Hidden Charges of Saving Bank Account
Saving bank accounts can have lot of hidden charges which most of the times we are not aware of. A few days back one of my friends was looking at his ICICI Bank statement and found 3 consecutive deductions of Rs 28.09 with the description of POSDEC CHG/11-06-14/8833/25ST3. As happens most of the times it’s almost impossible to figure out what this alien description meant!
A little research and asking friends revealed that POSDEC CHG means Point of Sale Decline Charges.
This means you tried using your debit card for paying something at the merchant but the transaction was declined due to insufficient funds in the account.
Also Read: 22 Hidden Charges in Saving Bank Account
This is what happens at the merchant side. You gave your debit card for payment. The transaction gets declined but you and the merchant does not know the reason for decline. As most of the times network failure/ wrong pin etc are responsible. So the merchant swipes the card multiple times but every time it’s declined! The unfortunate part ICICI deducts this POSDEC CHG of Rs 28.09 for every swipe! So in my friend’s case it was tried 3 times and hence there are 3 consecutive deductions!
My friend had gone to his usual departmental store for his regular purchase and gave his ICICI debit card for payment. The problem was he had 2 accounts with ICICI Bank and by mistake he gave the card which did not have sufficient funds. The transaction did not go through the card so he paid by cash and moved on. He only realized his mistake when he got to see these charges after more than a month in his statement! I am sure this can happen to lot many people especially who have multiple cards of the same bank!
As a customer I find these charges completely unethical and then series of deduction for the same transaction – I have no words!
It’s not like all the transactions that are declined are because of insufficient funds. On the contrary the most declines are due to network issues! But how a customer can know the decline reason?
The bank should have either sent SMS to the customer that the decline is due to insufficient funds or may have charged only once for one transaction.
In such cases “prevention is better than cure”. So if such charges are reflecting in your statement you can talk to ICICI call center executive and tell him to reverse these charges. You have two problems here:
A simple Google search and you would see multiple complaints regarding such charges online. In one extreme case I found the customer was charged 19 consecutive times probably for the same transaction!
RBI wants to encourage payments through Debit/credit cards but such practices by banks would be highly detrimental! Probably some rules/clarifications from RBI regarding these unethical charges might help.
There are few things you should take care while using your debit card:
Do you know of other banks who have such unethical practices or have you or your friends gone through this? If yes please leave comment to make everyone aware of such practices!
Everyone hates paying taxes and always are on lookout for Options to Save Tax. However…
Are you worried and confused about Lien amount in SBI? Well you are not alone.…
Get details of latest Sovereign Gold Bond Price, Issue details, taxation and how to invest.…
Download the Excel based Income Tax Calculator India for FY 2020-21 (AY 2021-22). This compares…
Piramal Capital & Housing Finance, has come out with Piramal Capital & Housing Finance Ltd…
IIFL Home Loan, the Housing Finance company from IIFL Group has come out with IIFL…
View Comments
Fraud bank totally so many hidden charges they charged me 29.50 more than 7 times. as per review, Axis bank provides better service with less hidden charges.
Chanda Kochhar, the CEO is about to go jail. MAny victims like us
Same happened to me as well.Icici deducted 8 times 29.05 rs.assholes
In my condition it happens 10 to 15 times, but every time i check my balance on mobile and after that i usually withdaw.then also bank has withrawal money from my account
That aslo before 1 day
Means today is 15/4/18
And in my bank statement it shows 16/4/18 this is totally fraud.
awesome collection of information may be this article help other people.
Amount of 16.60 has deducted from my savings account of ICICI bank, kindly reverse my amount.
Happened to me 3 times as of now and i think this is direct loot...any way to reverse that...we should make this issue at the top level... after their hidden loot customer having the balance will get into insufficient...if bank will loot where will we keep money..all other means for middle class snapped..even invaders not looted india as of this bank nd govt r looting from us
I haven't yet faced such an issue with me Axis bank account. My Icici Bank account gave me this problem, even though I had more than enough balance in it. Can anybody tell me if Axis bank cards are also facing such issues?
Dear Customer(Rahul Rana),
We request you to email us your concern with your contact details on care@icicibank.com. Please mention the UID (135066_aacd) in the subject line of your email. Our official will assist you.
Regards,
ICICI Bank Customer Service Team
It is so sad that i had complained on the amount deducted 25 times from my account and was told that it is your fault we can revoke only 2 times money and when i requested to talk to superior i was kept on hold for 8 mins SO GUYS BEWARE U WONT GET BACK ANY AMOUNT because its been since august this amount is deducted, these hidden charges are so wrong and customers are treated in this way i m a student in manipal university and i bound to have this icici card otherwise i would have closed my ac long back
this is too much. I have also faced with this issue on 2nd June. Your bank deducted the amount 29.50 rupees due to other bank ATM don't have cash. I went to Other bank atm and put card and attempt to withdraw the amount, But the atm don't have cash. Before attempt, there is no alert message for no cash and there is no security to say that. This all is bankers fault, not customers. So this is not acceptable. Very soon i will close my icici account.
I am trying to reach ICICI since a day. I have been charges Rs. 29.50 seven times
I got Rs 885 deducted in total in a single day.
I have also been charged ATMDEC/POSDEC charge three times. I checked my ATM card in various machines .It said my card was "blocked" After email to their helpline, they replied it was all right. Now this bombshell . they have charged for a transaction that I did not do.