How To Complain to Your Bank

Complaining to your bank can be a daunting experience, but, when you have a lot of money at stake it is important that you complain in the right circumstances and in the right way to make sure the banks doesn’t take advantage of consumers.

Situations where it is helpful to complain.

Misselling of financial products.

If you think that you have been sold products without the full information being made clear at the beginning. For example, recently UK banks were heavily criticised for misselling insurance of loans. PPI. In many instances, the true cost wasn’t spelt out;  the insurance was often very difficult to claim; and many consumers were given the impression that the insurance was a necessary part of the loan.

Excessive Bank Charges.

If banks change the cost of overdrafts or mortgage exit fees, you may have success in complaining. For example, many mortgage lenders increased the cost of mortgage exit fees from the ones in the initial cost. The increases were often £100 - £200 , far above the rate of inflation. Customers who have made complaints have often received a rebate for the extra cost charged.

Mistakes by The Bank

Banks do make mistakes. This could be on billing, service charges or delays in sending out information. Many of the activities of the bank are automated and these can be wrong. If you think you have been mis charged try claiming the money back and writing a letter of complaint.

Unfair Treatment

If the bank seems to make unfair decisions, you might be able to puruse the matter, asking for justification. For example, Egg recently ended the contracts of many of their credit card holders. egg

When to Contact Your Bank.

Sometimes it is worth writing to your bank, even when they are not to blame. For example, perhaps you go slightly overdrawn or just  miss making a payment in time. If you write a polite letter explaining the unfortunate mistake, they may have pity on you and cancel the charge. We always hear about banks being mean, but, sometimes they can help their customers, even though it is not a requirement. We cannot guarantee any success, but there are occasions when a good letter may help to get a rebate.

• How to Write a letter of complaint to a bank 
• How To Make an Effective Complaint
  

Complaints to UK Banks

When making a complaint it is best to first contact your bank, either by letter or in person. If this proves unsatisfactory, you could take up the complaint with the FSA

Halifax - How To Complain to the Halifax 

Barclays - Complaining to  Barclays Bank

Abbey - Complaints to Abbey 

HSBC - Complaining to HSBC 

Natwest - Complaining to Natwest 

Financial Services Authority FSA