So I received a call from Equitas Bank that my KYC is pending and I need to visit Malviye Nagar branch. I told them I opened the account via Niyo app and my KYC was done but the executive didn’t really understand what that means. She was insistent that I still need to do my KYC at Equitas, collect cheque book. I spoke to NiYo team and they suggested to ignore it. Which brings me to some of the really basic and critical question; who has the customer money? I am guessing it’s Equitas Bank as the partner bank. But in that case
Should I not register for online banking with Equitas and take their chequebook? Which on the face of it seems tedious.
in case Niyo gets bankrupt (I hope it doesn’t but it’s a small company afterall), who would be responsible for all bank related activities? I don’t even have any relationship with Equitas.
And in case I do register for online banking with Equitas, will both my Niyo and Equitas online banking accounts work simultaneously? Brings in a lot of security questions.
Also I am going by the assumption here that it wasn’t a fr@ud call but it was (as she was insistent on KYC bit), Niyo should really educate it’s customers on such possibilities.
I tried to look for such clauses in T&C’s but couldn’t really find any. So thought of posting it here.
Also btw, just to give you a feeler of how weird Equitas customer service is, that executive reached out to me on my WhatsApp to let her know if I need any assistance ( which could have been sweet if only if it was professional). Attaching the screenshot.