Delayed Credit Card Closure

[Trump]

So, I recently requested the cancellation of my credit card from a bank (not naming for obvious reasons) by emailing their Nodal Officer. As per RBI guidelines, the bank is required to close the card within 7 working days of receiving the request. However, it’s now past that deadline, and my card is still active.

Now, according to RBI regulations, I am entitled to ₹500 per day of delay starting from the 8th working day, which is today. So, here’s my question:

1. How can I maximize my compensation?
2. How long should I wait before escalating to the RBI Ombudsman?
3. Apart from ensuring that the bank eventually pays the ₹500/day penalty, is there anything else I should do to strengthen my case?

Of course, if the bank decides to close my card on any given day, I will calculate my compensation till that date. But I want to make sure I handle this strategically and don’t leave any money on the table.

@sjmajumder @Vasuki @SSV @D₹V @helloworld @Tejo @sidp @Abhishek012 @BVC @HumorSimpson @Zacobite @vine @NShah @CMG @RAMESH BABU N @SpiesCan'tCatchMe @vaibhav111 @Strange @saver-user @Pissant @Rkr

 

[sjmajumder]

So, I recently requested the cancellation of my credit card from a bank (not naming for obvious reasons) by emailing their Nodal Officer. As per RBI guidelines, the bank is required to close the card within 7 working days of receiving the request. However, it’s now past that deadline, and my card is still active.

Now, according to RBI regulations, I am entitled to ₹500 per day of delay starting from the 8th working day, which is today. So, here’s my question:

1. How can I maximize my compensation?

This is wrong attitude. What is your objective? Getting your card closed or earning compensation?

2. How long should I wait before escalating to the RBI Ombudsman?
3. Apart from ensuring that the bank eventually pays the ₹500/day penalty, is there anything else I should do to strengthen my case?

Of course, if the bank decides to close my card on any given day, I will calculate my compensation till that date. But I want to make sure I handle this strategically and don’t leave any money on the table.

This is morally and ethically wrong. What you are doing or planning to do is not at all appreciated.

 

[Trump]

This is wrong attitude. What is your objective? Getting your card closed or earning compensation?

This is morally and ethically wrong. What you are doing or planning to do is not at all appreciated.

Before you judge anything, i called their customer care prior to this 3 times and they did not proceed with the credit card closure. I am requesting since February. I think for my part I should be fairly compensated plus rules are same for everyone. It is totally their incompetency. If I had paid my Feb bill in April, I don't think they would have shown slightest of mercy on me , and I would have a destroyed CIBIL credit report along with a hefty penalty and interest. So IMO, I have given them 4-5 chances and that is enough I suppose. And about morality and ethics...... you see, what’s morally and ethically wrong is a bank ignoring RBI guidelines and failing to close a credit card on time. If they followed the rules, there wouldn’t be any compensation to claim in the first place.

Objective: Fairly compensated as per the regulations and also close the card. So both.

 

[sjmajumder]

Before you judge anything, i called their customer care prior to this 3 times and they did not proceed with the credit card closure. I am requesting since February. I think for my part I should be fairly compensated technically plus rules are same for everyone. It is totally their incompetency.

Objective: Fairly compensated as per the regulations and also close the card. So both.

Getting compensation for harassment is not the same as strategizing to get/maximizing compensation. I rest my case here. I will not reply to this thread anymore.

 

[Talkwithfino]

Getting compensation for harassment is not the same as strategizing to get/maximizing compensation. I rest my case here. I will not reply to this thread anymore.

RBIO King Award/ Badge justified

i called their customer care prior to this 3 times and they did not proceed with the credit card closure

If they followed the rules, there wouldn’t be any compensation to claim in the first place.

See, you can argue that you have had to spend your valuable time in raising multiple requests for the same issue causing you a lot of mental harassment and demanding ₹80k for that.

Apart from that, if you are strategizing to get compensation, then I am personally on the same page as @sjmajumder

 

[helloworld]

So, I recently requested the cancellation of my credit card from a bank (not naming for obvious reasons) by emailing their Nodal Officer. As per RBI guidelines, the bank is required to close the card within 7 working days of receiving the request. However, it’s now past that deadline, and my card is still active.

Now, according to RBI regulations, I am entitled to ₹500 per day of delay starting from the 8th working day, which is today. So, here’s my question:

1. How can I maximize my compensation?
2. How long should I wait before escalating to the RBI Ombudsman?
3. Apart from ensuring that the bank eventually pays the ₹500/day penalty, is there anything else I should do to strengthen my case?

Of course, if the bank decides to close my card on any given day, I will calculate my compensation till that date. But I want to make sure I handle this strategically and don’t leave any money on the table.

@sjmajumder @Vasuki @SSV @D₹V @helloworld @Tejo @sidp @Abhishek012 @BVC @HumorSimpson @Zacobite @vine @NShah @CMG @RAMESH BABU N @SpiesCan'tCatchMe @vaibhav111 @Strange @saver-user @Pissant @Rkr

do u have any proof with u that when u raised closure request because that is needed to calculate ur 7 days.

need to check with bank 30 days, along closure have to ask why its delyaed more than 7 days etc. and then ask for compensation.

once, that is done and if u not satisfied with bank resolution then file complaint.

1. not support, not agree and not the right way but need an option u can be silent and wait till whenever u feel complaint about it
2. as mentioned 30 days of dealing with bank
3. as mentioned some proof otherwise ur wasting ur time

proof should be something can shown as written or verbal recording.

 

[Trump]

do u have any proof with u that when u raised closure request because that is needed to calculate ur 7 days.

need to check with bank 30 days, along closure have to ask why its delyaed more than 7 days etc. and then ask for compensation.

once, that is done and if u not satisfied with bank resolution then file complaint.

1. not support, not agree and not the right way but need an option u can be silent and wait till whenever u feel complaint about it
2. as mentioned 30 days of dealing with bank
3. as mentioned some proof otherwise ur wasting ur time

proof should be something can shown as written or verbal recording.

Yes i sent an email.

 

[Trump]

Yes i sent an email.

Update: Issue resolved after a follow up email yesterday. Card Successfully closed.

 

[helloworld]

Update: Issue resolved after a follow up email yesterday. Card Successfully closed.

now if u have some proof exceeding 7 days can ask for compensation.

 

[Trump]

now if u have some proof exceeding 7 days can ask for compensation.

I did 1000 Rs. Let's see

 

[ccdc]

i agree with trump here that banks should be penalised...coz this is deficiency in service....go ahead and file the claim...make sure you have all proofs before you file.