ICICI Wealth bank account downgrade help

[talkwithfino]

I don't see a case of mis-selling here. He gave you what he promised. Devaluation keeps happening, TRV requirements keep changing.

But even at the time he promised this guy of 0 MAB balance and no charges; that time itself the MAB was 0 subject to TRV of 25L. Moreover, he said there are no downgrades and this person has some of that in written from RM.

Lets take another eg - If a HDfc RM gives Imperia Acc saying it's 0 balance and no charges, no downgrades... wouldn't it count as lying/ mis-selling..?

 

[sjmajumder]

But even at the time he promised this guy of 0 MAB balance and no charges; that time itself the MAB was 0 subject to TRV of 25L. Moreover, he said there are no downgrades and this person has some of that in written from RM.

Lets take another eg - If a HDfc RM gives Imperia Acc saying it's 0 balance and no charges, no downgrades... wouldn't it count as lying/ mis-selling..?

This is what I feel: ICICI Bank was lenient with WM account and gave to many people, even to those who did not qualify for the same. One live example is myself. I opened Privilege account few months back and it was immediately upgraded to WM even when I did not meet the eligibility criteria. Few days back I suddenly noticed the change in color in net banking - it now says privilege banking. Same happened with my wife's linked account. But since I have CC with 13L CL my privilege account continues to be 0 MAB. In the case of OP, RM promised based on the current practice of the bank. What happened is a change in policy of the bank which cannot be treated as a mis-selling. If the bank changes their policy which impacts a large number of customers, it is definitely a legal move, else bank wouldn't dare to do so. Now OP can raise this issue with RBIO but my gut feeling says ICICI will win it - but no harm in giving it a try.

P.S. I am also silent on the matter in spite of being affected.

 

[talkwithfino]

This is what I feel: ICICI Bank was lenient with WM account and gave to many people, even to those who did not qualify for the same. One live example is myself. I opened Privilege account few months back and it was immediately upgraded to WM even when I did not meet the eligibility criteria. Few days back I suddenly noticed the change in color in net banking - it now says privilege banking. Same happened with my wife's linked account. But since I have CC with 13L CL my privilege account continues to be 0 MAB. In the case of OP, RM promised based on the current practice of the bank. What happened is a change in policy of the bank which cannot be treated as a mis-selling. If the bank changes their policy which impacts a large number of customers, it is definitely a legal move, else bank wouldn't dare to do so. Now OP can raise this issue with RBIO but my gut feeling says ICICI will win it - but no harm in giving it a try.

P.S. I am also silent on the matter in spite of being affected.

Nice explanation Got itttt 👍

 

[ismail]

how much charge is it for WM debit card? if it is less than 500 , isnt it worth for the 2 loung visits per quarter? i dont think RBI can command ICICI to give Life Time Zero balance account to anyone

 

[devsfinance]

how much charge is it for WM debit card? if it is less than 500 , isnt it worth for the 2 loung visits per quarter? i dont think RBI can command ICICI to give Life Time Zero balance account to anyone

So its not worth fighting for?

 

[devsfinance]

This is what I feel: ICICI Bank was lenient with WM account and gave to many people, even to those who did not qualify for the same. One live example is myself. I opened Privilege account few months back and it was immediately upgraded to WM even when I did not meet the eligibility criteria. Few days back I suddenly noticed the change in color in net banking - it now says privilege banking. Same happened with my wife's linked account. But since I have CC with 13L CL my privilege account continues to be 0 MAB. In the case of OP, RM promised based on the current practice of the bank. What happened is a change in policy of the bank which cannot be treated as a mis-selling. If the bank changes their policy which impacts a large number of customers, it is definitely a legal move, else bank wouldn't dare to do so. Now OP can raise this issue with RBIO but my gut feeling says ICICI will win it - but no harm in giving it a try.

P.S. I am also silent on the matter in spite of being affected.

looking from your history I believe you may know better, a question about privilege what did you say about CL there? Is it that thing with more than 4 Lac CL? Cause I have that then and still my account is 25k MAB

When you say no harm in trying for RBIO , this wont be a problem in future right? Like in case in future I have to go to RBIO?

 

[cardio_guy]

Just read the post, My story -
I opened a privilege salary account in 2023 Oct. Then filled up some forms and asked them to convert to wealth salary account because my salary is eligible for WM.
But later I came to know that wealth salary is just in the name, no benefits as such. We need to maintain the TRV/AMB to get the full wealth benefits.
I got a world master debit card when it was wealth account.

