Comments on: Beware of cheap money swindlers http://karlara.wordpress.com/2007/08/23/beware-of-cheap-money-swindlers/ To present a holistic view of various topics Tue, 27 Oct 2009 18:18:06 +0000 http://wordpress.com/ hourly 1 By: Jagan http://karlara.wordpress.com/2007/08/23/beware-of-cheap-money-swindlers/#comment-60 Jagan Mon, 27 Aug 2007 16:35:19 +0000 http://karlara.wordpress.com/2007/08/23/beware-of-cheap-money-swindlers/#comment-60 machi rightly said, u know what everybody that i knew has been through a similar situation and the bank always gives you unfathomable explanations. machi rightly said, u know what everybody that i knew has been through a similar situation and the bank always gives you unfathomable explanations.

]]> By: karthik S http://karlara.wordpress.com/2007/08/23/beware-of-cheap-money-swindlers/#comment-52 karthik S Thu, 23 Aug 2007 12:30:21 +0000 http://karlara.wordpress.com/2007/08/23/beware-of-cheap-money-swindlers/#comment-52 Well said Koushik, the purpose of the blog is to educate the zillions who do not bother to look into the details of their bills and bank statements. Yes, the financial institutions are ready to reimburse as only a very small % of people question them. To stop these trivial but fraudulent acts altogether, its necessary for the rest of the population to be enlightened. Financial intelligence is the need of the hour Well said Koushik, the purpose of the blog is to educate the zillions who do not bother to look into the details of their bills and bank statements. Yes, the financial institutions are ready to reimburse as only a very small % of people question them. To stop these trivial but fraudulent acts altogether, its necessary for the rest of the population to be enlightened. Financial intelligence is the need of the hour

]]> By: karthik S http://karlara.wordpress.com/2007/08/23/beware-of-cheap-money-swindlers/#comment-51 karthik S Thu, 23 Aug 2007 12:23:58 +0000 http://karlara.wordpress.com/2007/08/23/beware-of-cheap-money-swindlers/#comment-51 Some good points Prasanna and I would like to add that people cannot transact through the internet channel just to be sure they have a proof of their transaction. Internet banking has its own disadvantages and there have been many cases in which funds have been transferred to wrong accounts etc Ur statement regarding credit card rejection is accepted. Banks have no reason to hide the reason. What they are going to say is the reason for rejection and from that no one can get any real pointers to the credit scoring model used by banks, so banks need not fear that some privy info would be leaked if they dont disclose abt the reason for rejection Some good points Prasanna and I would like to add that people cannot transact through the internet channel just to be sure they have a proof of their transaction. Internet banking has its own disadvantages and there have been many cases in which funds have been transferred to wrong accounts etc

Ur statement regarding credit card rejection is accepted. Banks have no reason to hide the reason. What they are going to say is the reason for rejection and from that no one can get any real pointers to the credit scoring model used by banks, so banks need not fear that some privy info would be leaked if they dont disclose abt the reason for rejection

]]> By: Koushik http://karlara.wordpress.com/2007/08/23/beware-of-cheap-money-swindlers/#comment-50 Koushik Thu, 23 Aug 2007 12:22:23 +0000 http://karlara.wordpress.com/2007/08/23/beware-of-cheap-money-swindlers/#comment-50 :-) Sure, these things happen. To those who ask questions, the money is usually reimbursed if they persist. But still, there a zillion people who will pay their bills/fines without asking many questions. So the ignorance/laziness of the customer is to be blamed as much! :-) Sure, these things happen. To those who ask questions, the money is usually reimbursed if they persist. But still, there a zillion people who will pay their bills/fines without asking many questions. So the ignorance/laziness of the customer is to be blamed as much!

]]> By: Prasanna M http://karlara.wordpress.com/2007/08/23/beware-of-cheap-money-swindlers/#comment-49 Prasanna M Thu, 23 Aug 2007 09:18:30 +0000 http://karlara.wordpress.com/2007/08/23/beware-of-cheap-money-swindlers/#comment-49 Hi this is the experience ppl usually go thru. I had similar such incidents (at least 2 of them). If banks reject the credit card, they have to give the reason and Supreme Court (Or RBI - I am not sure) has mandated that. Ask ur friend to demand a written statement from the bank about the rejection and using that he can complain with RBI. ( I am sure, that bank will not give written reply !!) You need to make use of internet banking and should keep the copy of all the interactions - especially if you have disputes. It will be useful in future. Hi
this is the experience ppl usually go thru. I had similar such incidents (at least 2 of them).
If banks reject the credit card, they have to give the reason and Supreme Court (Or RBI – I am not sure) has mandated that. Ask ur friend to demand a written statement from the bank about the rejection and using that he can complain with RBI. ( I am sure, that bank will not give written reply !!)
You need to make use of internet banking and should keep the copy of all the interactions – especially if you have disputes. It will be useful in future.

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