An interesting act of RIP OFF FROM DEUTSCHE BANK
This is further to my discussion with Deutsche Bank in regard to a waiver of the interest charges levied on my card on account of non payment of dues for the month of July.. I have had a conversation with Mr Trunal from your office, asking for a waiver.. I would like to inform you that I have been prompt with my payments in the past.. Most of them have been done using the online channel.. In fact most of the times I have deposited over one months dues in advance.. On this occasion my wife had deposited a check of Rs. 5000 (the amount is over and above my outstanding balance of Rs. 3000), however since it was an outstation check the same had not been deposited for collection.. We at no point received any intimation from the bank stating that there has been a issue with check, which have ideally been the case.. Having not received any communication from your office we were under the impression that the charges have been paid for.
More to that I recently sent them over 4 mails asking for reverts which have yet not arrived.. They have verbally stated to me that they would waive of 50 % of the charges, which I think is un ethical.
I want few clarifications on this.. I WOULD UNDER NO CIRCUMSTANCE MAKE THE PAYMENT FOR THESE CHARGES, SINCE I CONSIDER THEM TO BE UNETHICAL AND BASELESS.
How would we know that there is no DB branch in Guawhati.. Where on the back of the card statement was it mentioned.. Why was there no intimation for the fact the the check was not deposited.. I have 2 other credit cards with other banks whom I deal with regularly who seem to be more capable of understanding the right from the wrong..
DB has faltered on following fronts..
1. They never mailed us the returned check prior to the due date.. They do not have excat recods of when the check was deposited.
2. They did not intimate us about the problem with the check. They claim to have sent an SMS, again date not known much after the due date.. How can one consider an SMS (getting digital evidence is so difficult) to stand as right.. Mor
3.They have taken so long to reply to my mails and my querys, wheres on the phone their colleagues mentioned removal of 50 % of the charges..
4. They claim that they cannot mention all payment related information at the back of the card statement..
In fact a month prior i'd deposited over 7k additionally on the card..
My case is clearly of the nature that i made the intention to pay..
Proof of which is the check leaf dated 5th of july.. I.had not faltered
intentionaly.. Anyways i.ve plenty cards to operate with.. DB can
very well cancel the card.. I'll make to closure of my account n never
ever again use DB..
I have copied the details mentioned at the back of the card statement..
All payments are to be made in Indian Rupees only. The Cardholder has the benefit of only following modes of effecting payment
to a Bank:
1. Online Funds Transfer from a non - Deutsche Bank Accounts using NEFT/ dbQuick Pay/ Visa Money Transfer facility.
2. Funds Transfer from Deutsche Bank Current/Savings Account.
3. Cheque/Draft favouring Deutsche Bank Card Number XXXXXXXXXXXXXXX deposited at Deutsche Bank Branches/ATMs, dropped in Sky Pak/MINC drop boxes. Please note that the outstation cheques only from Deutsche Bank locations can be accepted.
4. Cash deposit at Deutsche Bank Branches/ ATMs. Charges apply. Payments received against card outstanding will be adjusted
against all EMIs, Taxes, Fees, Other charges, Interest Charges, Cash Advance and Purchase in that order.
1. FEES & CHARGES
a) Joining & Annual Fees - Joining and annual fee may vary from customer to customer and from offer to offer. These shall be
communicated to the card member at the time of applying for the card.
b) Cash Advance Charges - 2.5% of the advance amount subject a minimum of Rs.250 Interest accrues on cash advance
transactions from the date of the transaction.
c) Service Charges - Returned Cheque Charges - Rs.250/- Balance Enquiry Charges at Non-Deutsche Bank ATMs - Rs.25/-
Foreign Currency Markup - 3.5%(effective Feb 1, 08) Savings Plan Change - Rs.250/- Image Change on Card - Rs.150/-
Duplicate Statement Request - Rs.100/- per statement (Beyond 3 months) Reissue/Replacement Card & PIN - Rs.100/-
Charge-slip request - Rs.100/- (not applicable for classic cards w.e.f. Jan 1) Fuel Surcharge - 2.5% or Min. Rs. 10/-
(Waived for Transactions between Rs. 400- Rs.4000) (Not valid for classic cards w.e.f. Jan 1 and Smart Gold Cards
w.e.f. Sep 1). Service Tax levied on fuel purchases will not be reversed. Cash deposit charges - Rs. 99 at branch location
d) Interest Free Grace Period - Up to 50 days; Interest free period is not applicable if total amount due is not paid in full.
