NEWS & ADVICE : SAVINGS ACCOUNTS
Accounts can’t be upgraded partly by banks
By Vaibhav Aggarwal
Dec 24, 2013
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Financial specialists say that with innovation all banking administration could be profited under the self-administration mode through web keeping money and premium accounts have restricted esteem for a larger part. If the Customers records have been singularly updated by banks to a "premium" account without the customers consent then the banks are suppose to return the charges charged for maintaining minimum balance. It is necessary to take the permission of the customer before converting his account in to premium account with large balance requirement.

Normally such overhauls are emulated by a mail briefing the client that the bank is blissful to brief him of his `privileged' status yet just a truly vigilant client can recognize the prerequisites forced on him. Banks over the range, whether it is a private bank or public banks or foreign banks they will be blameworthy of this practice.

Banks officials reported that upgradation is not produced automatically but is done by employees who are given the taget to open up a specific number of premium accounts, but this an inappropriate way, since the bankers do not know how long the customer is going to maintain the required balance.


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