[Resolved]  Canara Bank — Exchange Rate - FRAUDULENT PRACTICE

Address:

Vellore, Tamil Nadu

I sent the below mail to the NRI Service Center emailid's : [protected]@canarabank.com & [protected]@canarabank.com
Waited for couple days did not receive any response from them, i decided to let the consumers know about the customer servicefradulent practices of this bank.

Letter sent to the NRI Service centers (Removed some of the transaction information for security reasons)

I'm a NRI living in Texas, USA. I recently made a International wire transfer from Bank of America to Canara Bank account for $28000. The wire transfer transaction was initiated on 15-Jan-2012 and completed on 17-Jan-2012 on which date the exchange rate was around Rs50.78. But i heard from my Indian Beneficiary today (31-Jan-2012) that he received Rs 13,82,837 which bring the exchange rate to Rs49.38. This is outrageous and intolerable.

First of all holding the money for so many days in my opinion is a fraudulent banking practice. On top of it providing its customers the exchange rate after it had dropped is a crime. I'm very frustrated with Canara Bank due to this practice. I have never dealt with any bank with this situation. Because of this practice i'm losing around Rs 36000/-.

I would like Canara Bank to take this case seriously and take appropriate action to credit the bank account with the actual exchange rate as of 17-Jan and resolve this issue as soon as possible. Please find below required details to trace the transaction. Thanks

Transaction Date: 17-Jan-2012
Sender Bank: Bank Of America
Amount Sent (US$) $28000

Beneficiary Bank Branch Postal Code: 632319
Beneficiary Bank Branch Code: 1075

Regards
Abdul