Standard Chartered Bank / credit card accounts
When you try to repay a loan the bank creates any number of hurdles. Ask for the amount outstanding, wait for 48 hours and then call them again. And when you call them again their systems are in my view programmed not to allow you get connected easily. I have almost always seen that they are unable to provide a consistent and correct value of the amount outstanding against loan account. I recently called them to close one such set of loans. Their call centre gave me a figure that I credited to the account. On the confirmation call that I had to make for closing their outdated process, the call centre gave me a much lower figure. almost 50% of the amount they say goes to closure charges. Getting through their escalation matrix ix almost impossible.
Finally, they do not provide the transaction summary or a calculation of how the amount was arrived at. For this you have to fight it out and they don't care much. All these just go to say that the bank does not account systematically and their figures are doubtful. I had a similar experience with them with respect to my personal loan that they had bought over from Barclays. They showed one figure on their website and provided a different repayment schedule in their mailer. This lead to lots of miscalculation and financial mess for me. The bank does not co-operate in allowing you to close the account. Doubt their credibility...
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