India Broadband Forum

wecaz

Hi,
I am having bad experience with my ICICI Bank Platinum Credit Card. On April 2nd, a new transaction of 2k has been added in my account. This transaction took place in Big Bazaar on Jan 06th. The amazing thing is that I never performed this transaction. After this transaction 3 billing cycles are gone.

Now I have sent a dispute letter to the bank. They need 60 days to investigate and want me to pay the amount as of now. If finally the dispute favours me, I will get a refund.

I need advice from you friends. What should I do more to save my money? Has anyone experienced the same problem earlier?


wecaz1@gmail.com

ranjitraut

I have bad experience with ICICI.... change it....

xwhyz

I would suggest you to not pay it, as if you had paid it, then you will not get refund if they could rectify the mistake. By the way how did you got a transaction from big bazaar (i guess you are talking about the physical shop and not future bazaar). I would suggest you block your existing card as it might have been hacked.

wecaz

Can I just block my card and forget it.......
But they will charge interest and they have my address too...

ranjitraut

Pls note that there is no Law in India that can support credit card dues recovery... at most bank can send some rogues to get the money, in which case u lodge a police complaint and lodge another complaint with RBI Ombudsman.... They will never trouble you again....

just4kix

Having gone through the thread, it appears to be a classic case of Credit card misuse. I am surprised that the author is stating that ICICI bank is cheating on him. I am no lover of ICICI, but how is ICICI to be blamed for this?

The author clearly stated that 3 billing cycles have gone past. Was the complaint made immediately after the anamoly was noticed? If yes, the bank is supposed to investigate immediately and put a dispute mark on the transaction immediately and request the user to pay the rest. If this was reporting done much later (after the end of the grace period first bill), the bank is right in saying that user must pay. If and when the anamoly is discovered they will revert back the payment.

@wecaz, if you have indeed reported and disputed the transaction within the grace period, then you can withhold payment and revert to consumer court for justice. This is easy and quite fast. But if you were late in reporting the dispute, then pay up and block your card. Nowadays, credit rating agencies have started on profiling individuals. If the case is not settled, you can revert back to consumer court.

@ranjitraut, Just because there are no clear cut laws to recover money, does it mean that you advise people to "jump" on payments? Banks have legal means to recover the money. But they cannot send goons to recover it.

__________________

ranjitraut

I agree... Maybe i should not have given him the advise... But note that banks still use goons to credit card payment recovery even after such a hullabaloo in newspapers and media... Note that banks do not use legal means for recovery ( as far as credit card issue goes ) or atmost they can compromise on some amount....

wecaz

It seems that the topic is getting enough fuel to be heated up

Hi just4kix,
I welcome your advice but you missed one information. Transaction dated Jan 06th has been billed to me on April 02nd only. i.e. after 3 billing cycles. There is 90 days limit within one can report the bank that transaction is a disputed one. I had only 4 days left and I reported within time.

Bank has created a service request and processing will take 60 days. My bill will be generated later this month and then I will get some time to pay the dues. This time is less that 60 days, non payment will attract interest on the amount.

Now there is a new update. bank has added two new transactions. In first one it has credited back the disputed amount. In second, amount has been debited again with comment 'NO INTEREST'. I queried the bank, the reply is : "We have given the debit and credit of the amount so the interest will be waved of the dispute released in favour you." Means I will be charged interest if finally they find out that transaction is valid.

I need to decide to pay the amount or not. What do you ppl say? I am out of India, whatever I can do is through Internet only. I am telling this with reference to consumer court etc....

just4kix

@wecaz, If your transaction was reported as late after 3 billing cycles and you reported the dispute immediately then you are safe. Did you receive the billing statements for earlier periods when the charge was not noticed and is it missing from your statement?

I would suggest that you pay the balance only (minus the Rs 2K disputed transaction). Since you are out of India (and unlikely to return early) then you can call the ICICI US toll free number. Send a written compalint also from the website and by a hardcopy also.

Things will work out in the end. If they don't you are entitled to ask ICICI for a copy of the transaction (charge slip with the signature). Failing all avenues, you can send a final letter that you WILL NOT pay for the disputed transaction and warn them that you will file a complaint in consumer court.

just4kix

Also block you card immediately and ask for a new one.

wecaz

Hi Just4kix,
First of all, thanks for your wise suggestions.
Yes, I have send scanned copy of dispute letter to customer care india and after that only they have started processing.

wecaz

wecaz

Hi friends,
Last month I got reply from ICICI bank that dispute has been decided in favour of the bank. Now they have loaded my credit card bill with loads of Interest+late payment fee+service charges, and due amount is almost double of the original transaction amount. They have produced a copy of charge slip too, it matches approximately 50-60% to my signatures. Bank would never encash a cheque with these signatures.

Now there are two possibilities: My card has been misused, somehow(I don't know, but it is blocked now). OR I may have made transaction, I may have signed the charge slip in hurry(bad signatures) and finally forgot about the transaction in three months.

I mailed ICICI bank to settle the dispute. I offered them to remove the charges and I will pay the actual transaction amount. But their customer care doesn't agree with this solution. Instead I am asked whether I want to pay this due or not.

I have savings account with this bank too(with different customer id). Can they block some amount in savings account if I don't pay? What bad they can do to me..

Suggestions invited

just4kix

If there is a transaction in dispute and it is later decided in favour of the bank, you are obliged to pay the original amount only. Bank cannot charge late payment and other charges on disputed claims.

If the bank does not agree, file a consumer court case. Also just keep the min balance in your ICICI bank account. Bank cannot deduct money from your account without your express approval.

DZire

Whatever actions you take you may.. but be careful on following front..

- When closing the CC account take a NO Due letter from bank and not Settlement letter.

- If in case you do not settle the account in banks favour, same will be updated in your CIBIL's account. This might make it difficult for you to get Loans/cards in future as CIBIL database is accessed by almost all banks and FIs

- You can further discuss your case with the bank person who handles your account (collection)

Check all alternatives / outcomes carefully before coming to conclusion.

Dragon

@wecaz: Could you please update us with the happening, hope the ball is in your court, actually we all want to know how the things are going on

wecaz

Hi Friends,
I am in a discussion with the bank.....will give updates in a couple of days...

Dragon

Thanks, we'll be waiting...

DZire

You too have any issues with the bank ?

Dragon

NoMan plssss

Knowlegde is good

DZire

You'r right !!! i am on may way to create a record of settlements with banks !!!

Word of wisdom is only that avoid CIBIL !!