- Step 1 - Be clear about what the problem is
- Step 2 - Start at your local branch
- Step 3 - Move on to headquarters
- Step 4 - Keep making payments
- Step 5 - Turn to outside help
With thousands of banking products and millions of customers, the occasional dispute is inevitable. No matter what the eventual outcome, dealing with it calmly and logically can reduce your stress levels.
Step 1 - Be clear about what the problem is
Be clear about exactly what it is you are complaining about. The more specific that you can be abut dates, times and instances the easier it will be for the bank to help you.
Gather all supporting documents about the matter of complaint, think about (and jot down) the questions you want answered, and be clear about what you want the bank to do about it.
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. Focus on the facts to achieve an outcome.
Step 2 – Visit or phone first
Before lodging a formal written complaint you should phone or visit the branch or department where the issue originated as your first point of contact. 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 – many problems can be resolved quickly and easily.
Step 3 – Lodge a formal complaint
If the matter isn't resolved to your satisfaction, seek contact details for the organisation’s consumer complaints team.
Most banks/financial institutions have an internal 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.
Outline your complain in writing (click here for some sample complaint letters). And be patient - in most instances the financial services provider has up to 45 days to respond to your complaint.
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 isn’t able to be resolved in a reasonable timeframe, you can refer the matter to the Financial Ombudsman Service (FOS) or ask for other options. The FOS is a free disputes resolution service, but they can only consider your dispute once you have followed the formal complaint steps above.
You can lodge a complaint with the FOS by filling out an online disputes form available at www.fos.org.au, or telephoning 1300 780808 for further assistance.
If the Financial Ombudsman Service isn’t able to help you, they will try to point you in the direction of someone who can.
