Bank Mistake How to Make A Complaint?

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  Bill on 28/09/2022 - 23:07

  I would say just continue to try and get it solved with them, can't complain if you haven't given them a chance to fix it. Time isn't particularly urgent, then won't tell you you're too late. Just make sure they are continuously replying and are working on it. In this situation, you should never have to get a 3rd party involved as it should be undisputed. But if you do which I can't imagine happening, the financial ombudsman could be a solution. This is what the process is anyways.

  Also, it's best to email them about this as I think a call centre agent will need to send an email as well.

  • 

    Bill on 28/09/2022 - 23:17

    should I make a complaint about this? Is the bank need to do anything else beside fixing the mistake they make? And in what way I can approach this?

    No external complaint, they don't need to do anything other than fix the problem, and deal directly with the bank.

  • 

    Alan6984 on 28/09/2022 - 23:17

    I totally agree that you should move to written communications (email or hardcopy - definitely not 'online chat' or anything else informal / via any third party other than your email provider).

    That way, you can draft, and re-draft, until you are absolutely certain that you have said what you need to say, and that all the details are exactly right before you send it.

    Also, their replies will also be in an immutable form that is trivial to review any time.

    I would not recommend going to the Banking Ombudsman unless and until you have exhausted all channels within the bank to get it sorted, including their internal complaints procedure, but don't even consider that yet - work with the branch staff or whoever it is to get it sorted in the first instance.

    Alan.

    • 

      Bill on 28/09/2022 - 23:20

      Yes, definitely the ombudsman is a last resort, only if there is a disagreement and refusal to move forward after total escalations.

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      doubledippps on 28/09/2022 - 23:41

      Yes the first thing I did was pop straight into a branch but they said there's nothing they can do there (I was like really?) I will need to ring the customer service number, didn't think about email because I was panicking and just wanna get it sorted immediately 😂. I have the agreement I signed and send back to the agent via email tho. Guess I can only wait now, according to them the agent should be back before my next fortnightly repayment 😂

      • 

        Bill on 29/09/2022 - 00:02

        Just in case, if you are using a mortgage broker, forget the bank and contact your broker first.

        The only real problem you can have with a bank is when you sign the agreement, send it to your broker and the broker's assistant is on leave on friday. By the time it's sent to the bank on monday, they have raised the interest rate already and can't accept the agreement anymore.

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          doubledippps on 29/09/2022 - 00:09

          @Bill: I have signed the agreement 2 months ago I I think the rates been locked since, another problem I realize is also the agent got my flexible loan account interest rate wrong as well (higher) beside the additional 80k floating rate account. The agent is the bank's agent, I pretty much sign the document straight away and email back to him after we spoke on the phone. So I guess the rate should be as stated in the agreement without any changes.

          • 

            Bill on 29/09/2022 - 00:11

            @doubledippps: Yep, what is in the contract is what you will get. The bottom part is just a personal experience. Not literal

          • 

            bigcheese on 29/09/2022 - 00:22

            @doubledippps: The fixed rate component of your loan could well have had a rate lock component where you can hold an interest rate for a couple of months before your loan rolls over.
            However, the flexible part of your loan could still move up or down. That won’t have been fixed.

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              doubledippps on 29/09/2022 - 00:31

              @bigcheese: Ahh ok, I thought Flexible have a fixed rate too because it stated in the agreement. Just check the website "Flexible Home Loan interest rates can either go up or down in line with market changes."

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                bigcheese on 29/09/2022 - 08:46

                @doubledippps: The flexible home loan can be really useful in that you can redraw (up to your limit) if you need to but also repay extra if you happen to have money available.
                Keep in mind that you do pay for this privilege with an interest rate that is usually higher than the fixed terms and will fluctuate with the market.
                Make sure you understand it properly - they should have made sure you knew this before signing you up.
                I would recommend only having a small component flexible for this reason.

  • 

    doubledippps on 28/09/2022 - 23:18

    They didn't not send me an email, they said I will have to wait until the original agent back from his annual leave because he is that only 1 could amend it. They did send me a letter on the following Monday said they are working on it and I don't need to do anything.

    • 

      Bill on 28/09/2022 - 23:24

      Then I wouldn't do anything. Banks don't get numbers wrong, especially after a problem. All extra interest ect incurred will be accurately calculated.

      • 

        Bill on 28/09/2022 - 23:28

        Also, banks do tend to work this way where only one person deals with you. A call centre agent will just email the person for you and you wait for the person to solve it.

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          doubledippps on 28/09/2022 - 23:50

          @Bill: Ok thanks mate

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  bigcheese on 28/09/2022 - 23:18

  You need to go back to the bank in the first instance to get it corrected and charges you incurred reversed.
  I would ideally start with your banking consultant/agent but if they are still away then the branch manager.
  You could probably even get this sorted with their call centre.
  If this is incurring you extra repayment costs in the interim you shouldn't have to wait for them to return from leave.

  What do your loan documents say?
  You mentioned that the last agent told you they gave you an extra $80K - if this is different from what you signed then it should be a straightforward correction.
  Have you got emails / correspondence with your banking consultant that discuss what you are wanting?
  All this information will help.

  If you are still getting nowhere then ask for a copy of the notes taken by the agent when you discussed the restructure to ensure they captured what you wanted correctly. You are entitled to see them if you ask.

  This is what I would do at this stage.
  From here you can decide if you want to take it further or not if you find you are not getting any help from the bank.
  Banks generally have a complaints resolution team if the branch or call centre is unhelpful and you can ask to speak to them. After that it's the Banking Ombudsman but shouldn't need to go that far.

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    doubledippps on 28/09/2022 - 23:26

    Yes I have the loan document in my email which I already signed and return to the agent, they said they can't make any correction until the agent return, They are not actually gave me extra $80k, they create an extra floating rate loan account with $80k loan and charged me extra repayment 😂

    • 

      bigcheese on 28/09/2022 - 23:33

      I don't think you have anything to worry about.
      If they have said you don't need to do anything then it should just be an admin correction and any interest incurred reimbursed.

      They do make mistakes sometimes - I know having worked for one of the major banks for a few years there are a lot of components to getting a loan sorted and the agent will be equally distressed at getting it wrong.
      Give them an opportunity to fix it and as long as you're not out of pocket as a result then I would just let it be.

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        doubledippps on 28/09/2022 - 23:49

        Ok cheers mate