46% citizens say banks do not disclose transaction fee for net banking: Survey

New Delhi: Around 46 per cent of citizens surveyed have said that their banks don’t disclose transaction fees when they do net banking.

The survey, by citizen engagement platform LocalCircles, covered around 9,000 people, who were asked if their bank disclosed the transaction fee charged to them when they made online transactions like NEFT, RTGS et al.

Around 46 per cent citizens answered in a negative, 47 per cent said that they were aware of the transaction fee and seven per cent said that they were unsure about it.

According to the survey, there have been many cases where the consumer has complained of being charged by the bank without any intimation.

In a related survey, when asked how their bank was charging them for the transactional messages sent to them, 54 per cent said that they were charged without any prior intimation.

Eighteen per cent said that they were charged with prior intimation, seven per cent said that they were charged with intimation while transacting and only 21 per cent said that their bank was not charging them at all.

Some other instances where banks charged customers without disclosure were also pointed out by the respondents.

These included debit card charges without prior information, service charge on online transactions, and customer account being debited every quarter ‘nder ‘preferred customer a’count’ head.

In another survey conducted to understand the consumer view on the latest charges by private banks on cash whithdrawals and deposits after the first four transactions every month, an overwhelming 56 per cent said that they did not support this.

Around 26 per cent said that these charg’s didn’t matter as four free transactions were enough for them and 4 per cent said that they were making cashless payments.

Around 14 per cent said that they would support this move only after the cost of cashless transactions was reduced. So, overall 70 per cent customers are against the move while the remaining 30 per cent are okay with it.

Many citizens also said that these charges will ultimately compel them to close their accounts in private banks and switch to government banks.