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Get your bank account details right

The bank executive makes a lot of promises while opening the account, but once the process is complete the situation looks much different. Arnav Pandya tells more.

business Updated: Aug 26, 2008 20:44 IST

Handling and operating one’s bank account is often the most complex of the financial dealings. The bank executive makes a lot of promises while opening the account, but once the process is complete the situation looks much different.

To avoid such problems, it is better to be clear the finer points of account maintenance. If there is any anomaly, it is important to take it up immediately with the bank to change the situation. Here are some common areas where problems arise.

Minimum balance
Often a customer is promised that he does not have to maintain a minimum balance in the account. This makes a customer eager to open an account with the bank because there is no financial burden as far as the account is concerned.

However, they get a rude shock when the bank statement tells them of charges for not maintaining a minimum balance. Often the charges are reduced from the existing balance and hence the individual has to go around trying to recover the amount and reduce the burden that has been placed on him. This also puts a future cost on the individual because the minimum balance charge can often mean that some funds continue to be locked in.

Other free facilities
There are free facilities that are promised with the bank account and these include a free demat account and so on. Even these facilities can give a shock to an individual.

This is because they are not really free accounts and an individual is levied with annual demat charges or trading account charges. The account holder would once again have to go around trying to revoke these facilities that he might not have sought to be provided by the bank.

Type of account
The worst case is when an investor has been given an account that has features that are completely different from what he expected or what he was made to believe. This happens because the account is of a separate category itself and this will have its distinguishing features.

The explanation given to the investor while opening the account might have been something different and hence here too it is necessary for them to read the details properly and confirm that they are being given the right product.