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.
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
3 comments ↓
My bank lloyds tsb have still not issued me a new debit card through the post!!! they have since mon 24th november cancelled my old debit card. The original card was ordered over 3wks ago!!!! I am left with so many things to pay!!! Pls can you advise me on this situation.
Many thanks
Mr R Khan
Barclays has taken 5 weeks so far, after having all the relevant documentation – death certificate, probate form, executors signatures, personal identifications etc. – to close my deceased mothers accounts. Now they tell me my application is being “fast-tracked”. How do you fast-track an operation that takes about 30 seconds?
The value of the accounts is only about £5k. Worst aspect is they just DON’T care and communication from them is non-existant.
HAD A TERM DEPOSIT WITH LLOYDS TO MATURE ON THE 2ND OCT 09 TO BE PAID, 2 WEEKS BEFORE THIS DATE I GAVE SPECIFIC INSTRUCTIONS FOR THE FUNDS TO BE PAID INTO MY CURRENT ACCOUNT, AND NOT TO BE REINVESTED.
WHAT HAPPENDS AS FOLLOWS,
1. THE FUNDS WAS NOT PAID AT ALL ON THAT DATE,
2. WAS NOT AVAILABLE IN MY CURRENT ACCOUNT
3. WAS ACTUALLY REINVESTED INTO FURTHER YEAR ANOTHER TERM DEPOSIT, EVEN THOUGH I AS FOR NO FURTHER INVESTEMENT AFTER THAT 2ND OCT 09 DATE.
BUT WAS IGNORED.
4.NO APPOLAGY
5.BLAM WAS ACTUALLY GIVEN TO A THE BRANCH WHERE THE INSTRUCTION WAS GIVEN FOR NO FURTHER INVESTEMENT.
6. AFTER COMMING AND GOING I WAS OFFERED A GIFT OF £50
7.THEN VERBERLY UNDER QUIET BREATH OF THE PERSONEL, HOW ABOUT £100
8. CONSIDERING I MISSED OUT ON OPUNITIES OF INVESTEMENT, STOCK AND SHARES, PROPERTY.
WHERE DO I STAND FOR COMPANSATION.
9. I FINALLY GOT PAID ON THE 6 OCT 09
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