Having a problem with a bank can be challenging and if you are facing issues, you may not be the only one. Filing a complaint can be a great way to ensure that no one is treated unfairly.
• Resolve the matter internally
• How to file a complaint against your bank
• Decide where to complain
• What to do after making a complaint
A bank customer who was incorrectly charged a fee or received unfair treatment will be annoyed and disappointed. If no one addresses this problem, it’s time to file a complaint. Make sure this decision can help others too.
Given below are some of the steps to file a complaint against your bank
Resolve the matter internally
A direct conversation with the bank may seem easy to begin the complaint process. The issue you are going through may have been a genuine mistake. It’s favourable to start by giving the bank the benefit of the doubt. Try to cooperate with the bank’s customer support team to resolve the matter.
Don’t forget to take detailed notes along the way. Keep a record of whom you conversed with, what was said and its timing. You can communicate through email, chatbox or calls. In case, you don’t get any solution, it’s time to file a complaint.
How to file a complaint against your bank
After several attempts to resolve the issue, it’s time to proceed with a formal complaint. Collect all the important documents, such as messages and billing statements from the bank. You can ask the following questions to frame your complaint:
What’s the complaint about? Identify the product or services you are complaining about, whether it’s a credit card, chequing account or credit reporting.
What kind of problem are you going through? Is it related to managing, closing or opening an account?
What happened? Mention the date, the money involved and action taken by you or the bank. Describe what a legitimate solution would be.
What company are you complaining about? The complaint can be about the bank, credit union, financial technology firms, lenders and more.
Who are the people accountable? Did the problem impact only you or were there others?
Decide where to complain
You can submit the complaint online to the Consumer Financial Protection Bureau (CFPB). If the information is ready, it will only take a few minutes to fill in the online form. After the submission, it will ask the bank to respond within 60 days. After receiving the response, you can choose to revert within 60 days. The complaint will be closed after the final response.
The Office of the Comptroller of the Currency (OCC) is another government bureau that addresses banking complaints. Make sure that the bank is regulated by the bureau. It will take around 30 minutes to submit a complaint through an online form. The organisation will investigate the matter and will send the result of the enquiry within 60 days.
The Federal Reserve also accepts complaints through online form and consumers can mail their questionnaire. No matter how you choose to submit the complaint, the organisation will investigate and inform you within 60 days.
What to do after making a complaint
The process of submitting a complaint does not take very long. But, it takes days or weeks to get the issues resolved. While waiting for the resolution, you can rate and review your banks on an online portal, BankQuality. Take a look at the top-rated banks and consider them in the future. You can help others by enabling them to learn from your experience and make an informed decision while choosing a financial institution (FI).
BankQuality is one of the top-ranking online sites that review and rate financial service providers. People from across the globe can easily share their experiences and help everyone to invest their valuable time and money in the right FIs while encouraging the banks to improve their services in the process.
BankQuality conducts surveys to collect information on the quality of services and the latest transformations in the global financial services industry. It carries out in-depth analyses to compare a diverse range of FIs. People can make their decisions based on the rankings and recommendations made by financial experts and can choose from the best options available in the market. For more information on how we help you ease your financial journey, you can visit our website today.
The bottom line
Like any other organisation, banks can accidentally make mistakes. A simple email or paying a visit to your local branch can help resolve the problem. But, if your bank is involved in misleading or illegal activities, it is important to file a complaint to safeguard other consumers and then you can switch to a bank that serves your needs better.