To
The Manager, HDFC Bank Credit Cards Division,
PO Box 8654,
Thiruvanmayur,
PO Chennai-600041,
044-23744704
Customerservices.cards@hdfcbank
.com
“Absence of complaint does not mean that you have a satisfied customer”
Re: Serious Complaint against Statement / Billing and Customer Service Staff Jumbo Loan A/c No.5176 3500 0009 2276
I must bring to the notice of the higher management regarding the fraudulent methods applied by the Credit Cards Division of HDFC Bank. I know as per the practises followed by the both VISA and Master card in fleecing their innocent, honest customers there shall be only eyewash policies to be followed in case of complaints, nothing concrete is followed. Only when the customer stops payment. The concerned cards people come under pressure. This letter shall follow strict action which is under my control, to discontinue with your card and close shop with the HDFC Bank a/c also, including exposure to the media.
I am a Citibank CC holder from 1993, and know all about the CC policies, summing up, business profits only from 70% of the regular payers, who also pay for the habitual defaulters who are 30%. Hence the policy to charge 36% interest from the honest payers after forcing them to default.
The modus operandi is very simple don’t send a Billing statement, and things fall into place automatically. Which is by law an offence, in the court of law these things are seen by the Ho’able judge. The cases keep on pending for years without any revenue to the Bank. Then negotiations start is this called business sense? The statements that are missing /not sent to me strategically, with oblique intentions are 1. 07.04.08 missing, 2. 07.06.08, 3. 07.07.08, I have received only 4 statements the missing statements hold the key to the refunds if any as promised by the lady M/s Sonia ph:660933288 (so called recovery department).
My loan was approved on my agreeing to a telephone request from your staff in Feb 2008. To this date I was supposed to pay Rs 50617/- (EMI being Rs 7231/-). I am made to pay Rs 9436.88 for the 07/10/08 statement that too immediately even after having paid Rs 7230/- the regular EMI amount dated 20/09/08 as per the card statement. Total paid Rs 56221/-. Had a talk with M/s Harpreet, Neetu and another Male customer care employee (16.10.08), who was rude enough to tell that, the people who took money from me with the promise that I should pay the full amount with penalties and that later I shall be waived off / refunded the extra amount, were from the recovery department and that we don’t listen to them, as if they deposit the money to other than the HDFC CC Company.
I suffer in this departmental fight. The total amount I have paid so far is far excess to the amount I should have paid had I got my bills on time. I have come to know that your staff, gets paid an incentive if they earn extra revenue in this manner by the company.
The payments done by me are (Rs 16121/- 13.03.08, Rs 7567/- 27.06.08, Rs 8212/- 18.08.08, paid Rs 7655/- 27.08.08, Rs 7230/- 20.09.08, Rs 9436.88 07.10.08) total Rs 56221, please refund me the extra sum of Rs 5604/- which is a large amount a whopping 11% over and above the 18% per annum reducing balance Interest that I am paying on the jumbo loan.
There shall be no further correspondence for I fear that all the culprits involved may not let this email reach the concerned authorities, which shall be bad for the company, I may suffer a heart attack being an individual, cannot suffer such losses. But the Company shall also not get rich by such subversive policies. See Lehman Brothers, see Merryl Lynch, AIG, ICICI Bank all have suffered financial crisis, due to their employees who did wrong (not my problem) and hid their wrongs from the management.
Parambir Singh
AGM (Projects) SAIL (Steel Authority of India Ltd.)