e) Interest Charge - Classic Card - 3.83% (Monthly Percentage Rate); 46.0% (Annual Percentage Rate)(effective Sep01)
Gold, Business & Corporate Card - 3.83% (Monthly Percentage Rate); 46.0% (Annual Percentage Rate)(effective Jan 1)
Platinum Select Credit Card - 3.83% (Monthly Percentage Rate); 46.0% (Annual Percentage Rate) (effective Mar 1)
Platinum, Miles & More Platinum, Landmark Platinum & Matrix Platinum - upto 3.83% (Monthly Percentage Rate); upto 46.0%
(Annual Percentage Rate) (effective Apr 1) Miles & More Signature Card - 3.83% (Monthly Percentage Rate); upto 46.0%
(Annual Percentage Rage) (effective Apr 1)
Interest is calculated on a daily basis on the current outstanding balance of the Cardholder. Interest is levied if total amount due
is not paid off by the due date. Interest is also levied on all fees, charges, interest and service tax. Please note that making only
the minimum payment every month would result in the repayment stretching over a period of time with consequent interest
payment on your outstanding balance. e.g. at 2.95% p.m., it would take you 129 months to payoff an initial purchase of
Rs.10, 000/- if you make a payment of only the minimum amount due (with Minimum Amount Due at least Rs.100) each month.
Interest Calculation Example - If the statement cycle is 25th of every month and the January statement has one transaction :14th
January Shoppers’ Stop Rs.10, 000 The outstanding balance on 25th January is Rs.10, 000. If the complete payment is made
before 14th February, no interest shall be levied. However, if a part payment of Rs.7, 000 is made on 10th February, then interest
will be calculated as below :
1. Interest on Rs.10, 000 from 14th January - 25th January (11 days) = 10, 000 x 2.95% * 12/365 x 11 = Rs.106.68
2. Interest on statement balance as per 25th statement from 25th January - 10th February (16 days) = 10, 000 x 2.95% x 12/365
x 16 = Rs. 155.17
3. Interest on outstanding balance of Rs.3, 000 from 10th February 25th February (15 days) = 3, 000 x 2.95% x 12/365 x 15 =
Rs.43.64
Total interest as per 25th February statement = 106.68 155.17 43.64 = Rs.305.49.
Please note in the above illustration interest has been calculated at 2.95% p.m.
f) Over Limit Charges - 2.5% of Over Limit Amount subject to a minimum of Rs.300.-
g) Late Payment Charge - Based on Total Amount Due: Up to Rs.10, 000 (Rs .350/-); Rs.10, 000 - 20, 000 (Rs.450/-); Rs.20, 000
- 30, 000 (Rs.550/-); Above Rs.30, 000 (Rs.700/-) (effective Feb 1, 08)
HOW TO MAKE PAYMENTS
1. FEES & CHARGES
1. The Bank will send at the Cardholder’s registered email address, a statement once a month for each billing period during
which there is any transaction or an amount outstanding of at least Rs.50, on the card account.
2. Non-receipt of statement would not affect the Cardholder’s obligations and liabilities under this Agreement and he/she shall
be liable to settle at least the MINIMUM AMOUNT DUE before the payment due date.
3. Minimum Amount Due is calculated as 5% of Total Amount Due or such other amount as may be determined by Deutsche
Bank at its sole discretion. Please note that EMIs are added to the Minimum Amount Due in full.
4. The Cardholder agrees that it is his responsibility to notify the Bank in case of non-receipt or discrepancy in his monthly
statement within 15 days of his statement billing date. In case the Cardholder does not notify the Bank of any such event, the
statement will be deemed to have been delivered and conclusive.
5. The Cardholder can contact the Bank through any of the following communication channels for any enquiries and/or
redressal of concerns:
a) 24-Hour Phone Banking Number: 1860 266 6601 # .
# Customers outside India need to dial 91 22 6601 6601. Customers in Mumbai can also call at 6601 6601. Call charges apply.
b) By writing to the Bank's Credit Card Unit at: Deutsche Bank, Credit Cards Division, P.O.Box 9094, Goregaon Post Office,
Goregaon (East), Mumbai - 400 063 or e-mail: [email protected].
c) For unresolved grievances, please write in to Head Services, Deutsche Bank, Credit Cards Division, P.O.Box 9094,
Goregaon Post Office, Goregaon (East), Mumbai - 400 063 or e-mail: [email protected]
3. BILLING & STATEMENT
Please note, the option to convert transactions on your Deutsche Bank Credit Card into EMI is not applicable for petrol purchases,
jewerally purchases, cash withdrawals or such transactions as may be specified by Deutsche bank from time to time.
4. CONVERTING YOUR TRANSACTIONS TO EMI
2. CREDIT AND CASH WITHDRAWAL LIMITS
1. Credit Limit: This is the maximum limit assigned to the Cardholder. Your total outstanding including all transactions, fees and
charges should not exceed this limit.
2. Cash Limit: This is the maximum Cash Advance Limit assigned to the Cardholder. This limit is lower than the Credit Limit and
is a subset of overall credit limit.
3. The credit and cash limits will vary for each Cardholder and will be disclosed in the monthly statement sent to the
Cardholder.
Regards,
Gautam L Dadlani
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