Do you have good banking habits? A checklist!

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Banks are safe haven for parking one’s money and debit cards are boon to avoid carrying bulky purses. Reuters Banks are safe haven for parking one’s money and debit cards are boon to avoid carrying bulky purses. Reuters
SummaryBanks are safe haven for parking one’s money and debit cards are boon to avoid carrying bulky purses.

phone number is a tedious process since the new details have to be submitted with relevant proof and an application form at the bank branch. Some banks do offer this facility online as well. Some allow customers to change their phone numbers from the ATM, but public banks do not offer such conveniences either. However, procrastinating in this matter can lead to a lot of problems since you will miss out on bank correspondences and your information may land in the wrong hands, resulting in privacy breach or frauds.

Returned Cheque

If a cheque issued by the customer is not honoured (bounces) and is returned to the bank, then a penalty is issued by the bank. The penalty will depend on the nature of cheque dishonour. If the cheque is dishonoured due to insufficient balance, the penalty is higher and if a third person had issued a cheque in the customer’s name but bounces due to insufficient funds, a lower penalty is levied on the customer. The penalty amount can vary from Rs. 50 to Rs. 750. In many cases, cheque dishonour may also result in criminal cases; hence, it is always advisable to issue a cheque only after checking the bank balance.

Stop Payment

If you make a stop payment request against an issued cheque, the bank will levy charges which can be very high. Some banks do not levy such charges in case of online requests; however, the charges will be levied if you visit the branch.

Account Closure

If you close a bank account within six months to one year of opening, account closure charges will be levied by the bank.

ATM PIN Request

If you misplace or forget your current ATM PIN or it expires as you did not use your card within the stipulated time, then the bank will levy charges for issuing a new PIN. There are no charges levied for changing the PIN at an ATM; however, issue of new PIN may take up to one week and will incur maximum charges of Rs. 50.

Bank charges are easy to avoid if one operates their bank account with prudence. Most of the charges are avoidable if we review our account regularly.

BankBazaar.com

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