Recently i had a problem with my cheque. I had put the date on the cheque carelessly as 2008 instead of 2009!! (My mistake..) and when it was given by my client without checking the date i got a fine of around 1% the cheque amount by ICICI. This even though i have enough balance in my account. So is this mistake so deadly to be fined without informing me?
Giving a cheque which can be honored is illegal and is ethical. But giving a cheque which could be honored but with a wrong date does not require to be penalized as i think it is unethical. I filed a compliant to ICICI as i was not aware of this clause which is think is completely unreasonable. They call me for each and everything from credit card to personal loans, and i think it is quite reasonable for them to call me and ask if it is a mistake or not? I got a response from ICICI telling that "cheque out of date" carries this fine and they cannot reimburse it. Hence i filed a case with Banking Ombudsman. I have only heard of institution through the paper and did not know how it work. I got the mail id from their website and filed a complaint as it just means a mail for me (And kudos to Internet without which i would not have bothered with this!!). But in less than a month or so i got a call from ICICI branch Manager telling that the fine is reimbursed based on my compliant to ombudsman. But he insisted that it is depicted properly in the banking charges.
I also got a letter from ICICI on my compliant informing me that the money has been refunded and an attachment of all the charges. This is an exhaustive list and i request all ICICI customers to keep it handy. Then specifically about my charge it comes under a heading "Cheque return due to non-financial reasons" as 50 + Service tax. Now what are the "non-financial reasons" by which one can get a cheque returned? This is not covered. I hope banking ombudsman will come out with some guidlines to bring in more transperancy in all aspect of banking.
Hope this experience of mine would allow each of you to use the institution of Ombudsman so that we make a far better banking system where everything is transparent. Let us learn from the mistakes of US banking system where lack of transparency has got them into a situation where institutions of experience panning 100 years turned moribund. We should ensure such mistakes never gets repeated in India.
Impressed by my experience one of my friend tried this with his insurance premium payment problem and he also got the problem solved in 2 weeks which he through direct phone calls was not able to solve in more than 2 months. So thankyou ombudsman and thanks to all the politicians who framed this law!!
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