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Rip off crooks from SBI - GE Money

04-12-2011, 10:30 PM
Post: #1
Rip off crooks from SBI - GE Money
I was sold a credit card against an FD in SBI by SBI agent. SBI initially promised to give the card interest free for initial six months which they didn't keep. Anyway, after using the card for several months regularly I missed the payment due date for just few days. After which SBI agents started bullying me on the phone though I told that I am going to pay within few days. This time I had a doubt about their behavior and intention, and indeed I found that the SBI credit card is handled by the American company GE Money. Since I know America / American organizations extremely well, I right away understood what their plan was. I decided to close the card then and there. I didn't have enough money at that point of time to pay my dues in full, and I didn't want to pay minimum amount either, as I wanted to close the card. Hence I went to the SBI branch where I had my FD against which the Credit card was given. I wanted to use the FD to clear my dues in full and wanted to close the card right away. I told the SBI personnel to en cash the FD prematurely and to pay it towards my SBI credit card. After I filled up all the forms, the SBI personnel was working on that, after sometime she came back and told me that she can not en cash the FD as the Credit card dept (GE Money) put an hold on the FD. The SBI bank washed their hands off saying it's GE money who is handling the Credit card and not SBI. Though the card says it is SBI Credit card. I explained in details and the SBI personnel told me to contact the credit card customer service and to ask
them to remove the hold from the FD, then to get back to them and then only they will be able to let me pay my credit card dues using the FD. I right away called the SBI credit card customer service, they gave
me an address (with a PO box number in GPO, New Delhi), and asked me to send them a letter requesting the removal of hold on my FD. I did that next. In the letter, I requested them to use my FD to pay the Credit
card due in full and to close the card. In the mean time, the SBI - Ge Money Credit card collection agents keep on calling me the American way every day, and I was keep repeating the same thing again and again to them, that I have sent them the letter which they should have received, and they have to either remove the hold from the FD or they themselves should use the FD to pay off the credit card due. But all they were doing was calling me everyday and bully me. The intention and the game was very clear to me, as again, in America they do it every moment with lot of people by getting them victimized by the American credit system crooks. The amazing fact is that SBI is working with this American crooks to victimize Indian people now. Next someone again called me fron SBI - GE Money and as I explained what was happening, this time he asked me to email a scanned copy of the letter to them. I did that too. But SBI -
GE Money kept on playing their dirty game and didn't do any thing about it. So, SBI - GE Money was neither letting me to pay my dues nor they were doing anything them selves. Nice American style. By doing this they keep on accumulating interest on the credit card due. Standard American story.I do not think SBI - GE Money is doing this only for some 5000-6000 rupees extra, they were actually following some order from some other and playing some tormenting game for some other purpose. This is also a regular American game. They keep doing this, later I decided not to pay otherwise (by paying otherwise) as they were not to remove the hold from the FD, that way they were planning to get the money from me as well as by taking the FD money. Later one fine day quietly they en cashed the FD prematurely and took the entire amount ( which is nearly 8000 Rs more than my dues on the day I went to the Bank to pay my dues).
Please let me know what are my rights to sue SBI - GE money in this matter for ripping me off and by creating mental agony. I have the documents.
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05-12-2011, 10:00 AM
Post: #2
RE: Rip off crooks from SBI - GE Money
Bullying in any way is clearly forbidden by RBI. You can complain it with RBI. Please check RBI Banking Ombudsman in your area. It is good to have told your story here and all world should know that bullying is going on in India openly.

Secondly if SBI Credit card had your FD then what is the point of calling and bullying? It has been a foolish exercise damaging their own image.

About your dues I want to tell you that they can only charge first month penalty ( say Rs. 500) and say 3-4% interest on the balance. From next month onwards they will not be able to charge 3% per month. It should be around 12% per year.

They can not keep charging 3% per month till you live! Arbitrary interest will stop after you end relationship with then. 12% interest is what courts in India award for delay or for pending amount.
Although you can't close any bank account or credit card until you've paid dues, but you should be able to end your relationship with them without technically closing your account.

Let us not use GE Money name since the card bears the name of SBI and if you ever file complaint in consumer court then it is SBI who'll be responsible for the damages whether directly or indirectly.

What you should do now is to follow this banking complaint procedure. After you finish all levels then only think of pulling them in Consumer Forum.

A person's financial situations may change any time but it does not allow anyone to snatch away our Self-Respect just because of it for no fault of ours (you even pledged FD).

Also note down all calls you've received from them, subject of talk etc, copies of letter you sent to them and details of your explanation, visits to bank personnel etc. You'll need all those when taking it up to RBI.

Also credit cards charge 3% interest per month or 36% per year because some people default and never pay up! If all holders issue credit card against FD then the interest should not be more than 12%/year or 1% per month. In other words even if you never pledged your FD then also they would be in profitable business just because their high interest rates offsets some defaults!

It is not the amount that matters. It is more of my self-respect as an educated consumer!Shy
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 Thanks given by: consumer_2011 , MKSharma64
05-12-2011, 11:53 PM
Post: #3
RE: Rip off crooks from SBI - GE Money
Thanks Expert!!
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