Your bank charges you for SMS alerts

TIMES NEWS NETWORK 

New Delhi: Did you know that your bank just debited money from your account for providing SMS alerts? Well, if you haven’t, it’s time you checked your last bank statement. 
    Banks, led by SBI, ICICI Bank and Axis Bank, charge Rs 60 annually to send messages informing you about cash withdrawals and other facilities. Others such as Canara Bank charge over Rs 100, while HDFC Bank said they levy Rs 60 only for “special alerts” such as bounced cheques, salary credits or when the balance going below a specified level — all optional. IDBI Bank and Vijaya Bank have excluded savings accounts from the paid SMS alert service. 
    Finance minister P Chidambaram told Parliament on Friday that there were five public sector banks charging for SMS alerts. However, enquiries by TOI showed it isn’t just state-run players, but even private banks such as ICICI Bank and HDFC Bank who charge for the service. 
    An private bank executive said they charge for SMS alerts as mobile operators raised the fee for bulk message from 2 paise per SMS to 20 paise, making the service “unviable”. Banks said they had sent out a message saying the service will be charged. Most customers either ignored the SMS or didn’t respond. 
    While most banks have shifted to a paid SMS alert system only this year, there were a few, which passed on the cost as far back as 2010-11. 


PAY TO KNOW SBI, ICICI and Axis charge 60 a year to send alerts. Canara Bank charging 100 
HDFC says it charges 60 
only for “special alerts” such as salary credit, bounced cheques and account balance falling below a level 
IDBI, Vijaya have excluded savings accounts from charge.


Source:::: The Times of India, 24-08-2013, p.13,  http://epaper.timesofindia.com/Default/Client.asp?Daily=TOIM&showST=true&login=default&pub=TOI&Enter=true&Skin=TOINEW