When your bank messes up…

GONE are the days when you had to wait in queue to finish your bank work.

These days you have smarter options. You can transfer money, online, check your savings account balance on your cellphone and track the status of your cheque at your local ATM.

Yet banks still mess up. An extra charge, here. A cheque which takes forever to clear. We show you how to address these issues.

Step 1: If you have a complaint, visit the bank’s web site and file it here. Mention your e-mail id, correctly and wait for the bank to revert.

Step 2: If you do not receive a response from your bank or are not satisfied with the response, then file a complaint with the banking ombudsman (BO), a body supported by the Reserve Bank Of India (RBI).

The BO provides speedy solutions to grievances faced by customers from various banks.

What can you complain about?

You can complain if your bank does the following things:

• Does not clear cheques, drafts and bills. Or clears them late
• Refuses to accept without sufficient cause, small denomination notes (like Re 1, Rs 2 etc) or coins. Or if it charges a commission for this
• Delays the payment of deposits into your account
• Refuses to or delays issuing your drafts, pay orders or bankers’ cheques
• Does not stick to the prescribed working hours
• Fails to honour guarantees or letter of credit commitments
• The bank agents fail to provide or delay providing a banking facility (other than loans and advances) that has been promised in writing
• Does not follow the RBI directives that are applicable to rate of interest on deposits in any savings, current or other account maintained with the bank
• Refuses to open deposit accounts without a valid reason for refusal
• Levies any charges without informing you
• Does not stick to RBI guidelines with regards to ATM/debit card operations or credit card operations
• Delays payment of your pension money
• Does not accept or delays accepting amounts, that you pay as taxes
• Does not service you when it comes to investments in Government securities
• Forces you to close your deposit accounts without proper reason or notice
• Refuses or delays to close any accounts
• Does not adhere to the fair practices code as adopted by the bank
• Violates any other directive issues by the RBI in relation to banking or other services

How to file a complaint

• You can file a complaint by on a plain paper and submit it to the ombudsman’s office in your city. Click here for list of offices.
• You can also file it online: access the form.
• There is also a prescribed form for filing a complaint, which is available at all bank branches. However, it’s not necessary to use this format.

Can the ombudsman reject your complaint?

Yes, it can in the following cases.

1. Your complaint seems frivolous, dishonest or is filed without sufficient cause.

2. If you have not done your homework before filing your complaint, or do not have relevant proofs, the ombudsman will not entertain you. So, make sure you have a record of all your communication with the bank

3. There is no loss or damage or inconvenience caused to the complainant.

4. If the office of an ombudsman falls outside the purview of your case, he can reject your complaint. In this case, you must make sure you go to the correct office.

5. If your complaint sounds too complicated to the banking ombudsman, he may ask for elaborate documentation.

List of documents

Submit these along with your complaint:

1. Name and address of the complainant.
2. Name and address of the branch or office of the bank against which the complaint is filed.
3. All facts that support your complaint and if possible, quantify the amount of loss you suffered.
4. If the ombudsman has asked you to comply with some conditions, attach proof of such compliance.

The damages: There’s no cost involved!

Author: Harsh Roongta, Ceo, ApnaLoan.com
Source: Wealth, MoneyControl