The problem we face while using online banking is sometimes quite discouraging. It may be just because of a small issue, or it can be a tough one too.
Small issues are okay as long as you know how to troubleshoot, there is no problem at all.
But the really tough one is something very excruciating. It would make you even stop using the online banking service.
There are issues that can even negatively impact one’s personal life. These come in the form of frauds and scams.
Issues related to technical glitches will always be there, even the most advanced technology has its flaws.
Today we are going to address some of the most common issues that online banking users normally face.
Let us also see what preparation and safeguards we need to put in place to avoid these unwanted financial troubles.
So, let’s find out the 10 most common issues and problems of using online banking.
1. Expired login password
This problem is something quite common and people use to face the issues while resetting their ID for a new password.
To address the issue, either you have to visit the bank Or try resetting the login password on your own.
The bank has given you the option to reset it at your ease. Mostly the process of doing it is self-explanatory too.
Yes, at a certain time, you may be unable to reset the password. In that case, visit the bank and let the bank handle the task for you.
2. OTP does not deliver
A telecom network problem can sometimes make you sad and annoyed.
The irony is that it occurs when you need it the most. Why it happens and how to address the issue is a completely different aspect.
The non-receive of OTP is mainly attributed to mobile network connectivity. If you are sure that your mobile number is properly fed into the account, it should not happen anyway.
Otherwise, there may be some other technical issue with the bank too.
For instance, recently there were software updates in the SBI internet banking platform called YONO.
The bank had announced the update related to SBI YONO as SIM binding process, in which the bank funnels customer mobile numbers with active internet banking credentials.
While doing it, a lot of users had the issue of not getting an OTP required for fund transfers.
If your case is somewhat similar to this and it’s completely because of the bank’s internal issues, you might not be able to do much.
But to take advice from the bank official would be better.
Other than this, just by rebooting your phone, OTP might start flowing into the inbox.
Resend OTP once or twice, if you are not getting it, better try after some time because requesting multiple OTP would not fix the problem.
3. Account get debited but doesn’t reach there?
This is quite a frustrating one. When you do an online payment, the beneficiary is not getting the fund although your account has been debited.
Now, the question is how do I resolve the issue and get back my money?
There are a few scenarios here. It may be because of one of the reasons listed below.
- When you send money to the wrong account. It means when you type in the beneficiary account number, you might have done a mistake. This case normally happens in NEFT and RTGS.
- When you type in beneficiary account wrongly but that particular account is existing in the name of another person. In this case, serious issues might arise while getting back the fund.
- The third one is purely a bank internal issue which normally gets refunded within a few days.
For NEFT/RTGS the rejected fund gets back to the sender’s account on the same day. If not, you need to raise a complaint to your bank.
If the wrong account turns out to be an existing account of some other fellow, then get the help of your bank.
Between the same bank, this issue never happens as the system would directly prompt you invalid account or so.
4. When an account gets debited twice.
The funny part is that it happens sometimes. It is seen this type of issue happens while making payments of bills, challan and others which are institutional types of payments.
If it occurs, you need to raise a complaint. To make a complaint, you have got both online and offline. You can even raise a complaint via SMS or by calling the customer helpline.
The problem should resolve within a few days. Normally banks take 5 to 7 days to settle the issue.
When the problem is related to a government-related account, it becomes tougher to get back your excess paid amount.
5. When your account is put on hold
Why bank put a hold on your account? There may be reasons which you have no idea about. This needs to be addressed sooner.
The bank never puts an account on hold unless they get specific direction from appellate authorities such as RBI, court etc.
Another case might be if you are a loanee and your loan account has an overdue arrear, then the bank might put a hold on your account. It is known as marking a lien in the account.
There might be other reasons too. If the bank suspects even for a few transactions, they might put a hold on the account. The bank refers to this as the freezing of the account.
This exercise is done to protect against the wrongful use of an account by hackers and fraudsters. With just a clarification call to your bank, this issue will go away.
If it’s related to higher appellate authority such as RBI, Income tax department or high court, things might be a bit tricky and it has to be handled properly in time.
In the case of loan account lien marking, you need to pay up the overdue arrears only then the account would become okay.
Hold accounts would not work with online banking.
6. Fail to access when the system changed
These occur to application base online banking. We are talking about banks’ own mobile banking applications.
All the prominent banks in India, such as State Bank of India, ICICI, HDFC, Axis and other PSU banks have their internet banking app which is available for both Android and iOS phones.
What happens is that when we switch to a new system or phone, it might not just work out. Not all but a few people do face the issue.
The good thing is its troubleshooting is easy. Maybe while installing if you give all the permission the app requires, it normally works.
Sometimes, just rebooting the smartphone, might do the trick.
If not, there is a serious issue that needs to be attended to with the help of your bank.
7. Unable to access internet banking?
If you are unable to access internet banking because of bank website maintenance, there is nothing much you can do.
The bank normally tweets about its maintenance time on its official tweeter handle. Even on its official website things normally get displayed.
Follow the instructions and plan accordingly.
If you are unable to access it because of an invalid username and password, you have to reset it if you can.
Otherwise, get the help of your bank.
8. OTP is going to the wrong mobile number
OTP is not delivering to your active mobile number but it is forwarded to the previous number which you do not use anymore.
Your bank account and internet banking platform need to be synced. You cannot do much, just tell your bank to fix the issue.
It might take a day Or so. Instant fixing is possible depending on your mobile number status.
If the previous number is still active and in use, you might be able to fix the issue right away with the help of your bank.
9. Falls into fraudsters’ trap
Financial loss due to compromising personal details is on the rise. During the pandemic, online fraud cases increased exponentially.
To avoid fraudsters, the only thing that would protect you is what you do with your IDs and passwords used for financial transactions.
Fraudsters may call you, email you, SMS you or even mail you by post to establish a connection with you.
Once it’s done, they may start extracting personal details such as account number, PAN number, CVV number, card number, etc. which are crucial for them.
If you compromise these details they may succeed in doing what they intend to do.
To avoid such unwanted financial losses, stay away from these
- Don’t reply to any suspicious SMS.
- Don’t click any suspicious links.
- Don’t attend to any suspicious emails.
- If somebody asks for your personal details please don’t share them at all.
- Spam calls, just stay away!
What is recommended?
- Update the banking app whenever there is an update available.
- Change ATM and credit card PIN regularly.
- Change the net banking password every now and then.
- Make the password easy but hard to guess but don’t keep the password that relates to your personal details such as name, date of birth, etc.
- For any update, you require. Do visit the bank.
10. The account got hacked
Getting your bank account hacked is very rare to happen. But if it occurs, report straight to the bank.
Do FIR to your local police station if required.
The reason is not only for financial losses, the hacker might use your account for crime-related matters such as money laundering, financing terrorist activity, etc, which would give you the trouble of a lifetime that can be unsettling.