Wrong financial Advice from a co-operative Bank

POSTED BY prasanthv ON April 17, 2014 8:14 am ONE COMMENT

My mother took a  Gold loan of 320000/- from service cooperative bank.  After 2 month we approached bank to settle the loan by paying interest and loan amount. Before settlement, she asked  whether the locker facility available or not to keep the gold in safe place. The answer was No.

Bank gave us a advise that pay your interest till date and put your money as fixed deposit with us. On maturity of this FD, we will adjust FD interest with gold loan interest. So you no need to pay anything after maturity. They said”Your gold will be safe with us and we can achieve our 18 cr deposit target”.

Based on the above advice she paid gold loan interest till date and put the amount as FD rather than settling gold loan.

On maturity date, we approached bank to adjust FD and Gold loan. They asked 4100/- for the this settlement. ie difference between higher gold loan interest and lower fixed deposit interest.

We don’t have any proof on the the advice given by bank.

can we approach banking ombudsman  get money back? Please help

One reply on this article “Wrong financial Advice from a co-operative Bank”

  1. ashalanshu says:

    Dear Prasanth, please pay 4100 Rs. and take it as your lesson for future. As you do not have any proof, you can not prove anything against bank in this case.

    Thanks

    Ashal

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