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IDFC First Bank is Not Following RBI Guidelines
- Thread starter TechnoFino
- Start date
Take them for a ride, bro. This is clearly against framework designed by RBI.
CIBIL reporting should be done only after activation of card. But as they activated without consent and charged joining fee, they reported accordingly. Your experience is a lesson for customers also who will now have to ascertain whether they will be charged JF without activation too or whether card gts activated itself without ssetting PIN.
Since I opened account with IDFC, I have been bugged twice for Credit Card by them but I will never go for it. 6 cards (5 banks) already more than enough. Just keeping 3.25L with IDFC for Select upgrade.
CIBIL reporting should be done only after activation of card. But as they activated without consent and charged joining fee, they reported accordingly. Your experience is a lesson for customers also who will now have to ascertain whether they will be charged JF without activation too or whether card gts activated itself without ssetting PIN.
Since I opened account with IDFC, I have been bugged twice for Credit Card by them but I will never go for it. 6 cards (5 banks) already more than enough. Just keeping 3.25L with IDFC for Select upgrade.
Even GST was wavied off
anisharya16
TF Premier
That's great. For me they only refunded annual fee. GST anyway I had to pay.
Update on 12th September, 2024:
IDFC First Bank called me yesterday evening to explain the situation, and I understand their perspective. However, I still don’t agree with them and believe IDFC First Bank needs to resolve the issue.
Rahul explained that they activate the card based on the "customer's intention to use the card." If a customer opens the IDFC First Bank credit card section and clicks on the newly approved card, they activate it and report it to CIBIL.
However, this process doesn’t align with the guidelines, and Rahul assured me that feedback from myself and others who raised this issue will be discussed with top-level management, and they will work on improving the process. Today, I received an email from IDFC First Bank informing me that they have reversed the joining fee.
Rahul was very humble and even offered me some reward points for highlighting the issue, but I believe solving the problem would be more valuable than receiving free points. I respectfully declined his offer and simply requested that he share my feedback with the management team.
I often highlight issues with banks, but only a few have the courage to acknowledge their mistakes, take customer feedback seriously, and act on it. A few months ago, I thanked IDFC First Bank for this, and I would like to thank them again for listening to their customers. Hopefully, they will resolve the issue soon.
IDFC First Bank called me yesterday evening to explain the situation, and I understand their perspective. However, I still don’t agree with them and believe IDFC First Bank needs to resolve the issue.
Rahul explained that they activate the card based on the "customer's intention to use the card." If a customer opens the IDFC First Bank credit card section and clicks on the newly approved card, they activate it and report it to CIBIL.
However, this process doesn’t align with the guidelines, and Rahul assured me that feedback from myself and others who raised this issue will be discussed with top-level management, and they will work on improving the process. Today, I received an email from IDFC First Bank informing me that they have reversed the joining fee.
Rahul was very humble and even offered me some reward points for highlighting the issue, but I believe solving the problem would be more valuable than receiving free points. I respectfully declined his offer and simply requested that he share my feedback with the management team.
I often highlight issues with banks, but only a few have the courage to acknowledge their mistakes, take customer feedback seriously, and act on it. A few months ago, I thanked IDFC First Bank for this, and I would like to thank them again for listening to their customers. Hopefully, they will resolve the issue soon.
#aniket
TF Legend
How upto 0.93% ?Select is wealth banking variant of savings acc. Not much benefit but only DC which has rewards of 2.5% above 50K. Till 50K 0.50-0.93%. So upgrade is only for getting new DC with more rewards. But once CC pay via DC stops, most of these cards will be closed by me except HDFC Millennia DC ones and acc. back to regular savings.
Anindya98
TF Legend
Update: I raised the card closure request on 7th Sept when I got the Cibil account added notification. Initially, the card fee reversal request will be processed, then the closure request. Was waiting for the update on the 13th I called the CC and asked for an update and requested to arrange a call back from the senior as the agent was unable to provide me with the details. Today I got a call back from the senior team first she bluntly denied that the card is active and closure request couldn't be taken. After hearing this I was furious and mentioned the RBI guidelines after keeping me on hold for 4-5mins she read the PDF which she asked to send to the banker.idfc email. Again she tried to argue with me that I was reading the guidelines wrong and then when I asked her to give everything in writing. Then she asked someone from beside and asked me what I needed I said card closure and removing the entry from Cibil. Instantly while on call card fees were revered with GST and the Closure request was taken within 5 days it will be closed and the Cibil team will update me within 5 days regarding the Cibil entry. Thanks @TechnoFino
I am a Select Account Holder with the bank and maintain a good relationship value. However, the kind of unprofessional behavior and lack of knowledge of CC executives is not expected from IDFC.
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