Banks make it hard to break credit card traps

Banks
are making it hard for clients to fold their recognition card business relationships by
keeping the procedure tedious. By doing this they trust that they can reserve the
customer and, therefore, their marketplace share in the industry. In many cases, many of the
lifetime-free cards go chargeable after a span of three old age where banks
can bear down the client a lower limit service charge. Thus Banks are taking efforts
to see that they make not lose recognition card clients at any cost. Even if the
customer is not disbursement on his recognition card, he can always be charged with some
hidden fee or the other. Prakash Karande (name changed)
had a unusual experience while he was trying to close his recognition card business relationship at
Citibank. He basically realised that the sum amount owed on his card is really
not the sum amount he had to pay to fold his account. For closing of an
account, the depository financial institution have a totally different figure, which is obviously much higher
than the sum amount owed that come ups in his monthly statements. The renewed card
that Citibank was supposed to direct to him had not reached him as they had
written down a incorrect computer address across his
name. Mister Karande spoke to three
different executive directors at Citibank telephone banking in a span of 24 hours and all
three gave him three different figs as his concluding amount of settlement. Incidentally, two calendar months ago,
he had tried to fold his business relationship and the executive director had told him to direct a fax. He sent the facsimile two modern times and their executive directors answered him that they have got not
received the facsimile and each clip he had to travel through a boring procedure of
identifying himself. Prakash decided to maintain the card because Citibank did not
have a physical business office in Mumbai and he did not cognize how to travel about shutting his
account. He simply cleared the concluding owed amount on his card. He still received the
statements where he was getting charged for some automatic coverage renewal
that he did not cognize how to close. Finally, when he called the Citibank office,
he realised that the earlier procedure of sending a facsimile to fold his business relationship was
wrong. He will have got to direct a snail mail to the mailing room at the Citibank
Chennai business office and then only can his Citibank recognition card be closed. After
sending the mail, the client service had told him to name after eight years to
verify the closing of the recognition card. After checking with other
banks it was realised that most Banks are hesitating to fold recognition card
accounts. But if the client is consistent, all Banks in Republic Of India take the request
of shutting the recognition card on telephone. Citibank always prefers to have got a snail
mail sent and they would never fold a recognition card business relationship over telephone. Citibank refused to notice on the issue when contacted by electronic mail and
phone.