Filing a complaint about a financial institution is no walk in the park. Whether it is an insurance company, investment bank, or credit union, experiencing problems such as excessive fees, poor communication, or poor quality in-person experience can cause great despair.
However, there are measures you can take to hold these institutions accountable and bring them to book. This article guides you on filing a complaint against a financial institution and explains how financial services attorneys can help your case.
Gather Relevant Information
Before filing a complaint against a financial institution, gather as much information as possible about the issue/issues you have encountered. These can include account application forms, contracts and agreements, recorded phone calls, transaction records, and account statements. With relevant information, you can articulate your concerns better and strengthen your case.
Contact The Financial Institution
Go to the financial institution’s website, where you will find different ways to contact them, including instant messaging via the live chat function, email, or phone. After choosing your preferred method of communication, explain your complaint and provide detailed information about the problem and how it has affected you. Keep an account of all communications, including the names of the customer care representatives you spoke with and the dates and times you spoke with them. If the institution does not resolve your issue at this stage, it is time to move to the next step.
File A Complaint
If the financial institution fails to address the issue after contacting them, it is always best to consult a financial services attorney, who will help you file a formal complaint. The attorney can visit the institution’s physical location or browse its website for information about their complaint submission process. The attorney can also ensure you comply with the required process and include all relevant information. As for you, keep a copy of all the documents you have submitted.
Involve Regulatory Authorities
If the financial institution does not address your complaint, it is time to involve regulatory authorities. Different states have different regulatory bodies or government agencies that preside over financial institutions and address customer complaints. A financial services attorney can contact the appropriate authority on your behalf, giving them information about your complaint and providing relevant documentation. The authority can investigate your case and bring the institution to book.
Let Your Financial Services Attorney Do The Heavy Lifting
Dealing with a financial institution that has caused you great distress can quickly take a toll on you. As such, it is always advisable to enlist the services of a financial services attorney. Financial services attorneys specialize in financial law and have years of experience representing clients facing situations like your own. Additionally, a financial services attorney can handle every aspect of your case and ensure the redress-seeking process runs as smoothly as possible. The financial services attorney can also represent you in legal proceedings or negotiations, helping you achieve your desired outcome.
Seek Justice And Resolution In Financial Institution Complaints
If a financial institution has wronged you, you can seek justice and resolution by filing a complaint against the institution. This usually involves five simple steps: gathering relevant information, contacting the financial institution, filing a complaint, involving regulatory authorities, and counting on your attorney to help you seek redress. Do not go through this process alone. Work with an attorney and increase your chances of a successful outcome.