8 Shocking Reasons to Complain to Your Bank Now!

As complaints about banking and credit soar, we reveal eight reasons you should always make a fuss.

With grievances to the Financial Ombudsman Service (FOS) surging by 40%, it’s safe to say many of us aren’t happy with our banks. The FOS received 133,019 complaints from January to June 2024, a stark rise from 93,114 the previous year. During this period, 101,031 banking and credit complaints were lodged, including issues related to fraud and scams.

1. Hidden Fees

According to research from Wise, Brits are set to lose £215 billion to questionable bank fees in 2024. Remember, banks have a legal duty to be transparent about any charges, and while fees may seem small, they can add up significantly.

See how much your bank charges you to spend while abroad

2. Inadequate Customer Service

If you have a problem with your bank, your first port of call is usually the internal customer service team. Under FOS rules, providers must respond to your complaint within eight weeks. Use the header “complaint” in your correspondence and include all relevant information.

3. Failure to Follow Regulator Rules

The Financial Conduct Authority (FCA) has strict guidelines on lending and customer treatment. Banks that fail to comply risk penalties and reputational damage.

4. Unfair Account Closure

You have grounds to complain if a bank has closed your account unfairly. Common complaints include factual errors and insufficient notice.

5. Not Preventing Fraud

Under new guidelines, not preventing fraud is a criminal offence for financial organizations. Banks must have a reasonable fraud prevention policy in place.

6. Difficulty Accessing Your Money

If your card fails or your app is down, you have a valid grievance. Common complaints include charges for late payments due to these issues.

7. Discrimination

Discrimination can occur based on various factors such as race, religion, or disability. Under the Equalities Act 2010, individuals are protected against such mistreatment.

8. Irresponsible Lending

Irresponsible lending involves providing loans to individuals who cannot afford to repay them. Lenders should conduct affordability checks to ensure borrowers can manage repayments without financial strain.

Have you ever been ripped off by your bank? What practice annoys you the most? We’d love to hear your thoughts in the comments below.