Sunday, August 30, 2009

HSBC CREDIT CARDS PAYMENTS: FLEECING THE CARD HOLDERS

The HSBC bank, one of the leading foreign bank and a major player in the credit card market has sent a special message to its card holders, that W.e.f 15-sep-09, a cash payment charge of Rs 100/ will be levied at its branches and drop boxes. This is nothing but fleecing the customers who make prompt payment on their card out standings. Banks are supposed to accept cash payment without any charges particularly with regard to any amount due to them. What is the rationale behind levying such charges? What kind of banking is this? Whether levying of charges this nature has the necessary approval of the Regulatory body, namely RBI. Will the bank or the RBI clarify the matter for the benefit of the general public?

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