I was given an smart credit i.e., an overdraft facility from standard chartered bank in the year 2006 april. The limit given was extremely good at INR 200000. I had fully utilized the amount and had to pay only 5 percent of the outstanding as monthly dues. Everything was fine as I was paying only the 5 percent outstanding on time from may 2006 till may 2008 and pleased to mention that I was an profitable customer to the bank. In the month of mar 2008 I received a letter from standard chartered bank that the term of the smart credit account is complete and I cannot use it beyond april 2008.
They asked me to deposit the whole amount in the account and destroy the cheque book and the debit card. I was surprised and a bit disgusted with the bank’s attitude towards its honest customers. Hoping that the grievance redrassal is at it’s best in stanchart I mailed my concerns to the business head and asked the reason for withdrawing the overdraft facility. I received an mail the next day, wherein the reply was unjustified, looking at the stature of stanchart bank. They said they are abide by the internal policies and blah blah blah and so the withdrawal. Mean while my relationship with stanchart didn’t go beyond the smartcredit account wherein other banks and NBFC’s have extended their helping hand in a very big way.
I am a regular reader of MouthShut.com and after reading so many reviews about this ANGLO bank, I have realised one thing, since the bank has taken over AMERICAN EXPRESS in India and AMEX has an history of closing down the card accounts suddenly without giving the reason they are following the same path towards becoming the shadiest bank in India. There is an review by an MOUTHSHUT blogger By: empty08 dated Jun 12, 2007 with the title {Mystery} which justifies my point. I beleive AMEX LOGGERHEADS are mixing their inherited foolish policies into STANCHART’S ETHICS, and the outcome is absolute stupidity.Indeed a great way of celebrating stanchart’s 150th year in india!!!
REDHEADS at the standardchartered, you lost an polite customer and I have vowed not to endorse your products hereafter.I wish to make an point to MS readers, who are having the smartcredit account of stanchart, be prepared to face the unexpected from this MORONS. Thankyou once again MOUTHSHUT.com for providing this platform to express our tales.