Sensible deductions of POSDEC CHG in ICICI Bank
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Saving bank accounts can have a lot of hidden charges, most of the times we are not even aware of these charges. It’s almost impossible to figure out what this alien description meant! POSDEC CHG means Point of Sale Decline Charges.
Recently, I got pizza from Dominos. I swiped my card twice because first time, the lady swiped the card and was busy entering my details. So the session expired. Hence, I swiped my card second time. So according to POSDEC CHG, I didn't had sufficient balance so I swiped my card twice..!!! And so POSDEC CHG was deducted from my account. But this wasn't the case!!! In fact, there can be many probabilities such as weak internet connection, wrong password entered, and so on.
It’s not that all the transactions which are declined are due to insufficient funds. On the contrary, most of the declines are due to network issues! But how can a customer know about the decline reason? Rather, the bank should either send an SMS to the customer that the decline is due to insufficient funds or may have charged only once for one transaction.
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