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Saturday, January 24, 2009

About Making a Banking Complaint

Introduction

People may become unsatisfied with banking institutions for a wide variety of reasons. Most of the time, it is a very simple matter-perhaps a basic communication breakdown, or a clash of personalities, which can easily be sorted out, while other cases may end up in court.

This is a consumer guide on complaint procedures against banking institutions. It also explains to consumers how they can refer their complaints to the Banking Mediation Bureau (BMB) if they are unhappy with any decision of their banking institutions.

More details are available at www.bankinginfo.com.my/


Prevention is better than cure

Banking institutions have a duty to ensure that information given to their customers is correct and to act fairly in all dealings with their customers.

However, circumstances may arise where you may be unhappy with your banking institution and feel that you have been unfairly treated.

Frequently, such complaints are due to lack of information and understanding of the product or service provided. It is important for you to read the small print, understand the nature of any risks involved and check carefully the information on benefits and charges involved before committing to the product or service.


Lodge your complaint with the banking institution first

If you have a complaint about the products or services offered by your banking institution, you should first try to resolve the complaint with your banking institution. It makes sense to go back to the banking institution first, since the institution can easily check its records to see what has happened and to set things right.
How to make a complaint against a banking institution

You can make a complaint by directly contacting the banking institution's customer complaints representative either through a phone call or a letter. If you complain by phone, remember to take notes and keep details of the name of the person you spoke to, the date and time you called, as a record of your complaint. Normally, you will need to follow-up your phone calls with an official letter of complaint.

A written complaint is also preferable, especially if the matter is complicated.

You can either use a standard complaint form provided by the banking institution or write a letter of complaint addressed to your banking institution. Whichever form you choose, you should remember to keep things clear, simple and include all essential information.


Where to send your complaint

You should send all your complaints to the Complaints Unit of these institutions, which have been specially set up to deal with customers' complaints. You can get the information on the Complaints Unit directly from your banking institution. Details of the Complaints Unit for commercial banks and finance companies can also be obtained from the Bank Negara Malaysia website at www.bnm.gov.my.


Response time

Your banking institution should respond to your complaint within two weeks of receiving it. However, more time may be needed for complex cases but your banking institution should inform you how much longer they will need to resolve your complaint.

After reviewing your complaint, the banking institution will give you a letter stating its decision with regard to your complaint. If your complaint cannot be resolved, a "deadlock letter" will be issued to you. This is a simple letter explaining the decision of the banking institution and the reason for its decision.
Banking mediation bureau

Banking Mediation Bureau (BMB) was set up to provide dispute resolution services between a consumer and commercial banks, finance companies or merchant banks. The BMB is funded by the above institutions and its services are provided free of charge to customers of these institutions. Currently, BMB handles disputes involving monetary losses of up to RM25,000 in relation to the following areas:

· The charging of excessive fees, interest and penalty
· Misleading advertisements
· Unauthorized Automatic Teller Machine withdrawals
· Unauthorized use of credit cards
· Unfair practice of pursuing actions against a person who is a guarantor


If your banking institution cannot resolve a complaint to your satisfaction in any of these areas, you may contact the BMB to look into your case. You have six months to forward your complaint to the BMB from the date of the "deadlock letter".


How to refer your case to the BMB

You can write a simple letter to the BMB stating briefly the nature of your dispute together with a copy of the "deadlock letter" from your banking institution. You will need to fill in a standard form prepared by the BMB to give your permission to your banking institution, to disclose to the BMB, any information on your account as required by section 99 of the Banking and Financial Institutions Act 1989. You do not have to use a lawyer to put your case to the BMB.


HOW BMB WORKS

The BMB, with your written permission, may obtain further information from your banking institution regarding your complaint and study the case, to see how best it can be resolved. The BMB will investigate your case based on the facts presented objectively. The BMB may conduct an interview with you or together with the banking institution, through a mediation process to resolve the dispute. BMB will then make a decision based on its own assessment, taking into account the law and banking practices. The decision of the BMB is binding on the banking institution but not on you.

You can choose either to accept or reject the decision of BMB. If you do not accept, the decision is deemed cancelled and you are free to take any other steps with respect to the dispute, including legal proceedings. However, if you do accept the BMB's decision, you may lose your right to proceed with legal action against the banking institution.


Tips to making a complaint

To allow your complaint to be handled in a speedy and efficient manner, outlined below are some of the points for you to remember when writing a complaint.

You should:


· Write clearly in black or blue ink
· State your case clearly and give all the relevant facts in a sensible order
· Avoid unnecessary details and repetition
· Include any reference numbers, for example account number, customer reference number or card number
· Attach any documents relating to the complaint. Send only copies and retain the originals
· Keep a record of your letter
· Give your contact numbers where you can be reached

The role of Bank Negara Malaysia (BNM) in dealing with your complaints

As a regulator of the Malaysian banking industry, BNM's role is to ensure that banking institutions conduct their businesses in an appropriate manner and within standard banking practices. If your complaint does not fall under the scope of the BMB, and you are not happy with the decision and explanations given by your banking institution with regard to your complaint, you may wish to seek the assistance of BNM. You can use BNM's standard complaint form that is available at all banking institutions. Remember to submit your complaint with a copy of the "deadlock letter" from your banking institution.

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