Been asked to think about Banking Compensation
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Cotta
Posts: 3,667 Forumite
Hi All,
I switched to a new bank just under two month ago. The switching process was a nightmare and the bank made a large number of errors with my account. I got paid compensation to the tune of £175 and was assured there would be no more issues with my account.
Unfortunately mistakes continued, I spent an hour in branch setting up a regular saver account which the Agent did incorrectly, I called about this and was told it would be corrected which it was not. Emails I sent in were ignored and when I called several times I was hung up on without getting a chance to speak. Today a senior Manager called worried that I would leave the bank, he fixed all the errors and held his hands up on a litany of issues, in fact nothing I said was contested.
The Manager asked me to think about compensation over the weekend once all issues have been resolved, he advised the £175 would not cut any mustard at this stage as the bank have failed at every angle.
My question is this, what should I ask for? I have not considered this at all!
I switched to a new bank just under two month ago. The switching process was a nightmare and the bank made a large number of errors with my account. I got paid compensation to the tune of £175 and was assured there would be no more issues with my account.
Unfortunately mistakes continued, I spent an hour in branch setting up a regular saver account which the Agent did incorrectly, I called about this and was told it would be corrected which it was not. Emails I sent in were ignored and when I called several times I was hung up on without getting a chance to speak. Today a senior Manager called worried that I would leave the bank, he fixed all the errors and held his hands up on a litany of issues, in fact nothing I said was contested.
The Manager asked me to think about compensation over the weekend once all issues have been resolved, he advised the £175 would not cut any mustard at this stage as the bank have failed at every angle.
My question is this, what should I ask for? I have not considered this at all!
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Comments
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£327.52 seems fair0
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camelot1971 wrote: ȣ327.52 seems fair
Don't think I understand.0 -
camelot1971 wrote: ȣ327.52 seems fair
Round it up to £328 and jobs a good 'un.
Op- how much do you want?0 -
I don't think they should be asking you to think about compensation, I think they should be making you an offer.I came into this world with nothing and I've got most of it left.0
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What about a sum that reflects the harm that you've came to by their actions?0
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Consider what impacts their mistakes has affected you both financially and emotionally.
For example have payments been missed affecting your credit score/late fees/promotional rates. Yes I know these can be rectified but as a consumer you don't expect this.
Anything you have been charged should be refunded on top of any other compensation. If £175 is being offered simply for the distress then it's a fair amount to be honest. But consider if you have had made special trips, taken time off work, re-arranged other events which you had planned to do. Only you know how much would be fair.
Also consider how they have made you feel since it went wrong, are they doing their upmost to sort it or just fobbing you off?
Be cheeky and say £175 is not enough and you want £250 - £300. The switch should be 7 days not 7 weeks plus!0 -
There's three approaches you could take:
1) Ask them to make an offer, then ask them to increase it a bit
2) Think up a random number - £327.52 does seem very fair
3) Work out any money you've actually lost. Add on the number of hours of time you've spent sorting it out multiplied by a reasonable cost per hour of your time. I work at £35 per hour as a starting point.
In each case, consider what it will cost them in terms of time to deal with your ongoing complaint, especially if it ends up going to the Ombudsman. Banks normally understand cost/benefit calculations and will usually take the cheaper option.
A couple of weeks ago I complained that a bank's website wasn't working properly so I couldn't use the branch finder. After an hour or so on the phone from a very helpful complaints handler I was offered £65. I hadn't asked for a penny. That should give you an idea of what you could reasonably ask for/expect.
The fact they have already compensated you and things have continued to go wrong makes your position stronger. Unless you bring them a lot of business I suspect the manager's call was not about retaining you as a customer, but making sure the issue gets closed down with the least possible hassle."In the future, everyone will be rich for 15 minutes"0 -
A bit off-topic I know but yes, that was a mistake, why would you go to a branch to open a regular saver account?! I've only ever opened them online where, as an existing current account holder, it takes no more than a couple of minutes....Unfortunately mistakes continued, I spent an hour in branch setting up a regular saver account0 -
Which bank? Spill the beans0
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