Consumer opinion sites are riddled with increasingly negative reviews for banking institutions. It is no coincidence a great number of customers are feeling ripped-off and used by many banks’ poor customer service, misinformation, predatory fees and overdraft charges.
Many feel helpless in rectifying problems with banks since it comes down to the customer’s word against the bank’s and the bank seems to hold the power. Also, some feel ashamed by fees, not wanting to appear like they are in financial turmoil, but being vocal is the best course of action. Banks are not the only ones with power and there are steps consumers can take to protect themselves and get fair resolutions to their banking problems.
Recently an acquaintance was sent a notice from a bank for a $40.00 overdraft fee on 23 cents of interest on a paid off overdraft balance. The account had been closed for two months. He was not only appalled by the fee, but he felt helpless in finding a resolution. He had been assured no money was owed on his account when he closed it and the bank had sent him a check for his final account balance.
Do Your Homework
A good way to head off any issues is to do some research before choosing a bank. Reading other people’s experiences could head off most potential problems. Some great websites to look into are consumerreports.org, epinions.com, ripoffreport.com and your local state department of consumer affairs which has updates and resources on new laws, consumer complaints and rights. Also, read through and understand all contracts with your bank. If something is unclear, check with the bank. Then get a second opinion from a knowledgeable friend or online. The web can be a great resource to finding the best banking institution for you.
Keep Excellent Records
When did the issue first occur? Who did you speak with and when? Was a resolution promised? Keep banks statements and copies of all correspondences you send to the bank. If you speak with someone, get their employee ID, name, the date and time of the call and what was discussed. Keeping detailed records could be the best tool to getting a favorable resolution.
Be Vocal
Speak to your bank manager. If you’re a longtime customer in good standing and are not belligerent when making your request, your bank manager can reverse fees. It is at the manager’s discretion and he or she is not obligated to do it, but it is in the bank’s interest to keep customers happy.
If you feel the fees in general are exorbitant, predatory and unfair you should also call or write your member of Congress, your state’s Attorney General and the Federal Trade Commission and inform them of the issues you feel should be addressed. Although the latter three will not offer immediate solutions, if enough people make a stand, the powers that be must take action to keep constituents and consumers happy.
Outside Assistance
If you have exhausted all options and you have a viable case, a more decisive and effective route is contacting the US Controller of the Currency which regulates the national banks. Their website occ.treas.gov has plenty of useful information and instructions on filing complaints against your bank.
If you choose to file a complaint, you must ensure you are extremely detailed and honest when explaining your problem. Sometimes exasperation and anger can lead to exaggeration and this will only work against you. Stick to the facts, even if you are partially at fault, and you will have a good shot at having a successful resolution. Your credibility is essential when you seek outside assistance and the banks keep excellent records which can discredit any fabrications.
Include any and all relevant bank statements, notes, correspondences and documentation regarding your complaint. Many companies record phone calls and sometimes can track information or employees who have spoken to you.