Picking man over machine for phone banking could make your wallet lighter

There are a number of ways to get in touch with your bank. You could walk into a bank branch, send them a email, an SMS, use IVR banking by calling the call centre or speak to a customer service agent. There are many who would rather talk to a person than a machine, but in that case you should get ready to shell out some cash.

According to a report published in the _Hindu_ _Business Line_today, some banks have already begun charging consumers who call the call centre and talk to a customer service agent, instead of using the Interactive Voice Response (IVR).

[caption id=“attachment_1073391” align=“alignleft” width=“380”]  Keep your money handy if you intend to use phone banking. Getty Images[/caption]

For instance, if you talk to a customer service agent more than twice a month for the resolution of a transactional query, you have to pay Rs 50. Other banks allow you to use the services of the call centre for free, but only as long as you maintain the required minimum balance in your account. Failure to maintain a minimum balance may mean you will be charged a fee.

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Thankfully no bank imposes charges if you talk to a customer service agent to block your cards, in case of loss or theft.

The move seems to be nothing but an innovative means to increase their income through fees.However, if charges are imposed, you have no option but go by the bank’s policy or use an alternate means to get in touch with the bank.

The move isn’t new though given some mobile companies impose charges if you choose to talk to an agent, instead of letting an IVR solve your query. However, if you don’t want to pay high charges for these services, you can also use the option of switching to another bank. PSU and co-operative banks usually charge a slightly lesser fee for such services.