of the charges and went on with the official lineof how the banking system is designed. On my insistence she told methat she will have the call with Mr. Arif retrieved and based on thatwill do the needful and it would require 3 - 4 working days. I keptcalling in between to check the status and after a week realized therewas nothing done to retrieve the call so I spoke to another supervisorand explained the entire history to her. She was polite and helpfuland told me she would have the 500 over limit being reversed which waslevied in March 08. I told her all the other charges are due to me notpaying that over limit fee at first place and hence all the chargesshould be reversed back but she told me she couldn't help. She told meto avoid any further charge I should pay 29987. Based on mycalculation I was again paying extra 600. As part of growing up in amiddle class Indian family I was taught that one should never defaultand always repay all their outstanding hence I paid 29987 to avoid anyfurther charges.
I'm disappointed with this entire episode and think I'm penalized forpaying more than I spend and paying on time. I would like tounderstand from you if this is the message you want to send to yourloyal customers? If someone pays on time(and pays more) you penalizehim and if someone defaults then he is on a higher platform and cannegotiate and settle for a lesser amount. I would like to know if thebank is encouraging more and more customers to become defaulters?
As you know the banking industry inside out my final question to youis: Does my intrinsic middle class family value of always paying thebill on time holds no good in today's banking industry?
I will highly appreciate a response from your side for my questions.
-Thanks,
SD
I would like to take your few minutes and bring an issue and based onthat a bigger question to your notice. My bill for the month of March'08 was 30,600 odd and I made a payment of 31,700. I made an excesspayment of 1100/- hoping it would be adjusted in the next billingcycle. My next month (apr 08) purchase on card was 77,995.7/-. Asthere was a excess payment of 1100 on my account the card was notrejected for this spending of 995.7 extra (exceeding the limit of77,000/-). However I noticed I was charged an over limit fee of 500 +tax in my bill. As I was traveling I couldn't contact the bank andadvised my family to pay 77000 which was again excessive payment basedon my calculations:
Total Purchase 77995.7 - Previous Excess Payment (1100) = 76895.7
I made a payment of 77000 which is again excess of Rs 104.3 (77000 -76895.7). In the next month's May 08 bill I noticed the finance chargeof 3033.65 + tax. On seeing that I asked my family to contact the bankand on speaking and explaining the issue the contact center associateMr. Arif committed to reverse the charge of 2500 and also said hewould talk to his manager for reversing all of the other chargers. Hecouldn't reverse the entire amount as his limit was 2500. As I madepurchase of 32760.7 from my card that month and I paid 33000 which isagain excess of 239.93 assuming that the entire overlimit of 3033.65 +tax will be reversed based on Mr. Arif's commitment.
I was back in June and called bank couple of times to check why thecharge is not being reversed completely? I spoke to one of thesupervisors on the floor; she at first didn't show any interest onknowing the history of the charges and went on with the official lineof how the banking system is designed. On my insistence she told methat she will have the call with Mr. Arif retrieved and based on thatwill do the needful and it would require 3 - 4 working days. I keptcalling in between to check the status and after a week realized therewas nothing done to retrieve the call so I spoke to another supervisorand explained the entire history to her. She was polite and helpfuland told me she would have the 500 over limit being reversed which waslevied in March 08. I told her all the other charges are due to me notpaying that over limit fee at first place and hence all the chargesshould be reversed back but she told me she couldn't help. She told meto avoid any further charge I should pay 29987. Based on mycalculation I was again paying extra 600. As part of growing up in amiddle class Indian family I was taught that one should never defaultand always repay all their outstanding hence I paid 29987 to avoid anyfurther charges.
I'm disappointed with this entire episode and think I'm penalized forpaying more than I spend and paying on time. I would like tounderstand from you if this is the message you want to send to yourloyal customers? If someone pays on time(and pays more) you penalizehim and if someone defaults then he is on a higher platform and cannegotiate and settle for a lesser amount. I would like to know if thebank is encouraging more and more customers to become defaulters?
As you know the banking industry inside out my final question to youis: Does my intrinsic middle class family value of always paying thebill on time holds no good in today's banking industry?
I will highly appreciate a response from your side for my questions.
-Thanks,
SD
Wednesday, July 2, 2008
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