Best Way to Work with Your Bank to Correct Mistakes

Like it or not, mistakes happen. Whether they are caused by human error or a technical glitch, the problem will need to be resolved. This is especially true for financial institutions.

The most recent Forrester’s annual Customer Advocacy poll showed that many Americans do not trust their banks. Since there is already a huge mistrust of the banking industry, they must act quickly to ensure customers are receiving the best service the financial institution can provide.

A Huge Glitch

State Farm Bank recently avoided a huge public relations nightmare caused by their huge glitch.

Consumerist.com reported Chris’s story as he experienced an unexplained $20,000 debit from the financial institution. Chris was struggling to find a way to effectively communicate to the bank and asked the blog for advice. In a direct response to the error and all the comments left by the readers, State Farm Bank refunded all the money and promised to cover all the overdraft fees as well.

How to Fix Mistakes

We think going public with your complaint should be a last resort and you should first follow these steps you need to take in order to get your problem resolved:

• Check the Numbers: Before hooking up direct deposit with an employer, it is imperative that you double-check the information you provide them. If a routing number is even one digit off, the result can be a misplaced paycheck and a banking error.
• Build a Case: Documentation in the form of deposit slips, receipts and account history print-outs not will provide you with the paper trail you need to prove the banking error.
• Open Up: The minute you detect a bank error, your best bet is communicating with your financial institution. Often a quick visit to your neighborhood bank branch may be all you need to rectify a problem. If not, a phone call will be in order.
• Use Your “Indoor Voice”: Cursing and screaming may be a great way to relieve stress, but if you aim your rage at a customer service representative at your bank, resolving the error will become complicated and uncomfortable for all evolved parties.
• Escalate: If your first bout of communication proves to be unsuccessful, you need to take it up a notch. Asking to speak to a manager or a corporate banking representative may be the next step.
• Go Public: If you are 100 percent correct and can prove your case, then sometimes blogging is the answer. Do not set up a site devoted to destroying the reputation of your bank, instead write directly to a highly respected site or journalist and they may be more than willing to turn your story into front page news.

Financial institutions are under more scrutiny than ever and bad press and customer service are what they strive to avoid. Ultimately, they know that the pen can be mightier than the sword and will work with you to help clean up any errors they may have caused.