kandukondein
Newbie
Hi Guys,My Friend has this peculiar scenario. He opened an account with a Bank in Chennai around 2000; When he was employed in S/W company in chennai. After working there for 1 year he moved over to USA. When he was in Chennai his salary and other stuff usually gets credited to that bank account. When he opened the account they did not mention any Quarterly Average Balance to be Kept. When he left to US he had around 40,000 Rs in that bank account and he decided to keep it. He returned from US in December 2002 on a simple vacation and he spent around 38000 Rs by withdrawing from that account. Now he had only 2000Rs in the account. He left to US later on. In 2007 He had to send some money so he wrote a check to himself and he sent it to his Dad to deposit that in that bank account but to his dismay he found that Bank had set a Quarterly Average Balance to be maintained and now that his account is in negative. So when his dad asked them to close the account (as QAB was not notified and the bank can keep the Rs 2000 which already was there) they said that the negative balance has to be paid for closing the account. Also no notification in the form of any letter was sent during these 5 years as he and his family is very sure of that. So my Friend is really scared now as whether to leave it as it is or to pay the negative balance and close the account. I think the negative balance would be around Rs 10000. Has any of you guys been in this situation? Can you please let me know what my friend should be doing in this situation. ThanksKandukondein.