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Banks Review: Share your experience

Discussion in 'Hangout' started by ramjn, Dec 5, 2012.

  1. Surya

    Surya Superiore

    Messages:
    930
    Namma Bengaluru
    Min deposit is 10k or more for a normal savings account unless the salary account in a private bank and 500 /- for a nationalized ones, but now a days even these banks are changing or trying to get through in the race to get customers. During my dad's days getting a loan was a big process checking in the bank, getting the forms, filling it up, getting the documents applying for loan and waiting for approval and disbursement a min of week procedure but now you give a call or click a link on the website somebody will call in a min and be at your doorstep rushing with all your details except your signature :evilsmile grab your docs and next hour you have a confirmation call your loan is sanctioned and DD disbursed. Banks have gone crazy in giving loans and credit cards these days . From one of my close source i heard that its a thumb rule to keep money moving around in and out for gains else it won't make sense for a bank to function normally. Banks are no longer a non-profit organizations they have become money making companies :-D
  2. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,244
    Chennai
    Linea 1.3
    An information - Do you know about World's oldest Bank? Banca Monte dei Paschi di Siena S.p.A. (MPS) is the oldest surviving bank in the world and Italy's third largest bank. Founded in 1472 by the Magistrate of the city state of Siena, Italy, as a mount of piety, it has been operating ever since. Today it consists of approximately 3,000 branches, 33,000 employees and 4.5 million customers in Italy, as well as branches and businesses abroad. A subsidiary, MPS Finance, handles investment banking.
  3. fiatlover

    fiatlover Esperto

    Messages:
    1,599
    Bangalore/Kasargod
    Bangalore
    Grande Punto 1.4
    I happened to make a credit card transaction today, after a long time. I do have Credit card just as a back up I dont use it otherwise. I had to make two transactions, one to germany and another to US. Immediately came the call from HDFC call center, Chennai to confirm that it's me using it and not a credit card fraud.

    Terrific tracking and ensuring that customer's money is secure! :up
    1 person likes this.
  4. PatchyBoy

    PatchyBoy Esperto

    Messages:
    2,438
    Bangalore
    I do not have any credit cards, whatsoever. I do not believe in spending money I do not have :D

    However, whenever I use my debit card for online purchases, Citibank promptly sends me a message about the transaction.

    Rajan
    3 people like this.
  5. fiatlover

    fiatlover Esperto

    Messages:
    1,599
    Bangalore/Kasargod
    Bangalore
    Grande Punto 1.4
    I don't believe in it either :)
    BTW, I was not spending money I do not have. I don't do that as a practice and a decision. It's after almost two years that I have used my credit card. HDFC themselves might have been surprised!
    There are situations where you want to make a payment and the only options available is via credit card or paypal, for example to buy a software or register for an international certification etc! :) I immediately close the credit via netbanking :)
    Dont ask me which of the above I have paid for :D
    1 person likes this.
  6. shams

    shams Esperto

    Messages:
    2,388
    Bangalore
    can I assume you wouldn't have taken any loans till date :D! Its really commendable if you haven't!!
  7. PatchyBoy

    PatchyBoy Esperto

    Messages:
    2,438
    Bangalore
    Partially true. I do have a running car loan, but nothing else. The only reasoning behind taking a loan for the car - it does not make sense to block such a considerable chunk of money to get something that depreciates like there is no tomorrow. So, whenever I have bought a car (always taken a loan. The present car is the 5th one), I have invested the difference between the OTR and the down payment, to recover part of the depreciation :D

    Rajan
  8. fiatlover

    fiatlover Esperto

    Messages:
    1,599
    Bangalore/Kasargod
    Bangalore
    Grande Punto 1.4
    Same here. A running car loan which will end in a few months :)

    It doesnt make sense to put a big amount in a depreciating asset. It make sense when buying a property(land).
    1 person likes this.
  9. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,244
    Chennai
    Linea 1.3
    Most of the Banks would have this system. It is called as the 'Early Warning System' or 'Fraud Detection System'. It will have a set of business logic to trigger an alert after a transaction on the card. The system would trigger an alert to the Bank's Customer care team and they would reach back to the customer immediately. All this will happen in minutes. Generally, the business logic would include - Usage of card after a long time, making an unusual high value transaction, making a transaction far away from the usual place, etc.,
    Last edited: Dec 12, 2012
    1 person likes this.
  10. sungoa2010

    sungoa2010

    Messages:
    2,878
    Goa
    The SMS code verification is also very efficient. I like that future in SBI internet banking. Whenever we enter profile password it give alert through SMS.
    Cell phone has given more security to banking.
    1 person likes this.

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