How To Withdraw Money From Bank Using Passbook

Withdrawing money? Follow these steps to go along frauds at bay

Customers, particularly senior citizens, must take several precautions while taking out cash from their bank accounts

November 01, 2019 / 09:10 AM IST

Recently, a senior denizen residing in Mumbai and dependent on her monthly pension income of Rs 40,000 for regular expenses got duped due to a technical error committed by the banking company. Information technology so happened that another person had withdrawn Rs 20,000 from her savings account using a withdrawal course from her bank account. That person had the same account number as that of the senior citizen's printed on the bank's passbook, which was a technical error. So, during withdrawal, that person presented the banking concern passbook along with the withdrawal form. The bank teller couldn't identify the banking company's technical glitch until the senior denizen raised the complaint of faulty withdrawal entry in passbook of the Rs 20,000 made from her account. She got to know of this Rs 20,000 withdrawal afterwards updating her passbook, which she does regularly to runway the menstruation of coin from her business relationship. Subsequently, the depository financial institution resolved the technical fault, reversed the transaction and credited the amount.

This case ended happily. Merely in general customers, especially senior citizens, must accept several precautions while taking out cash from their banking concern accounts – through a withdrawal course, cheque, debit carte or even via the card-less manner.

Care while using the withdrawal form

While taking out money from your account using the bank's withdrawal grade, it's mandatory to have a banking concern passbook. Also, you need to exist nowadays while withdrawing cash from your account. So, no ane else can withdraw money from your business relationship unless you give a written consent authorising some other person to withdraw cash on your behalf.

This authorisation is immune in the post-obit cases: the account holder is ill, is a senior citizen or disabled and unable to visit the bank branch personally to withdraw cash. Then, appoint an authorised person from your family or friends whom y'all trust on money matters. Also, preserve the letter of authority issued by the bank in the prescribed format. Mitt over the authorisation letter and bank passbook to the trusted person only when you need his/her help to withdraw coin from your business relationship. These documents have to be presented when a third person withdraws on your behalf.

Update your passbook and check the last few transactions only to be sure. In case you lot find an entry specifying a transaction you haven't authorised, heighten the concern immediately with the co-operative manager.

Existence prudent with cheques

To ensure that only the person you have issued the bank check to is able to encash the amount, you lot should put a double cross line and write "A/C payee." Such a practice is a precautionary measure to ensure that the money will exist credited only to a bank account and not handed over to someone else. Many people forget to mention a/c payee while issuing cheques. In such instances, if the check is lost, and then any person tin pose as the beneficiary mentioned in the cheque and withdraw money from your account. Also, always abolish the discussion "Bearer" from the cheque, equally anyone else that gets hold of the check can encash it from the bank.

Record the details of cheques issued to someone or used by you in the cheque volume. This information helps to reconcile the transactions with entry in depository financial institution passbook and comes handy several times.

Judicious use of debit carte du jour

Practice not share the debit menu or the pivot number with your friends or office colleagues. Also, do not write the pin number on the carte du jour itself. It's better to memorise information technology. While making any transactions at ATMs, stand close to the car and utilise your hand to shield the keypad as yous enter the Pin. This is a precautionary measure out, as strangers could peep to see your pivot number as you type it out. Nigh importantly, exercise not take aid from strangers for using the ATM bill of fare to withdraw cash. Collect your menu and the transaction sideslip before leaving. Shred the sideslip immediately after verifying the details.

Carte du jour-less greenbacks withdrawal

With a rising number of cloning cases of debit cards while using information technology to withdraw coin from ATMs, the likes of State Bank of Republic of india, Banking company of India, HDFC Banking company, ICICI Bank, AXIS Banking concern etc. now allow the bill of fare-less cash withdrawal facility. Any facility that provides access to your money needs precaution and security. In this case, never share the password and net banking login details to any person. This is because a stranger / fraudster tin access your cardless cash details and tin can make withdrawals without your blessing.

Also, monitor suspicious transactions on your bank account. Notify your depository financial institution immediately if there has been a fraudulent transaction.

Source: https://www.moneycontrol.com/news/business/personal-finance/withdrawing-money-follow-these-steps-to-keep-frauds-at-bay-4593131.html

Posted by: fowlerfortall.blogspot.com

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