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Axis Bank May Issue Legal Notices for Unsettled Negative Reward Points Balances
- Thread starter TechnoFino
- Start date
Ekavya
TF Ace
A good decision from Axis. If people really brought flats, plots and other things using points, Axis should go all the way with the legal battle to recover it even if they lose.
Also as an immediate impact, if they dont pay up report it as outstanding in CIBIL.
If the amount is much greater than cost, they'll do it. Otherwise it'll just be empty threats.
Also as an immediate impact, if they dont pay up report it as outstanding in CIBIL.
If the amount is much greater than cost, they'll do it. Otherwise it'll just be empty threats.
It's too fishy, they never interested in reversal of reward points.
People still asks for loopholes but don't wishes to face consequences 🫢
😂 it must be sequence of cheap infra for saving few bucks or really a scandal
Ekavya
TF Ace
Aap North Korea shift ho jao. Wahan dictatorship hai. MITC nahi hota hai Mann hota hai supreme leader ka.
Well, there is a difference between gaming and stealing. This was clearly stealing. MITC doesn't mention but the cardmember agreement mentions that banks can do such things indirectly. If someone leaves a laptop in the train on their seat to go to washroom, you don't go and take it up because it was in a public place. That is stealing and you know that you acted in bad faith. Here also many loophole people were aware was stealing. So, the card was not closed in good faith condition will apply and bank can take legal action. Whether they win it or not is a different legal issue, but they do have a valid case.
Also, if this was North Korea, these people would have been shot. Which I am sure many esteemed members here won't like.
But in this case, that person himself put his laptop in ur bag and then asking that u stole it and pay me back with 100% interest after 1 year.
I am not sure what those members did. But the MITC document was updated in Dec'23 when they added the clause for negative points. Moreover, the clause clearly mentions that at the time of closing if the balance is negative it will be charged 20p per ER. As per TF's post, these incidents happened in 2023.
At the time of closing, those members were not charged as their account was not in negative (as far as I know). Then after 1 year the bank wakes up and decides to take back points, making the balance negative. Moreover, they decide to charge 40p per point instead of 20p because they have a vague phrase in the MITC ("May vary by card").
You have compared the users to thieves so does the bank's behavior seem legal to you? Changing the clause and charging in retrospective?
It’s both ways. While Axis needs to honour their MITC and no questions on that part, what about the people who gamed the system, bought thousands and lakhs worth of stuff, earned the points, cancelled the orders and eventually their cards. What were their intentions.
As a card holder and end user, I’d like to see a robust banking system in place but the people who game the system with ill intentions are not doing any good to larger population. While the bank is to be blamed primarily, folks who gamed the system must also pay off…sooner or later.
How is it same as the person themselves put laptop in your bag? The Bank didn't ask to use the refund or replace loophole multiple times repeatedly. And the person doing it clearly knew what they were doing. So very very clearly the intent to scam the Bank was there.
Its like stealing laptop, putting it in your bag and then saying since it was kept in open, it was asking to be kept in your bag.
Also, you do it repeatedly month after month.
There is no legal standing for them to take it to court, upon closing the card they issued a No Due Certificate.
And for people who didnt close the card, they never broke the MITC when they abused the system and axis didnt have a clause that they can recover such charges in case situation like this happened
PS:I never abused this loophole and havent been sent a notice regarding this
Those people already have their card cancelled. They should be blacklisted. This is the normal practice around the world. No bank changes their MITC in retrospective and asks damages for reward points.
Secondly, there could be another issue here. Usually banks claim that reward points have not equivalent of money. If reward points are equivalent of money then there should be TDS deducted on reward points. Are you willing to pay TDS and Tax on your reward points? Just my opinion.
People need to understand that reward points do not have monetary value, and this is a standard rule across the banking and finance industry.
Dobbiee
TF Premier
Its not possible to get cash recovered from public if your system first allows to flaunt that.
When bank employees do that they are punished in legal investigations. There are lot of such cases.
When public does that, then also the employees get punished for letting that happen.
In all cases Axis would take the burn.
Also, i think bank is now under legal scrutiny and thats why its sending such useless emails. It would only create terror among people and even good people would not like to bank with Axis.
Should keep a watch Axis market share price.
When bank employees do that they are punished in legal investigations. There are lot of such cases.
When public does that, then also the employees get punished for letting that happen.
In all cases Axis would take the burn.
Also, i think bank is now under legal scrutiny and thats why its sending such useless emails. It would only create terror among people and even good people would not like to bank with Axis.
Should keep a watch Axis market share price.
Generally I don't like Axis but this is very good initiative from Axis. Even if they don't recover anything legally, the process itself is a punishment for looters. This will instill some fear among those Smart Alecs.
I wish to see the cash component is shown as due and their CIBIL takes a hit. These thieves in collusion with bank reps are the reason for some beautiful CC products got killed or devalued.
I wish to see the cash component is shown as due and their CIBIL takes a hit. These thieves in collusion with bank reps are the reason for some beautiful CC products got killed or devalued.
Loopholes are there in every system.... everywhere.... doesn't mean you misuse them.... there's something known as acting in bad faith...some ppl think if there's a loophole then it needs to be exploited... First of all the op needs to be sent legal notice for the cancel and reissue scam that he did....
If you are more worried about 'instilling fear' among smart alecs rather than being worried about the IT Infrastructure of one of the top 5 Private Banks in India, then there is some problem with you.
Because if the points are not getting deducted upon a basic 'refund', than that hampers the very basis and functioning of how payment systems are made.
A system, of a Bank, which comes among the Top 5 Pvt in India, does not have appropriate measures to cancel the Reward Points after a 'refund' is issued. Just Wowww
I mean, I am not considering money rotation and points transfer here and there that people do, BUT a SIMPLE REFUND~!!!! how is the system not able to deduct points for a simple refund now ???
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I would assume it would constitute as fraud (Not a Lawyer though). Loopholes like this generally are. The main thing would lie in proving reward points costed Axis money which they can easily show in the books and attach a monetary value to fraud.
Whether they win or not is a separate issue. Whether Axis goes after this depends on how much they lost and is it much more than cost of prosecution. Again if flats, land thing is true, then most likely it costed them pretty penny.
Anywho would be interesting to see. Most likely Axis won't do anything given their impotent history.
Exactly, whenever any such news comes, I am always afraid about my savings/fd investments with them, in case it goes downhill anytime. I don't know how these guys are still reporting profit despite so many issues.