By: Mirage Ratnayake
Step 1 – Be clear about what the problem is.
GATHER all supporting documents about the matter of complaint, think about the questions you want answered, and be clear about what you want the bank to do about it.
Take note of who you talk to or ring – it’s best to put everything in writing and request they do the same.
Be polite but firm – don’t abuse or threaten staff, no matter how angry or frustrated you feel, because it makes the dispute unpleasant for everyone and is a distraction that can obscure the issue. Get even by focusing on the facts and chasing an outcome.
Step 2 – Start at your local branch
Banks prefer you try to sort out any problems at the branch as the first point of contact before taking it further. So discuss it with staff or the manager of the department that handled the matter. Explain the problem calmly and ask them to review the situation.
Step 3 – Move onto headquarters
If the matter isn’t resolved to your satisfaction, seek contact details for the organisation’s customer relations team.
Most banks/financial institutions have a dispute resolution division, which is advertised on their website or in the loan terms and conditions booklet. Deal directly with these people rather than a call centre to work through the issue.
Step 4 – Keep making payments
Don’t stop making payments because you are in dispute. The problem may not go away and this can lead to further penalty fees.
Be flexible and recognize that everyone makes mistakes. Keep yourself open to alternative compromises.
Step 5 – Turn to outside help
If the dispute can’t be resolved, refer the matter to the Banking & Financial Services Ombudsman (BFSO) or ask for other options. The BFSO is a free disputes resolution service.