Wednesday, February 13, 2013

Ethical Bank beating?

Worst of the challenges  could also bring the best out of you and thus an unique solution, I realized today. I was approached by my bro for some cash to meet an urgent medical treatment. I assured him that I could do it in no time and logged into the Internet banking system of my bank. After making  some 'page not found' protests, the application finally opened up and I transferred the required amount from my cash credit account to my savings account.

I then walked to the nearest other bank ATM and tried withdrawing Rs 25,000/- but the ATM kept on asking me to request for a lesser amount and even a request of Rs 5000/- was met with the same cold response.

In frustration, I tried at my own bank ATM and after some attempts I realized that the maximum limit of withdrawal through ATM is only Rs 20K. As I wanted 25000, I withdrew another 5000 from another account's ATM card and thus met my requirement.

I then realized that if I have ATM cards for three different accounts say my pension, savings account and a cash credit against deposits, I can withdraw not 20K but 20K from each of these accounts, even if do not have sufficient amount in other accounts by deftly making some online transfers.

There is nothing unethical in this, as one can legally make the transfers online and withdraw through ATM, provided one has multiple accounts and related ATM cards. After all, if the money stashed in my accounts is not available for my own emergencies, then what is the purpose of saving for the rainy day?

I am sharing this especially for my non-bank friends, as I find many of them panic in case of emergencies. This is a cool way to tackle such situations without losing sleep.

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