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Bank complaints up 50% on last year!

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The number of complaints about high street banks soared by 50% last year, figures showed.

 

The Banking Code Standards Board said it received 3,500 complaints against banks during 2005, up by half since 2004.

 

During the final six months of the year, 1,200 complaints were made, the highest number of which were about interest rates and penalty charges levied by banks.

 

Other areas consumers felt aggrieved about included how secure and reliable the banking system was, including mistakes made by banks and transactions going astray, and the way banks dealt with people who were experiencing financial difficulties.

But even when people complained to their bank they were not satisfied with the service they received, with issues relating to complaints-handling the fifth most complained about issue.

 

The voluntary Banking Code Standards Board added that it had also received a number of complaints about the difficulty of opening a basic bank account.

 

These accounts are a Government initiative which aims to help people open bank accounts who would not meet the criteria for a standard current account.

 

But the board found that people were wrongly told the accounts were only available to people on benefits, and were not available to discharged bankrupts, or people with a bad credit history or those who had bad debts.

 

Others were told the accounts were only available to people who received a salary and not to those who were on benefits.

 

The board said that while these complaints were not numerous, they did give cause for concern

 

Taken from the news panel on Yahoo!

 

LOULA

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they did give cause for concern

 

Eh? What WILL give them cause for concern then?


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The figures since this site started!


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Surge in Bank Complaints

 

Complaints against the UK's High Street banks went up by 50% last year, new figures show.

 

The Banking Code Standards Board said customers were unhappiest about interest rates and penalty charges.

 

The group said it had received some 3,500 complaints and enquiries in 2005 - up by a half over the previous year.

 

It is now possible that the City watchdog, the Financial Services Authority, may now take action against banks not handling complaints efficiently.

Board officials have met their FSA counterparts to discuss cases where banks have not met the eight-week deadline for dealing with peoples' concerns.

 

The BCSB received 1,200 complaints in the six months from August 2005 to last January.

 

The figures come only weeks after the Office of Fair Trading announced a crackdown on credit card lenders and ruled that late payment charges on cards were "unfair".

 

The OFT said they were unlawful but generated annual profits of £300m for the sector.

 

Lenders have been given until the end of this month to respond to the proposal to limit all such charges to £12 - less than a third of that currently levied.

They have also been ordered to consider curbing penalty fees on overdrafts and mortgages.

 

The BCSB said in its latest bulletin: "Given the BCSB is often contacted only as the last resort, we were concerned that our figures could be the tip of an iceberg."

 

Other topics which generated large numbers of complaints included secure and reliable banking systems or transactions which had gone astray.

 

Link --> http://www.sky.com/skynews/article/0,,30400-13521658,00.html

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This report was on the Radio 2 business news at 5.30 also. They had Mike Nailer from Which on who stated that the charges amounted to penalties and were "Unenforceable" and they were urging people to reclaim their charges.

 

Did anyone else hear it, and can anyone link me to the BBC report where he stated it because I'd like to hear the wording he used again. All I can get is the whole Chris Evans 5-7 show.


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Here's the BBC link to yesterdays NI story ("The Consumer Council is urging customers of Northern Ireland's four main banks to take them to court if they feel they have been overcharged.")

 

http://news.bbc.co.uk/1/hi/northern_ireland/4867290.stm

 

Re the UK story, I only saw it on Cefax, not on the website.


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This report was on the Radio 2 business news at 5.30 also. They had Mike Nailer from Which on who stated that the charges amounted to penalties and were "Unenforceable" and they were urging people to reclaim their charges.

 

Did anyone else hear it, and can anyone link me to the BBC report where he stated it because I'd like to hear the wording he used again. All I can get is the whole Chris Evans 5-7 show.

I heard the brief report on Chris Evans show. Disappointed he didn't actually mention this site :( I don't have the time right now, but if you start listening to the show on the listen again you can then slide the time bar across in chunks until you get to where or at least near where the report is.

 

Have searched on the BBC site and found nothing relatng to Mike Nailer. Is that spelt right?

 

Neil.

 

edit - PS: Judst emailed Chris Evans asking for a transcript of the interview. Not sure whether it will be given, but worth a try :)

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Judst emailed Chris Evans asking for a transcript of the interview. Not sure whether it will be given, but worth a try :)

Excellent. Please let me know if you get it. I'd be very interested in a copy.:)


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style="text-align:center;"> Please note that this topic has not had any new posts for the last 4969 days.

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