We surprised when things are not as you thinks.Everyone might have gone such surprises and here are some of the surprises I have recently.
1.Recently I went to ATM of one of the nationalized bank and surprised to view the notice.Notice was about the other bank customers and their transactions made at ATM.As per notice Other bank customers can make maximum of 5 transaction,combining financial as well non-financial transactions.As far I know,other bank customers can withdraw max upto Rs.10,000 for 5 times in a month and can make non-financial transactions like balance enquiry etc for unlimited times.It was a surprise as I was not aware the fact that non financial transactions like balance enquiry have added in 5 transations in other bank ATM.
2.Second surprise was from one of the reputed mutual fund.One of our investors submit redemption proceeds with NEFT enrollment form,,alongwith cancelled cheque.AMC processed redemption but declines NEFT facility and reason stated was “Signature mismatch”.If there was a signature mismatch then how they process redemption?
3.Recently I come across one of the mutual fund site stating the surprising fact that there is no transparency regarding distributors commission. But what is more important from any investors point of view? distributors commission or scheme’s expense ratio which is easily available from the fund site.On all above,where is a transparency in fund managers salary and his performance which really matters most.
4.Next surprise was again from one of the mutual fund.One of our investor submit an application to cease the SIP.Same was confirmed by the respective AMC then also SIP was not stopped and AMC continued to deduct the SIP so investor contact customer care and reason stated by him was surprising one: SIP was not discontinued as application was not stamped by your distributor…It was really surprising..finally we were able to give relief after some follow up.
Finally,surprises are not knew from financial institutions but only thing is that they should take care it should not become headache to their customrs.
