Complain to your bank and win
The big banks have a terrible track record for dealing fairly with customer complaints. This article will show you how to successfully fight back.
If you’ve ever had cause to complain to your bank, you’ll no doubt know what a frustrating, bang-your-head-against-a-brick-wall exercise it can be.
In this article, we'll explain how to make sure your complaint is heard (and sorted).
How to get your complaint taken seriously
There are steps you can take to up your chances of winning a complaint. In fact, there’s a right way - and a wrong way - to get your grievance across. Follow my top ten tips the next time your bank needs taking to task:
1. Find out about your bank’s complaint procedure
Under FCA rules all banks are required to have an appropriate complaints procedure. Ask to see a copy so you understand exactly how your complaint will be handled.
2. Act now
Make your complaint as soon as things go wrong. The longer you leave it the harder it will be to remember all the relevant details you’ll need to strengthen your case. Don’t forget, certain financial complaints have time limits so don’t miss the opportunity to put in your claim for redress.
3. Complain to the right person
Try to make your complaint to the person you originally dealt with. If that’s not possible, contact your bank and ask for an appropriate contact name to address your complaint to. Check their job title to make sure this is someone fairly senior.
4. Put your complaint in writing
You can complain by phone if you want to, but I think it’s far more effective to complain in writing. A written complaint is more likely to be taken seriously.
It’s important your letter includes certain information. First of all, don’t forget to include simple but important basics such as your account or policy number. You should aim to give a brief summary of your complaint in a clear and logical manner.
Don’t get too bogged down with every minute detail. Explain why you’re unhappy about the situation, and what action you expect your bank to take to resolve matters.
5. Ask for redress
If you think you should be compensated for the treatment you have received from your bank, make sure you say so in your complaint letter. There’s no need to specify amounts of compensation, but make it clear that's exactly what you expect to receive.
6. Be polite
Don’t ever be rude or abusive in any contact you have with your bank, even if you feel like you’re making little headway. It definitely won’t help your case. Keep calm and stick to the facts.
7. Give your bank a chance
Before you take things further, you’ll need to give your bank a reasonable opportunity to resolve your complaint. This timescale should be indicated in the bank’s complaint procedure. It’s highly unlikely you’ll get an immediate response, so be prepared to sit it out for a while.
8. Keep records
It’s important you keep copies of correspondence between you and your bank, and any evidence you have sent to back up your case. You may need to refer to this documentation later down the line.
9. Don’t be fobbed off
With a bit of luck your bank will respond to your complaint letter in a satisfactory way.
If that doesn’t happen and you’re unhappy with the outcome, contact the person dealing with your complaint in writing again and inform them you’ll be referring the problem to the Financial Ombudsman Service (FOS).
The FOS is an independent organisation, which specifically resolves disputes between individuals and financial companies.
Check out the FOS’s advice on how to complain. The FOS is completely free to use and may be able to help you claim compensation. But don’t be surprised if it takes some time to reach a resolution. If your complaint is complex it could take several months.
If you’re still not satisfied with the FOS’s final decision, you won’t be able to appeal. In this case it may be necessary to pursue your complaint through legal channels, but this will most likely incur legal fees.
10. Vote with your feet
After all this, you’ll probably have had more than enough of your bank. If you’ve lost faith, vote with your feet and switch. Moving current accounts is far more simple than you might think with some banks offering dedicated switching services.
There are several attractive current accounts on the market, which are proving popular with customers, which are certainly worth considering.
If you want to do a bit more detailed reading, have a look at the best accounts for cashback, the top accounts for switching bonuses and the best joint accounts for bills.
Do you have any tips on how to complain and win?
Ever fought a battle with a bank or company - and won? Tell us what happened and how you did it using the comments box below!
Comments
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Complaints about standard bank In 2012 i took advance loan with standard bank at the amount of R250000 at the installment of R5200 per month i payed up to2014 when i applied for debt review the installment was reduced to R3500 i payed tiil today this is the 9years now when i asked for balance statement in 2018 it was R304000 and ask it again in may 2020 it is still R304000 i want to know where is this R3500 go to if I am still have that huge amount is it possible for me to finish this or this is life sentence please help me I am so frustrated by the way standard bank is doing to me
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so bluegirl , who are you ? angela knight's asssissant ? she won't have a thing said about the banks .they're all so pure and however you do it , there's nothing wrong with taking money off people - no matter how you do it tell me this - what did it cost the bank say , in my case, to fund 12 for less than one month ? 170 pounds ? the difference between me and thousands of others holding bank accounts versus going into tescos and loading up your trolley and heading for the door is that between customers and the bank , there is some sort of contract . at the very least we all signed on the dotted line and supposedly they know us we didn't expect to get hit with aclub from a neanderthal banks should be reminded of a certain amount of social responsibility but no driven by the city to hoist that virility symbol their share price , they do all they can to enhance this . remember andrew buxton in the mid 90' scratching his head to wonder how the bank could make more money . eureka moment - charge the customers for everthing they used to have free for holding a bank account with money in it . they all rode off into the sunset and made a continuing fortune i'll repeat myself to head off the doubters - capitalism is perfectly alright but not in some of the forms we have to experience
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[b][url=/profile/bluegirl.aspx]bluegirl[/url] [/b]I take on board the sentiment of your comments and would I be correct in thinking that you might also work in finance (my own 'tag' is my giveaway!!)? If not, you do make a valid point, but I can also see the sense made by other contributors, as people can at times lose sight of delayed cheques coming through the system (I had one hit my account this morning, from mid-March). For that reason, people need to be savvy and check their accounts on-line, at a branch, from their mobile phone or even via a cash machine, as there are so many ways that Bank's keep customers informed and have done so, for many years. By actually managing your account, you can keep within an agreed overdraft limit (always have a nominal pot of money in a linked savings account, that you can transfer into the current account to stop any possible 'excesses') and that way you pay the barest minimum of charges - [i][b]WHICH ARE PUBLISHED FOR ALL WHO USE THE SERVICE, TO SEE![/b][/i] Anyway, about complaints.... I recently wanted to get a small amount of currency - £20 worth - (my youngun's school trip across the Channel), but my Bank failed to make clear how much the minimum was on the website and after finding I couldn't get the sum I needed and wasted 20 minutes trying to order by phone, I had to get it via a local branch the following day. A letter to our Customer Complaints department outlined the lack of detail on the website and that the person with whom I deal by phone (from the number quoted on the site), knew how much I wanted at the outset and then I found out after 20 wasted minutes I couldn't get it, plus the rate I paid in the branch was worse. They considered the points I made and credited my account with £20 compensation. The stance I chose, was to blame NO-ONE, but simply to highlight the problem to the Bank, so that they could get it right for other customers. Whilst we are staff, we ought to be counted as customers too, but that's my only differentiation! I felt that if they take this on board and it helps future Customer Service, the complaint handler would make their own decision to compensate me and my politeness and calm construction of the letter (your comments in this area are totally apt Jane), supported the outcome. The moral here folks, is that if you think your Bank is not doing something that is customer focussed and that's let you down - [b]however trivial [/b]- write to them and express that it's for their Customer Service benefit and you just wanted to do your 'civic duty'. Who knows....you may make a quid or two??
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17 June 2020