A LETTER TO TOI

Subject: Citibank's Issues

Hello,

I would like to bring to your notice a series of problems I faced with Citibank. I have my salary account with Citibank and had a couple of SIP for ECS clearance from this account. The initial two clearances for the SIPs were completed fine. Then there was a bounce in one of the SIPs ECS clearance giving the reason as 'No Mandate', however, I would like to bring to your notice that the mandate is submitted just once and that too at the beginning of the SIP, which was done as the initial ECS transactions were cleared. When I complained they cleared the transaction without submission of any mandate. The next month, however, ironically the reason was given as 'No balance', whereas there were sufficient funds, in the account. Sensing this as an issue, and tired of complaining every time I cancelled that particular SIP from my Citibank account.

The story doesn't end here, all this while my second SIP was being cleared without any issues. Now after closing my first ECS clearance from Citibank. I get a bounce for the second ECS transaction. the reason 'No Mandate'. This is ridiculous, this SIP's ECS transaction was being cleared without any issues for 6 whole months.

In short, if you open an account with Citibank, you do not have control over your money, maybe one day they will deny paying you your very own hard earned money claiming 'No Balance' in your account!!

--
Shweta Pandey