Hi,
union bank as a slogan "Good people to bank with" , but my experience with the bank is "worst people to bank with".
There was an IPO offer from the union bank at that time, One of my friends told that , it is a good share to buy.I was a novice at that time about shares.I went to union bank to open my new bank account and demat account , all went fine.
Fortunately , i was allotted 500 shares of union bank and it reached my demat account available in union bank.I was very happy that the share was alloted to me.The share price went up 20% higher then the price I purchased, then came the worst part, I went to union bank to make a request to sell my shares, when requested about this, they ask to meet the manager of the bank.He told that the bank are not brokers and they cant sell , he gived me the sharekhan stock broker company details, since they have a tie up with them.
I went to sharekhan and opened the new demat account to sell these union bank shares available in the union bank demat account.I asked the sharekhan people how to sell the shares available in the union bank demat account.They told that the union bank has to transfer the shares from thier CDSL to NSDL of share khan, So they asked me to give a deleivery instruction slip at the union bank to transfer the shares from there.
I went to union bank to sell the shares , they asked to meet the manager, the manager told that they have nothing to do on their part, the share khan has to take shares directly from their union bank demat account.("how can another DP access the Union bank DP?").
The worst part over here is the union bank manager is illetrate about dealing with the shares, and he does not know the actual procedure to transfer the shares from the union bank demat account to my newly opened sharkhan account.("How the union bank are having tie up with the sharekhan, without not even knowing how to transfer shares?"
I directly called the sharekhan customer care and asked to speak with the union bank manager , still the manager said the same thing , that they have nothing to do on their side.All work has to be done on sharkhan side.
I used to visit each saturday (around 10 times) to sort out this issue.six months passed, but I am still not in a position to transfer the shares.I was totally confused like, who is giving the right information, whether the sharekhan cutomer care or the union bank manager.
The exact procedure is "I have to give a deleivery instruction slip to the union bank to transfer the shares from their demat account to the sharekhan demat account , the union bank has to transfer shares to the sharekhan account, so that I can sell it "
Finally the particular manager was transferred and there was an ordinary employee who transferred all my share from the union bank account to sharekhan accout.The transfer of shares from one DP to another DP is just a matter of seconds, but I was delayed about six months time to sell these shares, in this six months period the share went up many times , but I was in a situation where I was unable to sell my shares.
Even though the manager is not knowledgable about transfer of shares(Illetrate totally about shares), atleast he would ask his co-employees to how to dealt with it.
How can a bank deal with the demat account of its customers , since their managers/employee are totally out of scope about shares.
Debit card:
I got my debit card after 6 months and I got my pin number in 8 th month after opening the bank account.They are in SNAIL speed.In banks like ICICI it is just a matter of one week.