So I was prepared for the downgrade anytime. And as expected, it was downgraded last month (oct 2024).
But when it got downgraded to previlege, I knew that the card will become chargeable (natural instinct).
I checked a nearby branch, they were clueless as usual. They told me to continue using and see during the next renewal.
Even customer care was useless (of course, no surprise)
But as common sense told me, I cannot hold WM world master debit card with previlege account. Defenitely they will charge during renewal.
I didn't take the risk, I closed the account the next day through imobile. Better safe than sorry. Peace of mind is better now.

 

[CardDexter]

Just read the post, My story -
I opened a privilege salary account in 2023 Oct. Then filled up some forms and asked them to convert to wealth salary account because my salary is eligible for WM.
But later I came to know that wealth salary is just in the name, no benefits as such. We need to maintain the TRV/AMB to get the full wealth benefits.
I got a world master debit card when it was wealth account.

So I was prepared for the downgrade anytime. And as expected, it was downgraded last month (oct 2024).
But when it got downgraded to previlege, I knew that the card will become chargeable (natural instinct).
I checked a nearby branch, they were clueless as usual. They told me to continue using and see during the next renewal.
Even customer care was useless (of course, no surprise)
But as common sense told me, I cannot hold WM world master debit card with previlege account. Defenitely they will charge during renewal.
I didn't take the risk, I closed the account the next day through imobile. Better safe than sorry. Peace of mind is better now.

Do you guys get a downgrade email? How do you know that the account got downgraded?

 

[theflash]

Hi everyone,

I had opened an ICICI account last year. The guy offered to open wealth account with 1 Lac IP. I asked him about the MAB and Charges. He said there won’t be any charges as well as no minimum average balance requirement. He did not tell me that there will be any downgrades etc. And if there is any problem related to banking he will be assigned as my RM so he will be personally looking into the account.

When I received a mail for potential downgrade he suggested that I keep 1 lac in account and it should be fine(as I was still maintaining the IP money I was okay with it for the time being although I did ask why to keep if he had first told that this account was without any MAB requirement, back then he suggested that it’s a automated thing from bank and he can’t stop downgrade if amount isn’t there. And it will take time of a few days for him to upgrade again so I agreed)

although last December my account was downgraded. I didn’t bother much as I maintained some amount. This year they charged me renewal fees on the debit card so I contacted and complained about the mis selling. The level 1 grievance didn’t provide any solution, when I replied on the same email they told me to contact branch.(This was more than 2 months ago)

The main issue starts here, the said person had opened my account into the branch he was working in rather than the branch I enquired the account about. He has now left the branch so people there are not responding.

I somehow managed to find email of Deputy BM. He agreed that this is a mis selling and suggested to contact BM as well as boss(I am assuming superior) of the said person.

I have mailed BM multiple times (More than 1 month ago) and he has not responded to my email at all. Now the same DBM is also not picking up my calls.

Can I do anything for this?

If anyone can help/suggest any help. I.e. can I complain against it to RBI or anything? Please let me know.

I know the reason why my account was charged for debit card but this was against the said promise. So is there anything I can do?

I have opened 2 accounts in Oct/Nov'23 they're still WM hardly do any txns some 2-3L was credited and debited but that was cumulative in a year ig. Have added family member too they have a Education loan ig maybe that might be a reason why it's still active but not fully sure. Also the family member did maintain some amount Jan-June 5-10L I'm not sure. So far no downgrades or notice received.

 

[cardio_guy]

Do you guys get a downgrade email? How do you know that the account got downgraded?

No mail, randomly checked the app one day and saw orange color instead of black.
next step - I called 18001080 to check why this happened and instead of directly connecting to the phone banking person, it went to IVR.
Then I confirmed it is downgraded.

 

[imdjay]

Just read the post, My story -
I opened a privilege salary account in 2023 Oct. Then filled up some forms and asked them to convert to wealth salary account because my salary is eligible for WM.
But later I came to know that wealth salary is just in the name, no benefits as such. We need to maintain the TRV/AMB to get the full wealth benefits.
I got a world master debit card when it was wealth account.

So I was prepared for the downgrade anytime. And as expected, it was downgraded last month (oct 2024).
But when it got downgraded to previlege, I knew that the card will become chargeable (natural instinct).
I checked a nearby branch, they were clueless as usual. They told me to continue using and see during the next renewal.
Even customer care was useless (of course, no surprise)
But as common sense told me, I cannot hold WM world master debit card with previlege account. Defenitely they will charge during renewal.
I didn't take the risk, I closed the account the next day through imobile. Better safe than sorry. Peace of mind is better now.

My account used to be salary acc. was covert to different versions. and at a time, I had 3 DCs. after using them for years, suddenly I saw some DC annual charges which were levied a month back. I contacted customer care team, they closed 2 DCs and refunded the charges easily.