bank charged 3.48% MDR MFS charges instead of 1.06% and not refunding
10 months ago
bank charged 3.48% fee on POS machine instead of 1.06% according my purchased of a life time plan. i complained 8 times but every time they told a lie to me for the debited money and denied to refund it. 3.48% is foreign currency markup and banks has no right to charge it on domestic transaction of INR. how and what should I do against the bank to get refund of my illegally debited money?
A.Dear Client,
Merchant Discount Rate or MDR is the rate (processing fee) charged to a merchant (seller or service provider) to assist the transactions made via credit or debit cards. This fee is typically between 1%-3% of the overall amount. You can represent your complaint against the concerned Bank for charging higher MDR to the Higher authority of the Bank and to the Grievance Cell of RBI through online mode to resolve the matter.
Merchant Discount Rate or MDR is the rate (processing fee) charged to a merchant (seller or service provider) to assist the transactions made via credit or debit cards. This fee is typically between 1%-3% of the overall amount. You can represent your complaint against the concerned Bank for charging higher MDR to the Higher authority of the Bank and to the Grievance Cell of RBI through online mode to resolve the matter.
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