Is This the Right Way for the Banks to Make Money?

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Banks Should Provide Information to Clients

When you open an account (whichever type) in the bank, you are advised to maintain a minimum balance amount in that particular account.

Over a period of time, two things happen. First the bank changes the minimum balance amount to a higher level and does not inform you about it.

Secondly, your actual balance may fall below the prescribed minimum balance and the bank does not inform about it to you.

And in both the cases without informing you and without your knowledge, the bank debits a fat penalty amount from your existing balance every quarter and your money starts getting depleted and many times you do not even know about it.

When you notice such a leak in your account and meet the bank manager, he or she shows you the rule book and fixes the entire responsibility on you. You are the client or customer and because of you and your money the bank runs its business and despite it, you get such a rude and rough treatment from banks. When you request them to waive off the penalty, he/she raise hands in helplessness. You may argue that you have other accounts in the same bank and you have fixed deposits in the same bank and together your money with the bank is at far higher level than the prescribed bank balance for a specific account. Yet, the bank does not help in many cases for reversals of the debits already made.

Banks make money for doing nothing- for doing no work. Is it on? Definitely not. They should inform their clients on both the types of changes that impact the accounts of it's clients well in time.

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