8 Common Banking-Related Customer Complaints

Outlook Money

Fraudulent Digital Transaction

Complaints over unauthorised digital transactions due to inadequate fraud prevention mechanisms of regulated entities (REs).

Fraud

Delayed Reversal

The lack of a daily reconciliation mechanism at REs delays the reversal of failed transactions.

Failed Transaction

Lack Of Communication

Loans and advances account for a larger portion of complaints due to unclear or lack of communication by REs regarding interest rates, etc.

Mis-Selling

Cross-selling and mis-selling products to customers by REs due to incomplete or wrong information.

Mis-selling

Pension Issues

Senior citizens getting delayed responses to their pension queries.

Pension

Non-Maintenance Charges

Complaints against charges due to non-maintenance of the minimum deposit in bank accounts.

Outdated Credit Reports

Wrong credit reports due to the delay in sending updated credit information to credit information companies (CICs).

Credit Report

Insensitive Recovery Measures

Harsh measures adopted by recovery agents of regulated entities.

Compiled By Himani Verma

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