If you have received a message or a decision from a bank that for some reason you are not completely satisfied with, you have the opportunity to lodge complaints in several instances. This also applies if you feel that you have been treated less appropriately in a case. Here is a little short guide to where to turn with your complaint.
Contact the bank’s customer service
The first step, of course, is to go to the source itself. Contact customer service or a specially designated complaint service with your case and state what the problem is and what solution you want. All banks have a complaint handling function (may be referred to as the “Customer Ombudsman”).
The bank must give a reply within 14 days and the reply must state how one has reasoned and what the outcome of the complaint handling is. If you do not get it right, the bank should give concrete references on how to proceed.
General Complaints Board
The next stop in your quest for compensation and / or redress is the General Complaints Board. This party acts as an independent review function that investigates disputes between traders and private individuals at the request of a private individual. Noting that ARN only addresses cases for which the dispute is about values of $ 2000 or more.
If ARN finds that you are right, the bank will be recommended. This is not legally binding in any way, but few actors choose to ignore the committee’s recommendations.
Trial in public court
Should the bank ignore the ARN recommendation, there is always the option to go to court. This possibility exists from the very beginning, but it is wise not to bring a case to court until other options for redress have been exhausted, partly because a court proceeding incurs costs that are charged to the losing party.
Obligation to contract for banks
Banks, finance companies, credit market companies and credit institutions have virtually no automatic obligation to welcome you as a customer, whether in general banking or more specific products such as loans or savings.
Unlike, for example, insurance companies, these operators have no contractual obligation. There is thus no possibility of making a complaint against, for example, a bank for having been denied a loan.