NACH/ ECS CHARGES?

[Bob78900]

Guys Can anyone explain why everytime banks debit charges for nach/ ecs other than your emi amount. How can one avoid these charges 😅

 

[VISHESH_BANSAL]

now I'll have to move all my SIP to other account
I've already set-up other mandates after hearing first time from you in the other thread
so far, I did only 4 such txn , have not been charged yet
guess will get the consolidated bamboo at the end of quarter

It is Axis for a Reason.
Not Quartely but

Next Month consolidated charges of Current Month would be deducted on Any Random Saturday/Sunday of the Month

 

[gowmara]

If loan is in one bank and loan Ecs debiting is from different bank . If ecs failed , whether charge will be levied at both end

 

[praful47]

If loan is in one bank and loan Ecs debiting is from different bank . If ecs failed , whether charge will be levied at both end

Yes bouncing charge will be debited from your EMI linked bank account.
Your loan EMI will show overdue and bank can also charge penalty depending upon the bank .

 

[prc1990]

If loan is in one bank and loan Ecs debiting is from different bank . If ecs failed , whether charge will be levied at both end

Thumb Rule: For EMI auto debit, use the savings account from the same bank. If auto debit doesn't get processed due to some technical difficulties and not due to insufficient funds, your loan account issuing bank will put the blame on the bank your auto debit facility is registered with but if the savings account is also from same bank they can't play this blame game.

 

[praful47]

I had temporarily locked debit card .
Will it affect auto debit / nach payment??

 

[pothi]

I had temporarily locked debit card .
Will it affect auto debit / nach payment??

N o .

 

[Harry1]

It is Axis for a Reason.
Not Quartely but

Next Month consolidated charges of Current Month would be deducted on Any Random Saturday/Sunday of the Month

I am using it for mutual funds since few years. Never got any consolidated charges for these.

Anyone has experience with failed nach transaction with axis Bank? I don't see any charges mentioned anywhere. But when I asked customer care over call, he said 500+GST.

I had 4 sip Transaction, but fund was only for 1. I was thinking to add funds in morning, as usually it debits around 9AM. But today it debited at 6:30AM itself. I added remaining funds within 30 mins of seeing first deducation. Haven't got any sms regarding failure of remaining 3 yet. Will axis re-initiate it considering the funds are now available? It seems there is charges of 500+gst for every failure. So, I will probably get charged 1770 for 3 failures. Is it possible to get it reversed, if charged?

I also got 2 emails from cibil regarding some changes around same time. Is it just a coincidence or there is some relation? This wasn't a payment for any loan or credit card.

 

[arijit_m_1]

Axis is the worst bank when it comes to nach/ecs payment.
I didn't know about it and opened one account few weeks ago. Now I'm regretting and feeling like stuck.

Can any one confirm like is there any credit charges on axis as well if the payment coming via ACH?