Although banks usually provide efficient services, they may sometimes commit transactional errors that can have a negative effect on your bank balance. If you suspect that there has been a mistake, you need to take it up with your bank as soon as possible. However, following certain standard procedures will help you to resolve the problem, without affecting your existing relationship with the bank.
Banking disputes can arise due to various reasons, which are mostly technical in nature, and can usually be settled amicably. For example, an installment payment could be wrongly deducted from your account before the due date, or the bank incorrectly charging you a penalty fee, or incorrect balance calculations, and the like. Sometimes disputes may also occur due to human error by bank employees. Disputes like these can be settled agreeably by following the procedures given below:
Communicate In Writing
To settle a banking dispute, you first need to write a formal letter to your bank, explaining the basic problem, and the reasons why you think it has occurred. Providing the necessary documents to support your point of view will add to the veracity of your claim. This letter will allow bank officials to understand your case, and help them to conduct the necessary checks on related bank records or documents. It will also form the basis for future deliberations with your bank.
Read The Fine Print
Before making a claim of dispute with your bank, you need to go through all their business policies, and all the information given in fine print. When disputes are made, it is often discovered that banks are within their rights, and are following the correct procedures. By going through the fine print, you can ensure that you have proper rights to dispute your case.
Avoid Aggressive Behavior
Even if you have the legal rights to dispute your case, an aggressive stance will not solve your problem. Most errors are technical and unintentional, and bank officials will most likely ignore you if you get belligerent with them. Remaining calm usually results in resolving problems far more smoothly.
Meet Bank Officials In Person
Although letters can clear up most banking discrepancies, certain disputes may require you to personally meet the bank manager, or some other bank representatives. Communicating with bank officials in person will allow you to present your case in a better way, while also enabling them to understand the full extent of your problem.
You need to come to terms with the possibility that your case may not be worked out immediately, because banks will most likely give priority to their daily working requirements. However, it is also true that banks value their customers, and will do everything possible to clear up their problems. Persevering with your claims of dispute until you get your problem resolved is advisable. Moreover, if you are not satisfied with the bank’s response even after a lot of negotiations, you can seek advice from financial advisors, or companies that settle banking disputes. You can rest assured that as long as you have the documents to support your claim, you will get your dispute settled in your favor, although it may take some time.