Business Bank Checks

Retail banks are often on the receiving end of a slew of customer complaints about their service. This article highlights some common sources of dissatisfaction, based on statistics from the 2009/10 Annual Review of the UK’s Financial Ombudsman Service (www.financial-ombudsman.org.uk). It presents some quick wins – remedial steps that can be implemented at branch level, for immediate impact, and without significant cost – as well as longer-term approaches for reducing the number of complaints and improving customer service.

Complaints about bank charges

Customers may complain if they believe that their bank has charged them unfairly or excessively for a service. Typically, this refers to penalty fees for unauthorised overdrafts. Two broad scenarios may arise: a customer who normally has no problems managing his account inadvertently goes into overdraft because he has forgotten to transfer sufficient funds or an expected payment has been delayed. More often (in recent times), customers exceed their limits because they find themselves facing financial hardship.

Quick wins

To deal with the former scenario, branch managers can ensure that, at the account opening stage, attending staff explain fully to customers the importance of keeping track of their account balances, highlighting the precise administrative fees that apply if they fall into unauthorised overdraft. This gentle advisory should also stress that such fees are completely avoidable. If this issue usually goes unmentioned and is left to the small print (of account terms and conditions documents), customers may feel more justified in demanding a refund of their charges. On the other hand, bringing it to the fore may serve as a preventative measure.

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