You were incorrectly charged interest on the deposit, or charged the same commission twice on the loan, or refused to pay insurance indemnity
A situation where, in your opinion, a bank, insurance or financial company made a mistake or treated you unfairly is quite possible. Naturally, your first question is, “What to do – keep quiet or complain?”
However, In recent years, several new laws have been passed that strengthen the rights of consumers of financial services and empower regulators to act in the interests of consumers. Financial institutions are now more concerned about their reputation, better aware that they need to comply with consumer protection laws, and more responsive to complaints.
It is the appeal (first to the financial institution and then to the state regulator) that is the most effective way to solve the problem .
Financial institutions will never guess that something is wrong with you if you do not draw their attention to your problem. Let’s imagine the situation: you were incorrectly charged interest on the loan, and you just decided not to make the next payment, without explaining anything to the bank. As a result, you were fined – and the problem not only remained unresolved, but also increased. Therefore, track all transactions on your accounts and contact us if you believe that an error has been made. Remember that it is extremely important to describe everything in detail
It is very easy to apply correctly:
Step 1 : Contact the branch of the institution where you opened an account or received another financial service. Do it in person or call the hotline, write an email to or support the website or mobile application of the institution and explain the essence of your problem.
Step 2 : If the problem is not resolved after such a request, write a request to the head of the financial institution with all the details of the problem and give it to the employee (be sure to register your application there) or send it by registered mail.
Step 3 : If the institution has not provided an answer within 30 days or you are not satisfied with the answer, you should file a complaint with the the overseeing Authority of your Country.
Step 4 : If the issue is still unresolved, consider other options. If your question is significant enough (in terms of amount, etc.), you can always go to court. Sometimes it is effective to post complaints on social networks to solve the problem. Look for organizations where you can settle your dispute.
So, if you have a dispute with a financial institution, let it know immediately. Call, email her or write a paper letter. Many issues are resolved even at the first oral address to the representative of the financial institution. Do not think that financial institutions will automatically perceive your requests negatively, because they need feedback from you to improve services and increase customer loyalty.