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Why I don’t want to work in a Bank!

November 7, 2013 Leave a comment

I am a writer and I have been writing for quite a long time now. As every other person on earth, I too have a desire to grow big. So, I keep searching for opportunities every where. In this process of finding options, I came across an opportunity to work for one overseas client but it required me to register myself into PAYPAL as that was the medium for payment.

So I went to Paypal website and found a very easy process:

Step 1: register through Email ID

Step 2: Provide bank details and PAN card number

 They would verify the account and DONE!

I was feeling lucky but I missed that word “BANK” while I was dreaming about working for a US based client very soon.
Injured Piggy Bank WIth Crutches

When I checked my status, the Paypal account said that they have transferred 2 small amounts into my account that I need to enter for verification but unfortunately I could not find any such credits. So I dig deeper.

What I found?

The name in my Bank account was different from the name in my Pan Card (after marriage, it got changed) and I was required to change my Bank name to the name that appeared in PAN so that the Paypal verification could be completed.

Now starts the real story:

I called the customer care of the Bank to find out the process details and they told me that I needed to submit my PAN card and Marriage certificate as proofs. Wow! easy again.

However, when they checked my account, it was found that it was linked with my Demat account ( I had linked it for my convenience)

So bank asked me to first de-link my Demat account from Bank Account after which only they could proceed with the name change.

Reason? Well, Its very simple :  Trading accounts are regulated by SEBI while Bank Accounts are regulated by RBI so whenever there is any alteration required than we need to take care of both regulatory bodies, hence the process.

So, my next destination was Demat service providers Office as it could not be done online. So I went to the nearest office where I found some more information to delay my work:

1. The de-linking process itself would take 4 working days (God forbid if weekend comes in between)

2. The de-link forms were exhausted

 so, the manager asked me to call back to check whenever those forms arrive.

I waited for 4 days, yet the forms were not available and then after 2 more working days in addition to the weekend that fell in between, I got a call that the forms were available. The manager asked me if he can come to my place for my convenience and I agreed.

Form filled, and given to him and then was my turn to resolve some more pending issues in my Demat account:

1. The password of the Internet Trading Account slipped away from my mind

2. I was not very comfortable working with buying and selling options

So, he guided me in generating new password and showed me options to buy and sell. There was again a catch here:  

It was 4 p.m so trading time was over so can neither sell nor buy

While we discussed more about the de-linking and re-linking process, I found another very useful and tiring information:

After I change my name, I cannot re-link the account but I have to close and open a new Demat account.

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He explained “ Your Bank account name will be changed but the Demat account name will remain same so it could not be linked. If it is not linked to any Bank account then no trading can be done so there is not use of the account. That is why, you need to close the account and then open another if you want to trade. Then link that new account to the bank account again. Alternatively, you can keep the existing account and not de-link but open another bank account in the name you want to have” 

Now my schedule changed again:

 Step 1: I was required to sell off my shares

Step 2: I needed to submit request for closure

That’s it! as I was no more interested in opening another account

However, as I have already mentioned, the trading time was closed so my next step was to wait for next day and then sell my shares, after which I could continue with the closure process.

‘Ah! finally I will be able to do it tomorrow’ I thought. But wait! the guy enlightened me with some more information:

Minimum share cost should be 500 on one company shares in order to sell (and 4 out of 5 of my shares went into losses below 500). So the guy suggested me to first purchase some more shares to balance out the amount and then sell next day using BTST option

He explained “ BTST is Buy Today Sell Tomorrow. In normal process, after purchasing a share, it takes 2 working days before you can sell them but to save traders from risks, this option allows one to purchase on a day and sell next day without waiting for this process

So, the next step was: Use BTST next day so that I can sell shares the day after that and then go to the bank to close Demat account

A little faster option was to try selling low cost shares by paying higher brokerage (He wasn’t very sure if it could be done) and then I would go to the bank for closure.

Next would the application for change of name which would take another few days for processing and finally I would be able to activate my Paypal account.

Good old Days ! I remember the time I used to fight with my Mom when she used to ask me to give exams for Bank jobs and I used to say: “Mom, please, I can’t work in a Bank”

Today, I say it again “I can’t work in a Bank!” If it is so complicated for a customer to get a simple thing done then wonder if I was a Banker (My hair would have changed color by now! ).