[Resolved]  HDFC Bank — Non conformance to Instructions and subsequent loss of money

Address:

Kolkata, West Bengal

I am an Indian citizen but live in Switzerland. I earn my salary and pay taxes in Switzerland. I have a salary account in ICICI bank and I transfer my savings to my account. However, it usually takes 3-4 days and I have seen this time being shorter with HDFC bank. Therefore, I sent some money to my brother's current account which is with HDFC bank. This transaction got into suspension account of HDFC and HDFC sent an email to my brother asking for the reason behind this remittance. My brother brought me in loop of the email. Then I told them to cancel the transaction immediately as I realized I have included one additional zero in the transaction amount. I sent 20000 CHF while actually I wanted to send 2000 CHF. I kept sending reminders to them but received no reply. The money was nowhere - not in my brother's account neither sent back to my Swiss account. Today, the money has been remitted to my brother's account with a much lower exchange rate. In spite of sending them repeated reminders, money was not sent back to my Swiss account. HDFC continued with the transaction even after asking them to cancel it. This entire process took 6 days and in this time, exchange rate has been reduced to a great extent. In the process, I lost around 60000 INR. But the question is - why do HDFC continue with the transaction while they were asked to stop ???? Are the people really that foolish or they just ignore what their customers say? I am cheated and I dont want other people to be cheated in similar ways. Their unprofessionalism is beyond words. I am breaking all possible ties with HDFC and my other family members will do so. Pallab