Can bank handover amt. to anybody if i am owner a/c ?
rahul
(Querist) 14 January 2013
This query is : Resolved
dear sir,
I had just now closed my loan Accounts (cash credit & term loan) with the SBI Bank,total outstanding was 26.50 lacs,so we deposited 5.50 lacs & 22.41 lacs by D.D's, DD was of excessive amt. b'cos it was arranged by us,to my ssi unit's loan Accounts,out of that 1.41 lacs was excessive,as a principal borrower i am the only person(prop.) of my unit to operate my bank A/c etc..But Bank has handover the excessive amt. to my gaurantor without my permission or concern, is it legal ? as per banking laws.As per my knowledge anybody can deposit amt. in the Bank but to withdraw amt.is not possible to anybody even wife or father of the Account Holder.Even there was no question of properties Auction of mine or Guarantors.
prabhakar singh
(Expert) 14 January 2013
To me it is high handedness of the bank ,no matter it is a PSU or PRIVATE bank.It had no right to refund the excess payable to principal debtor to refund to guarantor.you should sue the bank,better by a consumer complaint for deficiency in service.
Anirudh
(Expert) 14 January 2013
My mind does not permit me to take in face value what Mr. Rahul says.
Mr. Rahul has to clarify as to what is the excessive amount that he is talking about. The circumstances in which such excessive amount results etc. etc. I strongly feel, that without knowing the exact facts and circumstances, it would be highly difficult to make any comments on the issue.
prabhakar singh
(Expert) 14 January 2013
True You are Mr. Anirudh.
But I simply believed him and answered.If he is suppressing facts,he is responsible,not we.
Raj Kumar Makkad
(Expert) 14 January 2013
Rahul! No bank can do as you have told to us as there is no such procedure in vogue as you told.
Sudhir Kumar, Advocate
(Expert) 15 January 2013
If it is a Govt Bank the charges against the Manager will be more serious.
Did the grutantor face any hardship by way of defaultin loan?
V R SHROFF
(Expert) 15 January 2013
bank have to trf excess amt in ur bank a/c, and not to handover, that too cash, to guar
Advocate Bhartesh goyal
(Expert) 15 January 2013
No, Bank can not refund excess amount to guarantor or any other person.Borrower is the only person who has right to get the excess money lying in loan A/c. It is bank's gross deficiency of services.approach to District Consumer Redressal Forum or Banking Ombudsman.
R.K Nanda
(Expert) 15 January 2013
no more to add.
ajay sethi
(Expert) 15 January 2013
mr rahul
when mr anirudh has raised some questions on your query why do you open a new thread and hood wink the experts by repating same query
Guest
(Expert) 15 January 2013
Mr. Rahul,
Don't think that with your partial information by hiding the facts, any opinion expressed by the experts would become the law to help you. There is a vast difference between the terms of deposit and recovery. If the amount has been recovered from your guarantor by issue of notice to your guarntor, any excess amount deposited by him would not become your own property, because pf the fact that the account was in your name. Excess amount paid by guarantor would be guarantor's property only, irrespective of whether the amount was arranged by you or by the guarantor. You have to settle the account with the guarantor, yourself.
Raj Kumar Makkad
(Expert) 15 January 2013
I do endorse the advice of Ld. Dhingra G.
prabhakar singh
(Expert) 15 January 2013
@Mr.Anirudh!
Then I am sorry.It appears I have not gone through his earlier query.
