Unacceptably poor business processes and practices - Franklin Templeton
Complain ID : CCN017352 27
Consumer Protection
Complaint Date: April 16, 2016
I requested redemption of RS 6,00,000/ on 11 April from Franklin Templeton Ultra Short Bond Fund - Direct Ac#4859909320878. I got an email account statement to show that the redemption has been done on 11 Apr. However, the money is not credited to my account so far. When I called today (16th), I was told that the money was sent in wrong name (Maheshwari) and was rejected by the bank. They noticed it and remedial action would be taken on 18th.
In the first place, issuing transfer instructions with wrong names is totally unacceptable. I am sure that the rejection by the bank would have been known on 12th, at the latest. I am shocked and aggrieved that there was no immediate remedial action taken on 12 or 13 or 14 or 15 and not even on 16th. This is not fair to the customer. Last but not the least, I was not kept informed about the error and the consequent delays to enable me to make alternate arrangements.This is unfair.
I parked the money in a liquid fund to utilize it when I need it. Not getting it within the normal one or two days not only resulted in inconvenience but also damaged my reputation to honor a commitment.
In my opinion, MF should be responsible for crediting the amount to the bank account within three working days, failing which there should be a heavy penalty payable.Any errors should be reported to the customer with same day remedial action.
I request that such stringent norms be enforced to protect the interests of the consumer.
In the first place, issuing transfer instructions with wrong names is totally unacceptable. I am sure that the rejection by the bank would have been known on 12th, at the latest. I am shocked and aggrieved that there was no immediate remedial action taken on 12 or 13 or 14 or 15 and not even on 16th. This is not fair to the customer. Last but not the least, I was not kept informed about the error and the consequent delays to enable me to make alternate arrangements.This is unfair.
I parked the money in a liquid fund to utilize it when I need it. Not getting it within the normal one or two days not only resulted in inconvenience but also damaged my reputation to honor a commitment.
In my opinion, MF should be responsible for crediting the amount to the bank account within three working days, failing which there should be a heavy penalty payable.Any errors should be reported to the customer with same day remedial action.
I request that such stringent norms be enforced to protect the interests of the consumer.
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