[Resolved]  Federal Bank — very worst experience with fed bank gold loans arumbakkam branch, they are playing with your hard earned money

Address: Chennai, Tamil Nadu

I took gold loan for the amount of rs.30000/- with two sepearate accounts, one for a bangle and another one for a chain in my wife's name.

Last year my wife and me both went to the branch having full cash in hand to close the accounts and get back the ornaments.

But they told that they couldn't close the two accounts in a single day. They could close only one account per user in a day. I really want to know, is there any such rules?

As per their advise we close one account for the bangle and reopen the account for the chain with minimum amount of rs. 6000/- although the chain is worthable of rs.18000.

They told us to close the account we have to visit the branch again. My wife and me both are working in it field and it is very tough to us to take leave and visit the branch.

Later my wife got conceived and she went to native town. So she couldn't visit the branch to close the account.

I checked with them for the possibility of transferring the account to me since i was in chennai and i could close the account.

But at that time they told there was no such option available and your wife should come to our branch to close the account.

I also asked them to explain the procedure to do it through online. But they told the procedure couldn't be explained through phone and they told me to visit their branch to know about the procedure for online repayment.

I was very frustrated by this, if i could visit the branch then why i was looking for the online transaction.

They were not even giving any proper response through phone. Whenever we call to them, their only answer will be "come to our branch".

In last week they just gave a call and told, you have to come to our branch and close your account within a week otherwise your chain will be given to auction.

Is this what you are punishing your customers who could not visit your branch?

The chain is worthable for rs.18000/- we just kept it only for rs.6000/- that too for the shake of they were not ready to close two accounts in a single day.

Now we are going to loss around rs.10, 000/- though we are ready to pay the outstanding through online.

Please don't do the same in future for any customers.

First train your front end customer facing executives with all terms and condition.

They keep on saying different different conditions in each time.

I am losing my money only because of their misguiding.

Can anyone answer my below basic questions?

Question1:

Is there any rules or condition to close only one account in a single day? - this is the root cause where the issue actually started. Otherwise we could close the accounts one year before.

Question2:

Is it necessary to visit the branch to know about the online repayments? - if they provided the instruction through call i will make the outstanding payments through online.

Question3:

Is there any option available to change the account from my wife's name to my name? - in the initial day they told it was not possible, but in the last week they told it is possible, when i too could not visit the branch.

Question4:

Can you take my ornaments to auction with out my approval? - i am ready to pay the outstanding amount through online now. The only thing is i could not visit your branch since i am in out of chennai now. I will return back only in next week.

My loan account number: fedabk0gl0413912
Customer id: 218121
Pledge date: 18-apr-2017

If this issue is not resolved, i will endup all my relationship with federal bank including my savings account and fixed deposit account, and also i won't refer any of the federal bank related services to my friends and relatives.