I gave my account number to someone, expecting a money transfer. A few days later, I realised I had fallen for an online email scam. What should I do? What is the best way to protect my account? Should I close the same?
Simply giving the account number (without any accompanying sensitive information like password, date of birth, mother’s maiden name, etc) will not compromise your account. If you have shared your password, change it immediately. If you have shared unalterable sensitive information like your date of birth or mother’s maiden name (used for authenticating yourself when you avail of phone banking), you have to exercise additional due diligence by informing the bank and registering for alert services so as to get immediate intimation in case someone tries to change your address or phone number on the bank’s system.
Recently, my account was wrongly credited with some money. Since I didn’t know, it got debited. When the bank realised and debited the excess money, my account went into overdraft. Am I suppose to pay the overdraft expenses?
Your bank may hold you liable to pay the overdraft charges as you have utilised funds. In future if such an incident happens, please refrain from utilising the funds and immediately inform your bank of the extra credit in your account. We advise you subscribe to text or e-mail alerts so that you are informed on transactions on your account.
What is the maximum amount of cash one can deposit in a bank account without declaring the source of the fund? If I cross the limit, what proof do I have to provide?
According to existing regulations, a permanent account number (PAN) card is mandatory for all cash deposits in excess of Rs 50,000. In case of deposits of Rs 10 lakh and above, you will have to submit a letter giving details of the source of the funds at the time of depositing.
I recently paid my credit card bill via cheque. However, either the bank didn’t get it or lost it. As a result, my bill is still pending. In such a case, will the bank cancel the interest levied on the pending bill or am I still liable for it? Will this affect my credit score?
If your bank has misplaced the cheque, you should immediately give instructions to your drawee bank to stop the payment of the cheque. You should issue a fresh cheque to the credit card issuer and request waiver of interest charges levied on your account. To avoid such a situation again, you should opt for standing instructions or auto debit to pay your card dues. Internet-based payments are also a quick and safe way of paying your credit card outstanding.
The writer is managing director & head, private & business clients (India), Deutsche Bank. The views expressed are personal. You can send your queries to yourmoney@bsmail.in.