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?