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How to Handle a Bank Dispute
Key Takeaways
- A mistake at the bank might require a simple phone call to your local teller or involve a visit to the branch to speak to someone.
- It’s important to keep notes if resolving the issue will take multiple steps.
- If you’ve experienced fraudulent charges, it’s important to notify the bank as quickly as possible.
Money can be an emotional subject, so it’s no wonder people tend to get upset when they believe they’ve been wronged by their bank. Whether your dispute involves an unauthorized charge, incorrectly applied fee, fraudulent activity or some other type of problem, you’ll need to take action to get it resolved.
Some bank disputes can prove easy to settle. Others may be quite challenging even if you act quickly and take all the right steps. You may have to:
- Send multiple email messages.
- Make multiple phone calls.
- Visit a branch in your neighborhood or further away.
- Send a letter by U.S. mail.
- Post a complaint on social media to get your bank’s attention.
If your problem is complex, you may have to use two or more strategies to resolve it.
Resolving a bank dispute can be worth the effort, especially if a large sum is at stake, your credit score is at risk or you just want the satisfaction of a resolution, even if the sum is small or the outcome won’t affect your credit.
How Should You Contact Your Bank?
If you have an existing relationship with a personal banker, getting in touch with that individual may be the best way to resolve your problem, says Andy Mardock, a certified financial planner and founder and president of ViviFi Planning, a financial planning firm in Bend, Oregon.
“This person is more invested in your satisfaction and knows how best to navigate the internal channels toward a resolution,” Mardock says.
The next best place to start may be your bank’s website or mobile app. Most banks provide online contact options, such as email or chat. You may also find an online form that will let you fill in most or all of the information your bank needs to address your concern.
Hold times for phone calls can be long, but if you have enough time and patience, you should be able to connect with a live person. Some banks also offer automated phone services, voice messaging or a callback system so you don’t have to stay on hold while you wait to speak with someone. Be ready to provide your account number and security word or PIN as well as the details of your dispute and how you’d like your bank to resolve it.
If you prefer to bank in-person, some banks may require that you make an appointment to speak to someone. Find out what’s required before you go, and remember to bring your paperwork or electronic documents.
Key Points About Your Interaction With Your Bank
Mardock offers these suggestions to smooth your interaction with your bank:
- Don’t assume that your bank won’t work with you. When you speak with a representative, explain your situation simply, avoid expressing strong emotions and share what you hope to achieve. You may be surprised by a cordial response.
- Keep in mind that the first person you speak with may not have the authority to do what you want. “Front-line employees frequently serve as gatekeepers to supervisory or other personnel who have the authority to fix your problem,” Mardock says. “A calm, warm tone may encourage that front-line employee to advocate on your behalf or connect you with the powers that be.”
- Keep a record. If your dispute is complex and likely to require multiple contacts or steps to resolve, take notes about each contact, including when it occurred, what was determined and what follow-up actions are needed.
Another reason to remain calm is that your bank may offer to remedy your complaint as a courtesy to you, even if you were technically in the wrong, says Crystal L. Rau, a certified financial planner at Beyond Balanced Financial Planning in Midland, Texas.
“If you feel like you’re hitting a wall,” Rau says, “don’t be afraid to ask for a manager, and if you’re still not making progress, don’t be afraid to tell them they’re losing you as a customer.”
What Happens If It’s Fraud?
“One of the most common bank disputes is a fraudulent charge by someone who has stolen your credit card or debit card information,” Mardock says.
Most banks have specific processes in place to deal with this type of problem.
You should act quickly because your liability usually will be limited if you report any fraud you discover in a timely manner. How much of your loss you’ll be responsible for depends on whether the fraud involved an ACH transfer, check, credit card, debit card or ATM card; how quickly you reported the fraud; whether your account is in good standing; and whether you were negligent, among other factors.
