Having a problem with your bank - take it to the Banking Adjudicator.
The Banking Adjudicator was first appointed in 1997 by the Banking Council
to be an independent ombudsman for the industry. However, the independence
of the position was criticised because the ombudsman, as he was known up
until April this year, was paid by the council.
The previous ombudsman, Charl Cilliers recommended that a body, independent
of the banks, but with banking representation, should be established to
appoint the next ombudsman.
This committee was formed and recently appointed the new adjudicator who
takes up his position at the beginning of next month.
He is Neville
Mellville, who currently heads up the Independent Complaints Directorate.
All the banks which are members of the Banking Council have agreed to
submit to the adjudicator`s jurisdiction.
The adjudicator can make an award up to R500 000. This includes
compensation for loss of interest and for distress and inconvenience.
Should you have a problem with your bank, your first port of call should be
the person or branch that caused the problem. In terms of the new Code of
Banking Practice, each bank has undertaken to set up an internal complaints
procedure.
Your bank has to tell you how to lodge a complaint and put you in touch
with the right person or division if you are not happy with the outcome.
If your bank cannot help you, or if you are not satisfied with your bank`s
attempts at solving the problem, your next stop is the office of the
Banking Adjudicator.
You can get hold of the adjudicator at:
P O Box 5728, Johannesburg 2000
Telephone: 011 838 0035
Fax: 011 838 0043
e-mail: [email protected]
The service to you is free, but the banks are charged R1 000 for every
complaint, in an effort to get them to sort out your problem first time
round.
The adjudicator will only accept written complaints.
In your complaint you
should cover these points:
* What your bank did wrong and the effect of its actions;
* Why you think it was wrong;
* What loss you suffered as a result;
* What you think the bank should do to put things right; and
* By when should the bank resolve your problem.
Remember to get a reference number from your bank when you submit your
complaint or at the very least, write down the name, title and contact
details of the person who assists you.