Complaint To stop ecs?

Question

i am a regular customer of bank.and ihave an account in bhimavaram, andhrapradesh.i want to stop monthly ecs payment to bank prudential suraksha savings policy.the bank officials saya they require approval of insurance company to stop the pay ment. my question was i should have right over my account, why do i have to take a concent of third party to stop the payment from my account.plz guide me at the earliest do i have to take permission from the third party to stop the ecs payment.
 

Answer 1

Dear Vijaya

At the outset, let me clarify that this site is designed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

Your contention is right.  As a customer of the bank, you have every right to instruct to stop the 'ECS'.  The bank does not need or require the permission of the ECS beneficiary.  Do handover your ECS stop instructions to your bank in writing and obtain a proper acknowledgement.  The bank has to accede to your instructions, without waiting for the consent of beneficiary.

RAJA