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How to resolve a complaint with a Bank?

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  • 06-06-2012 10:48pm
    #1
    Drop the Ball
    Registered Users Posts: 80 ✭✭


    I had an issue with my bank regarding unauthorised transactions in my account. All money has been recovered however I have asked the branch manager for an explanation but I have not received a satisfactory response to date.This has been ongoing for a number of months now.

    What is the best way to escalate it to get a satisfactory response? Should I try escalate it at a level higher that branch level or do I go straight to the Financial Services Ombudsman?


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Drop the Ball wrote: »
    I had an issue with my bank regarding unauthorised transactions in my account. All money has been recovered however I have asked the branch manager for an explanation but I have not received a satisfactory response to date.This has been ongoing for a number of months now.

    What is the best way to escalate it to get a satisfactory response? Should I try escalate it at a level higher that branch level or do I go straight to the Financial Services Ombudsman?

    What sort of transactions are they? What explanation have they given so far.

    In terms of complaints, you need to fully exhaust the formal complaints procedure with the bank before the Ombudsman will get involved.


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    #3
    lexa
    Registered Users Posts: 150 ✭✭lexa


    They have resolved the issue so may have closed your complaint. Have you followed up with the branch manager in writing stating that you are still seeking an explanation?
    I would do that first, so they are aware that you do not consider the matter closed.
    If they have not resolved this to your satisfaction within 40 business days, you could take it to the FSO. The bank should have advised you of this.

    The bank should handle your complaint in accordance with chapter 10 of the consumer protection code.

    http://www.centralbank.ie/regulation/processes/consumer-protection-code/Documents/Consumer%20Protection%20Code%202012.pdf


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    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Ok,

    More details needed but assuming,

    You complained, they followed their internal complaints procedure, issued final response. Throughout your complaint you should have at least got a leaflet explaining that if you are un happy still with final response you can have the ombudsman look at the complaint.

    However, if the matter is sorted and your account has been returned back to the state before the transaction happened then there is little chance to ombudsman will force the bank to reveal all. They may offer a gesture of goodwill.


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    #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,271 Mod ✭✭✭✭Jim2007


    Drop the Ball wrote: »
    I had an issue with my bank regarding unauthorised transactions in my account. All money has been recovered however I have asked the branch manager for an explanation but I have not received a satisfactory response to date.This has been ongoing for a number of months now.

    What is the best way to escalate it to get a satisfactory response? Should I try escalate it at a level higher that branch level or do I go straight to the Financial Services Ombudsman?

    What exactly are you trying to achieve here, the problem has been sorted out and you have got your explanation???

    It would be very foolish for any bank to detail it's internal weaknesses to the public and thus expose themselves to future frauds.


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    #6
    Profiler
    Registered Users Posts: 1,327 ✭✭✭Profiler


    Jim2007 wrote: »
    What exactly are you trying to achieve here, the problem has been sorted out and you have got your explanation???

    It would be very foolish for any bank to detail it's internal weaknesses to the public and thus expose themselves to future frauds.

    Internal weakness? so it could happen again? and again, and again and again???

    I suspect what the OP is trying to achieve here is confirmation of what happened, assuranaces that steps will be taken to ensure it won't happen again, and if that is not forthcoming and very quickly, every bit of assistance the OP can get to switch their account to another more secure bank.


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    #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,271 Mod ✭✭✭✭Jim2007


    Profiler wrote: »
    Internal weakness? so it could happen again? and again, and again and again???

    Every system be it run by a bank or any other business will have weaknesses, it's a fact of life. And the fewer people that know about them the less chance they will be breached.


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    #8
    Profiler
    Registered Users Posts: 1,327 ✭✭✭Profiler


    Jim2007 wrote: »
    Every system be it run by a bank or any other business will have weaknesses, it's a fact of life. And the fewer people that know about them the less chance they will be breached.

    The OP's money, not the banks money, the OP's money was taken out of the OP's account and your response to that is the fewer the people know the better?

    You've cited the reason for this is there is less chance the security will be breached is as much use as applying for planning permission to consider building a stable AFTER the horse has bolted.

    The OP is entitled to detailed explanation and if I were the OP and one was not provided by the bank very promptly my next call would be to move accounts.


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    #9
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,271 Mod ✭✭✭✭Jim2007


    Profiler wrote: »
    The OP is entitled to detailed explanation and if I were the OP and one was not provided by the bank very promptly my next call would be to move accounts.

    It is up to every bank to decide how to deal with these situations, most will of course offer an apology and that is about it. Furthermore, you should realize that loosing one customer or even a few is a cheap price to pay rather than risking your systems to even greater losses by publishing details of your weaknesses...

    This happens in every industry - you sit down, do the math and the conclusion is that it is cheaper to let the customer go.... here in Switzerland, most banks have decided that keeping US customers is to bothersome, so they have written to every US citizen or Green card holder on their books and have told them to close their accounts by the end of the year or it will be done for them!


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    #10
    Profiler
    Registered Users Posts: 1,327 ✭✭✭Profiler


    Jim2007 wrote: »
    It is up to every bank to decide how to deal with these situations, most will of course offer an apology and that is about it.

    Actually its not. Again as it's the OP's money then the OP is entitled to a proper answer. If needs be by forcing the relevant regulator to step in and hold the bank accountable.
    Jim2007 wrote: »
    here in Switzerland, most banks have decided that keeping US customers is to bothersome, so they have written to every US citizen or Green card holder on their books and have told them to close their accounts by the end of the year or it will be done for them!

    There is a huge difference between one banks inadequate security system and the US Government demanding Switzerland hand over detailed information of US citizens using Swiss accounts to dodge tax.

    It's comparing granny smith Apples with Apple iPods.


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