Comments on: Use ECS for payment: Should You? http://www.subramoney.com/2009/11/use-ecs-for-payment-should-you/ Personal Finance Sun, 12 Feb 2012 07:29:12 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Read all the valuable information collected from comments on jagoinvestors website http://www.subramoney.com/2009/11/use-ecs-for-payment-should-you/comment-page-1/#comment-3682 Read all the valuable information collected from comments on jagoinvestors website Wed, 31 Mar 2010 10:30:57 +0000 http://www.subramoney.com/?p=2549#comment-3682 [...] faced Experience like Hell with Kotal and ICICI for stopping his ECS facility . Here is another article on ECS from PV Subramanyam , a must read [...] [...] faced Experience like Hell with Kotal and ICICI for stopping his ECS facility . Here is another article on ECS from PV Subramanyam , a must read [...]

]]> By: Bindhu http://www.subramoney.com/2009/11/use-ecs-for-payment-should-you/comment-page-1/#comment-1897 Bindhu Thu, 05 Nov 2009 10:49:16 +0000 http://www.subramoney.com/?p=2549#comment-1897 I've opted for ECS only for SIPs. Bill payments are always done after receiving the bill as I don't really trust these service providers. Staying in a rented house makes me extra cautious. After reading this post, I think it's better that way. :) I’ve opted for ECS only for SIPs. Bill payments are always done after receiving the bill as I don’t really trust these service providers. Staying in a rented house makes me extra cautious. After reading this post, I think it’s better that way. :)

]]> By: Abhishek http://www.subramoney.com/2009/11/use-ecs-for-payment-should-you/comment-page-1/#comment-1895 Abhishek Thu, 05 Nov 2009 06:39:16 +0000 http://www.subramoney.com/?p=2549#comment-1895 On Contrast I have ECS SIP In kotak mutual fund via ICICI bank and SBI MF via CitiBank. I decided to stop SIP after 2 ECS, I even didn't contacted AMC, just asked Bank over phone to cancel my ECS and it was all done.. I didn't pay single penny for this cancellation. On Contrast
I have ECS SIP In kotak mutual fund via ICICI bank and SBI MF via CitiBank.
I decided to stop SIP after 2 ECS, I even didn’t contacted AMC, just asked Bank over phone to cancel my ECS and it was all done.. I didn’t pay single penny for this cancellation.

]]> By: CA Sundar http://www.subramoney.com/2009/11/use-ecs-for-payment-should-you/comment-page-1/#comment-1894 CA Sundar Thu, 05 Nov 2009 04:25:48 +0000 http://www.subramoney.com/?p=2549#comment-1894 Hi, Very true. ECS is really convenient when things go right, if you need to make some change it is really tough. One of my friends had a big problem with reliance too. Hi,

Very true. ECS is really convenient when things go right, if you need to make some change it is really tough. One of my friends had a big problem with reliance too.

]]> By: Manish Chauhan http://www.subramoney.com/2009/11/use-ecs-for-payment-should-you/comment-page-1/#comment-1893 Manish Chauhan Wed, 04 Nov 2009 14:45:10 +0000 http://www.subramoney.com/?p=2549#comment-1893 Good one .. learned totally new thing today . I dont have ECS for any of my services (i pay my phone , cc etc every month through net banking) , But I was considering of doing so :) . But now I will not :) , thanks to this article .. I will put a link right on my blog :) manish Good one ..

learned totally new thing today . I dont have ECS for any of my services (i pay my phone , cc etc every month through net banking) , But I was considering of doing so :) .

But now I will not :) , thanks to this article .. I will put a link right on my blog :)

manish

]]> By: Param Iyer http://www.subramoney.com/2009/11/use-ecs-for-payment-should-you/comment-page-1/#comment-1890 Param Iyer Wed, 04 Nov 2009 14:00:40 +0000 http://www.subramoney.com/?p=2549#comment-1890 Very true indeed. The financial institutions have no clue who is their client that need to be served... In the current scenario, the safest bet is services like visa-bill-pay where you can choose if/when/how to pay. Better yet prefer service provider that allows you to pay on their site itself. I have another ECS horror story - ABN Amro bank debits money, credits it back & charges 250+tax for ECS return charges. All because Franklin Templeton processed the ECS debit, though it was not explicitly authorized by the bank. And we still need expensive research on why financial inclusion is so low!!! Very true indeed. The financial institutions have no clue who is their client that need to be served…
In the current scenario, the safest bet is services like visa-bill-pay where you can choose if/when/how to pay. Better yet prefer service provider that allows you to pay on their site itself.

I have another ECS horror story – ABN Amro bank debits money, credits it back & charges 250+tax for ECS return charges. All because Franklin Templeton processed the ECS debit, though it was not explicitly authorized by the bank. And we still need expensive research on why financial inclusion is so low!!!

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