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Ecs debit rules

This is a discussion on Ecs debit rules within the Other Banking Services forums, part of the Banking category; I have a home loan with Deutsche Postbank Home Finance Ltd.I want to end the pre-EMI in May,for which I ...

  1. #16
    AKM Guest

    Unhappy ECS Debiting

    I have a home loan with Deutsche Postbank Home Finance Ltd.I want to end the pre-EMI in May,for which I have already given them post dated cheques,which is due to be hit on 01.06.2011. Now I want to start EMI of the loan with effect from June,2011 thru ECS. They say that your ECS will be effected on 10th June 2011 of the Loan amount of June, i.e. they will debit the EMI of the Loan for the period from 01.06.2011 to 30.06.2011 on 10th June,2011. When I asked them that I did not avail the loan for the whole month of June and how can they charge the EMI on 10th which is 20 days before the due date, they replied this is their policy. The do charge the EMI in advance.

    My question is to you that how can a lending bank charge the interest before completion of a month ? Normally, all housing finance companies put the ECS in the first week of a month, say 5th or 7th day, for the loan availed of the preceeding month.Interest on loan is always charged after availing it of one month and not in advance.

    Could you please throw some light on it ? Is Deutsche Postbank Home Finance Ltd. doing right thing or looting its customers ?

    Thanks.

    Abhay

  2. #17
    k. narahari rao Guest

    Default hdfc/sbi. ecs deduction.

    its reg ecs deduction from sbi.
    hdfc bank says that ecs was rejected by deduction center at bangalor sbi branch where i hold an account says everything is alright but hdfc has not given correct account no. Hdfc says that they had submitted properly. and rs 450/ was fined. a letter is also given to that effect. sbi insists that the claim by hdfc is wrong, and would issue aletter to that effect after a few days that is after enquiring with the rrbi.( may be regional reserve bank that carries these deductions according to new regulations)

    I had to run from branch to branch to clarify the matter.so far i did not receive any letter from the branch/head office where deductions are carried out.
    Ineed help in tis reg. if this continues what can be done legally to avoid penality.

  3. #18
    HDFC Bank is offline Senior Member
    Join Date
    Oct 2010
    Posts
    1,202

    Default

    Quote Originally Posted by k. narahari rao View Post
    its reg ecs deduction from sbi.
    hdfc bank says that ecs was rejected by deduction center at bangalor sbi branch where i hold an account says everything is alright but hdfc has not given correct account no. Hdfc says that they had submitted properly. and rs 450/ was fined. a letter is also given to that effect. sbi insists that the claim by hdfc is wrong, and would issue aletter to that effect after a few days that is after enquiring with the rrbi.( may be regional reserve bank that carries these deductions according to new regulations)

    I had to run from branch to branch to clarify the matter.so far i did not receive any letter from the branch/head office where deductions are carried out.
    Ineed help in tis reg. if this continues what can be done legally to avoid penality.
    Dear Mr Rao,

    We request you to write to talktous@hdfcbank.com with your account number, contact details and the reference id TTU000326206062011, so we can follow-up on this matter at our end and have this issue resolved at the earliest.

    Regards, Customer Assistance, HDFC Bank

  4. #19
    Unregistered Guest

    Default Idbi ecs

    hi sir,
    my name is anil, i have an home loan with IDBI , monthly payment will deducted from SBI through ECS.
    I have enough money in my sbi account. Even though IDBI charged Rs 350 as ECS failure. This is not first time this is second time. I called to IDBI, they said that ECS is failed so we charged the failure amount. Could you please suggest what i need to avoid this problems from IDBI.

  5. #20
    Unregistered Guest

    Default ECS power of attorney

    Dear Sir,
    I have a Airtel Broad Band conection which I have stopped 2 months ago. But still they are deducting the bill through ECS. I went to my bank AXIS to request them to stop paying the Airtel but I was shocked that they are helpless in this regard and said that it is purely in the discretion on Airtel. That means by giving ECS facility to someone we are ultimately giving the power of Attorney to them and cannot do anything to stop it.I think the Power of Attorney should always remain in the hand of Account Holder and not to the party fetching through ECS fro that Account.
    Iam a resident of Bhopal and my Airtel A/C No. is 075512984622_mp

  6. #21
    velan Guest

    Talking how to stop ecs debit from my account?

    Hello,

    I finished my loan successfully but bajaj finance not properly closed my account till now. how to stop ecs debit from my account?

    please send reply....


    Regards
    velan

  7. #22
    VAT Guest

    Post SCB returned my EC Son sufficient ledger balance

    Hi,

    It would be of great help to understand that if a bank can return my ECS request with Insufficient fund response on 5th even when there is sufficient fund showing under ledger balance due for clearance on the same date of 5th.

    The ledger balance showed in my account from 3rd only and 4th being Sunday the credit came late on 5th.

    On talking to customer care of Standard Chartered Bank they are saying the credit confirmation came later to the time when ECS was returned.

    Is it right on the bank side to levy ECS return charges on my account for such case where the ECS has been returned just because the ledger clearance was not posted in account well on-time.

    Please guide.

    Thanks
    Vishal

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